The funding round was led by Partners Group with participation from other existing investors – Avatar Capital, Sequoia Capital and Tiger Global.
As part of the deal, Partners Group’s Managing Director of Private Equity Asia, Cyrus Driver, will join SirionLabs’ board of directors.
The startup plans to use the capital to shore up its product development and User Interface
Contract management software-as-a-service (SaaS) startup SirionLabs has raised $85 Mn as part of its Series D funding round led by Partners Group. The fundraise also saw participation from other existing investors Avatar Capital, Sequoia Capital and Tiger Global.
As part of the deal, Partners Group Managing Director of Private Equity Asia Cyrus Driver will join SirionLabs’ board of directors.
The startup will use the funding to scale up its operations and ramp up hiring. The startup plans to add 200 employees to its workforce. It will also use the capital to shore up its product development and user interface. In addition, the startup will also use the investment to focus on AI development to attract new customers.
Speaking on the announcement, SirionLabs CEO and cofounder Ajay Agrawal said, “This capital allows us to seize the moment, accelerate product innovation and bring our award-winning solution to an increasing number of enterprise customers.”
The startup was founded in 2012 by Ajay Agrawal, Kanti Prabha, Aditya Gupta and Claude Marais. SirionLabs offers a smart contract management service for authoring, extraction, obligation management and collaboration. SirionLabs’ AI-powered offerings enable legal and contract management teams to exercise control over the lifecycle of a contract from authoring to active in-life management and from renewals to termination of contracts.
The startup claims to have raised $157 Mn in funding since its inception in 2012. SirionLabs had last bagged $44 Mn as part of its Series C funding round led by Tiger Global and Avatar Capital.
SirionLabs claims to have more than 250 clients in 70+ countries across the globe. The Seattle-headquartered startup manages more than 5 Mn contracts worth $450 Bn across the world.
SirionLabs competes globally with the likes of Ironclad, Zycus, Icertis, among others
According to a report, the global contract lifecycle management software market was pegged at $1.7 Bn in 2021. The market is expected to reach the $3.3 Bn mark by 2027 at a CAGR of 11.4%.
In the Indian enterprisetech sector, startups raised over $3.2 Bn in investments last year while Freshworks had a public listing on the Nasdaq in 2021. In addition, India also houses as many as 16 unicorns in this space.
A report by SaaSBOOMi and McKinsey also estimates the Indian SaaS sector to generate revenues between $50 Bn and $70 Bn by 2030 and will dominate 4%-6% of the global market.
Meanwhile, Indian SaaS startups continue their fundraising spree. On May 11, HRtech startup HONO raised $5 Mn in its Series A round which saw participation from a slew of angel investors, including Aakash Institute’s MD Aakash Chaudhry and Group CFO Hemant Sultania. Earlier this month, Toplyne secured $15 Mn funding as part of its Series A round led by Tiger Global and Sequoia India. Earlier this month, Element5 bagged $30 Mn as part of its Series B funding round led by Insight Partners.
Bengaluru-based SaaS startup BarRaiser also picked up $4.2 Mn in a seed funding round led by 021 Capital and Global Founders Capital this month.