On Monday morning, sales contract management solution provider SpringCM announced that it has raised $17.5 million to accelerate its product development.
“The funding gives us the opportunity to expand our contract and content management offerings in the public sector and leverage our new London office for global growth,” said CEO Greg Buchholz.
SpringCM’s cloud platform manages sales contracts and other documents across mobile and desktop devices, as well as popular applications like Salesforce. Its solutions are used by more than 600 organizations including Blue Cross Blue Shield and the United States Department of Agriculture.
According to a statement issued by the company, SpringCM is slated to release six new products this year.
“With a leading contract management app on the Salesforce AppExchange, a sales content management solution designed for Salesforce users and a document management platform that also addresses the unique needs of the public sector, SpringCM is well-positioned to take advantage of three very large markets,” said Buchholz (pictured right) in a statement. “Our recent FedRAMP in process status, and our ability to now innovate faster with this funding are true indicators of the significant impact we will make within the public sector, which spends close to $200 billion per year on technology-based solutions.”
The funding comes from existing investors Foundation Capital, North Bridge Venture Partners, Bluestem Capital and Square 1 Financial, as well as new investors Panorama Partners and Wellington Financial.
Wellington Financial VP Eric Speer said his firm’s decision to invest in SpringCM was made in large part thanks to its emphasis on business fundamentals.
“For our portfolio, we look for fast-growing businesses with existing customers and material revenue,” Speer said in a statement. “In SpringCM, we found that trifecta and are looking forward to being a part of the company’s bright future.”
It’s been a big year for SpringCM: the company opened its first international office in London in May and added former Salesforce executive Dan Dal Degan to its board of directors earlier this month.
SpringCM has raised more than $67 million to date.
Images via Shutterstock and SpringCM.