Icertis raises $80 million in Series F round

Pune: Icertis, an enterprise contract lifecycle manager, has raised $80 million (around Rs 580 crore) in a Series F round, a move that has taken its valuation to $2.8 billion.

The round in the United States and India-based company was led by existing investor B Capital Group, whose founders include Facebook co-founder Eduardo Saverin.

This funding comes after Icertis raised $115 million (around Rs 791.6 crore) in a Series E round in July 2019. That exercise, led by PremjiInvest and US-based Greycroft Partners, propelled the firm into the unicorn club of startups with a valuation of at least $1 billion.

Founded in 2009 by Samir Bodas and Monish Darda, Icertis provides enterprise contract management software in the cloud. Its products and services focus on several departments including corporate, finance, and legal.

Some of the industries Icertis concentrates on include energy and utilities, financial services, retail, technology, and transportation.

It will use the capital it has now raised to enhance technological infrastructure, with a focus on accelerating artificial intelligence (AI) and blockchain development.

Icertis will also use the round to expand sales and marketing footprints and build out its global partner network.