Privately-held Toronto specialty finance firm Wellington Financial has announced its participation in a US$17.5 million fundraising round for Chicago-based sales contract management platform for Salesforce customers, SpringCM, along with existing investors Foundation Capital, North Bridge Venture Partners, Bluestem Capital, Square 1 Financial, and new participants Panorama Partners.
SpringCM’s sales contract lifecycle management (CLM) platform streamlines contract processes for sales and legal teams to accelerate revenue growth, reduce costs and increase efficiency by bridging the gap between sales and legal.
“SpringCM’s fresh take on contract and sales content management solutions is a hit in both the public and private sectors,” said Eric Speer, Vice-President at Wellington Financial. “We’re excited that Wellington Financial’s growth debt is able to play an important role to help the company expand the reach of its compelling solutions in the marketplace. For our portfolio, we look for fast-growing businesses with existing customers and material revenue. In SpringCM, we found that trifecta and are looking forward to being a part of the company’s bright future.”
SpringCM’s customer base includes more than 600 companies, including Anaplan, athenahealth, BCBS and the USDA, which use SpringCM to streamline internal sales and legal operations, improve the customer experience, and move beyond standard sales contract management software by utilizing advanced workflows that automate manual tasks and complex processes to shorten contract cycles from weeks to days, and speed time-to-revenue.
SpringCM anticipates that it will deliver six new product releases this year, adding to its secure cloud sales contract management platform, which functions for all document types across desktop, mobile and partner applications such as Salesforce.
“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 SpringCM founder and CEO Greg Buchholz. “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.”
Current investors like Square 1 and North Bridge Venture Partners highlighted the company’s stability and their commitment to expansion, noting that SpringCM plans to use the additional funding to accelerate its innovation process and grow to meet demand from companies seeking to automate their contract management processes.
“It has been exciting to serve as a long-standing banking partner to SpringCM and watch the tremendous growth the company has experience over the past few years,” said Ryan Dammeyer, head of Square1’s Structured Finance Group. “We look forward to continuing this relationship and supporting the team’s mission to lead the enterprise content services industry.”
This new round brings SpringCM’s fundraising total to approximately US$86 million.
Counter to prevailing trends, Wellington is getting more and more busy while overall tech company valuations decrease and VC money contracts, demonstrating that if a company has a solid business model, then growth debt can be at least an interesting option.