Jason Boehmig spent two years as a lawyer in Silicon Valley, putting together documents for startups, before he had enough of the clunkiness of the job. Now, for the fifth time, he’s signed his name on a financing document for his own startup, Ironclad, which makes software to more efficiently manage contracts such as these.
I am proud to announce that BOND has led Ironclad’s $100 million Series D round. Lux Capital, known for investing in frontier technologies like space and AI, also participated, along with our lead investors in prior rounds, Accel, Sequoia, and Y Combinator Continuity.
With this financing, we aim to solve the most important unsolved problem of modern business: the problem of business contracting.
The problem of business contracting
The problem of business contracts in 2021 reminds me of a totally different problem from the last century: shipping, before containerization.
Ironclad, a startup that makes it easier for legal teams to manage their contracts workflow, today announced that it has raised a $50 million Series C round led by Y Combinator Continuity, with participation from Emergence Captial, as well as existing investors including Accel and Sequoia Capital. This round brings Ironclad’s total funding to $83 million, according to Crunchbase.
In addition to the new funding, Ironclad, which was part of Y Combinator’s Summer 2015 class, also today announced the launch of its Workflow Designer. This tool allows teams to easily create their own custom workflows based their individual business processes and timelines. Setting up those workflows looks be a pretty straightforward process. After tagging the existing contract, teams can then set up their processes based on what’s in a specific document. If a contract is over a specific value, for example, they can add a payment clause, or set up an approval process based on that value.
When Jason Boehmig was in law school at Notre Dame in 2012, he decided he really wanted to be in technology. So he sent a cold email to Ted Wang, who was one of Silicon Valley’s most prominent lawyers, having represented Facebook, Twitter, Dropbox, Square and Spotify.
Boehmig asked Wang for a 15-minute meeting to pitch him on his idea to bring intelligent software to the legal world. Wang agreed to hear him out, so Boehmig hopped on a plane from Indiana to meet with the lawyer in the Bay Area.
Ironclad, a Silicon Valley startup that wants to automate the way legal contracts are created and managed, now has $8 million in new funding to try to make that happen.
This Series A round, led by Accel, brings total funding to over $11 million for the two-year old company, which sees a huge opportunity to ease the workflows used by tens of thousands of corporate lawyers. Steve Loughlin, a partner at Accel, will join Ironclad’s board.