Document automation solution PandaDoc receives $30M

Belarusian company PandaDoc announced a $30 million Series B extension. The first $15 million B investment was received by the company in 2017. This time One Peak Partners was a leading investor, Microsoft’s (М12) Venture Fund, Savano Capital Partners, Rembrandt Venture Partners and EBRD Venture Capital Investment Programme participated in the round, reports TechCrunch. 

San Francisco-based company develops software for the full cycle of the sales documents automation from proposal to electronic signature and payment. The idea for PandaDoc came from a document automation tool Quote Roller that was launched in Belarus in 2011 by Mikita Mikado, PandaDoc’s CEO and co-founder, writes Crunchbase.

PandaDoc has offices in the US, Belarus and Philippines, 334 employees and more than 20,000 customers. As Mikado emphasized, more than 50,000 users were added after the company made its eSignature tool free in response to COVID-19. This step has turned it into “a lead magnet” and increased conversion on the website.

The attracted funds will be invested in further developing of PandaDoc’s eSignature tool, as well as expanding the team and customer base.