Successful pre-seed round
VR Ventures and Coparion invest US$1.7 million in ContractHero and cloud-based contract management
- Around 80 percent of German companies without digital contract management
- Time and cost savings through overview, visualization and automation
- Cloud-based software-as-a-service especially for SMEs, mid-sized companies and startups
Berlin, 27.10.2021 – Contract management startup ContractHero raises USD 1.7 million in a pre-seed round led by VR Ventures with co-investor Coparion. This provides founders Gerry Koch and Sebastian Wengryn with the critical foundation for the roll-out of their cloud-based contract management software just under a year after ContractHero’s launch. ContractHero targets SMEs, mid-sized companies and startups across Germany.
VR Ventures, together with tech fund Coparion, invested in a pre-seed round to expand the product and rapidly scale ContractHero. Because although manual contract management is time-consuming, complex and expensive, so far only about one in five companies in Germany uses digital solutions to manage contracts. The vast majority is thus giving away a huge potential in terms of time and costs, which ContractHero is now making visible and usable for many users for the first time.
“Thanks to the trust of our investors, we can now develop the right clout to quickly and effectively drive the digitalization of contract management, especially among the many SMEs and companies in the German midmarket,” explains Sebastian Wengryn, founder and CEO at ContractHero. “ContractHero is already helping many companies to understand contracts as a living inventory and to actively use it for optimization – through more overview, intuitive operation, convenient access as well as, above all, automation.”
“Contracts are data. They contain a company’s most important information. Yet far too often, this relevant data is hidden in binders and PDFs,” said Timo Fleig, Managing Director of VR Ventures. “With ContractHero, this data becomes a data treasure: clearly prepared, quickly accessible from any location and with automatic deadline reminders. ContractHero is thus the basis for the modern back office in SMEs.”
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