We've raised $4.2M to build the contract management solution for modern legal departments
Just six months after its launch, Tomorro, a start-up that develops a contract management solution, announced on Wednesday that it had raised $4.2 million in Seed funding.
Only six months after our official launch, we are very pleased to announce that we have raised $4.2M in seed funding to help us transform the daily lives of legal departments.
For this first round of financing, we are fortunate to be able to count on the support of henQ and Kima Ventures - Xavier Niel's Seed investment fund - as well as renowned business angels such as the founders of Algolia, Eventbrite, Spendesk, MeilleursAgents, Livestorm and Luko.
With a strong vision, clear objectives and this first investment, we now have everything we need to build the modern contract management solution that legal departments are waiting for.
Our vision at Tomorro
We believe that the complexity of new regulations, increasing risks, digitalization and the economic environment are constantly increasing the legal needs of companies.
Unfortunately, this growth in legal needs is accompanied by a significant increase in the workload of lawyers and puts them under increasing pressure to do more, at a faster pace.
Faced with this trend, legal departments have no choice but to transform the way they work if they want to keep pace with the growth of other departments in the company and not slow down the business.
Our mission is to help them achieve this by reducing the time spent on contract management and having more control and visibility over legal and financial risks through technology.
In just a few months, more than 30 companies have trusted us, in France and the UK, including Voodoo, Evaneos, Ifop and Fitness Park. In total, more than 500 users use Tomorro every week and more than 10,000 contracts have already been created on the platform.
An innovation at the service of legal departments
When we launched Tomorro with Sébastien and Thibaut, we wanted to create a solution that would facilitate contract management through technology, a task that was previously complex, time-consuming and costly.
In contact with our users since the beginning, we have developed an intuitive, collaborative and secure solution, which has been acclaimed by legal and commercial departments to manage the entire life cycle of their contracts efficiently: from generation to follow-up, including negotiation and signature.
Historically, the solutions on the market have focused on the archiving of contracts, but the problem is much broader than that.
Today, companies waste a considerable amount of time and money on the upstream stages of the contract lifecycle, prior to signature.
The future of contract management lies in modern, intuitive solutions that facilitate collaboration both internally and with external parties, and we want to lead this change.
Digitalization accelerated by the pandemic
While the health crisis has meant that legal departments have had to face up to new responsibilities, it has also accelerated the digitalization of their profession.
From one day to the next, lawyers had to deal with completely new subjects. As a result, most legal departments have turned to contract management solutions to automate low value-added tasks and gain control.
As a result, most legal departments have turned to contract management solutions to automate low-value tasks and gain control.
"Millions of contracts are created every day and yet the majority of people who manage them have a disastrous experience. We are still locked into solutions like Word created in the 1980s. This market is huge and electronic signatures have recently led the way. Companies are ready to adopt solutions like Tomorro", adds Alexis Robert, partner at Kima Ventures.
This round of funding will allow us to recruit around 20 people over 2021 in tech, product, marketing and customer support to offer the best contract management experience on the market.
