Kleiner Perkins and Accel Partners Fund Electronic Signature Leader Disrupting Old-Economy, Pen-and-Paper Market with Innovative SaaS Platform
SAN FRANCISCO, Jul 13, 2012 (BUSINESS WIRE) — DocuSign, the global leader in electronic signature, announced today that the company has secured $47.5 million in funding from premier investors, public funds, and strategic tech-industry leaders. Kleiner Perkins Caufield & Byers led the funding. Accel Partners and a large, global institutional investor joined in the funding round. Comcast Ventures and SAP Ventures provided additional investment joining existing tech industry partners salesforce.com and the National Association of REALTORS. The company will use the funds to accelerate growth of the DocuSign Global Network via increased customer-focused R&D, deeper vertical industry solutions, and faster international expansion. The company also announced that Kleiner’s Mary Meeker, a noted Internet-industry expert, has joined its board of directors.
DocuSign’s legally binding, secure, cloud-based platform helps consumers and businesses of all sizes and industries collect information and sign documents online – eliminating the hassles, costs, and lack of security in printing, faxing, scanning, and overnighting documents to capture information and signatures. Companies use DocuSign to create better customer experiences and save money by automating and streamlining their business processes.
“This financing demonstrates the value the market places on innovative technologies that drive fundamental business transformation – particularly those with immediate ROI, viral adoption, and nearly unlimited application,” said Keith Krach, chairman and CEO, DocuSign. “DocuSign empowers anyone to sign anything, anywhere, anytime.”
“DocuSign has created a compelling and rapidly growing business by re-imagining an age-old basic service – signing documents,” said Mary Meeker, general partner, Kleiner Perkins. “DocuSign’s easy-to-use eSignature platform is transforming the way documents are processed and delivered, with record speed and efficiency. This financing highlights the appeal of the eSignature Transaction Management market and the value of DocuSign’s global, viral network.”
“We’re investing in DocuSign because electronic signatures have gone from a ‘nice to have’ to a ‘must have’, and DocuSign is the clear global leader in this industry,” said Philippe Botteri, Accel Partners. “We expect DocuSign’s growth to be exponential given the viral nature of their platform and the rapid adoption of mobile devices and tablets which makes DocuSigning that much more convenient.”
Global enterprises, business departments, individual professionals and consumers are standardizing on DocuSign with 60,000 new users joining the DocuSign Global Network every business day. Today, that network includes 20 million users who have DocuSigned more than 150 million documents in 188 countries – including employees at 90% of the Fortune 500. DocuSign is used to finish business faster across nearly every industry – including financial services, insurance, technology, healthcare, manufacturing, communications, real estate, consumer goods and higher education – and every business department – including sales, procurement, HR/staffing, legal, and customer support.
DocuSign’s growing customer base of 1.4 million paying users include companies like American Airlines, AON, Ariba, Auto Insurance Specialists (AIS), Bayer, BECU, BNY Mellon, Boston Scientific, BMW Financial Services, Box, California Closets, CB Richard Ellis, CenturyLink, Cisco, Comcast, Costco, Cox, DuPont, eBay, Expedia, Extra Space Storage, Haagen-Dazs Shoppe Company, HP, IKON Financial Services, Legal & General America (Banner Life and William Penn Life Insurance), LinkedIn, Madison Capital, Medtronic, Pinney Insurance, Siemens, Sony, TD Ameritrade Institutional, Toyota, Transamerica, United Automobile Insurance Services, Wellmark, Xerox, Yahoo!, and Yamaha.
DocuSign investors include Kleiner Perkins Caufield & Byers, Accel Partners, Comcast Ventures, SAP Ventures, Sigma+Partners, Scale Venture Partners, Frazier Technology Ventures, Ignition Partners, Second Century Ventures, WestRiver Capital LLC, salesforce.com, and the National Association of REALTORS. To learn more about DocuSign, visit www.docusign.com.