Wellington Financial contributes to US$17.5M raise by Chicago-based SpringCM
Despite the fact that Chicago gets far more love from Pearl Jam than Toronto, Santa Monica or San Francisco, we were pleased to add a Chicagoland company to our Wellington Financial Fund V portfolio earlier this week.
SpringCM, a leading sales contract management solution for Salesforce customers, has closed on US$17.5 million in funding. The latest round included participation by existing investors, including Foundation Capital, North Bridge Venture Partners and Bluestem Capital. New to the company’s financing syndicate are Panorama Partners and Wellington Financial.
SpringCM’s next-generation sales contract lifecycle management (CLM) platform streamlines contract processes for sales and legal teams in order to accelerate revenue growth, reduce costs and increase efficiency by bridging the gap between sales and legal. SpringCM is currently on track to deliver six new product releases this year, and the additional funding will enable the company to continue to innovate at this accelerated pace, according to Greg Buchholz, CEO of SpringCM.
“With a leading contract management app on the Salesforce AppExchange, a sales content management solution designed for Salesforce users, and a document management platform that also addresses the unique needs of the public sector, SpringCM is well-positioned to take advantage of three very large markets,” Buchholz said. “Our recent FedRAMP in process status, and our ability to now innovate faster with this funding are true indicators of the significant impact we will make within the public sector, which spends close to $200 billion per year on technology-based solutions.”
“SpringCM has harnessed the power of the cloud to transform the contract and document management process for its customers,” said Todd Surdey, SVP, Partner Business Solutions & Sales, Salesforce.
During our due diligence, it was clear that SpringCM’s fresh take on contract and sales content management solutions was a hit in both the public and private sectors. Our growth capital will play an important role to help the company expand the reach of its compelling solutions in the marketplace.
A warm welcome to Greg Buchholz and his team.