The Series B round brings Ontra's total funding to $240M. Here are the top-line bullets you need to know.
Ontra, a legal technology company, has raised $200M in a Series B. The round drew participation from Blackstone and Battery Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Ontra, formerly known as InCloudCounsel, brings corporate attorneys together with its software platform to streamline legal proceedings and reduce costs as well.
- The company reportedly processes over 20,000 NDAs each month and is supported by a network of more than 400 lawyers.
- Ontra caters to 500 enterprises, including Warburg Pincus, Silver Lake, Houlihan Lokey, Hamilton Lane, and L Catterton.
- The company maintains offices in San Francisco, Los Angeles, Chicago, New York, Boston, London, Hong Kong, and Singapore.
WHY DOES THE MARKET MATTER?
- The global contract management software market is projected to grow at a CAGR of 11.99% and reach a value of $3.57B by 2028, according to Verified Market Research.
- Several governments around the world, such as China and Australia, have moved to digitize judicial operations in order to reduce costs, contributing to market growth.
- The number of technology-oriented law professionals has increased, which is expected to drive the growth of this market as well.