PandaDoc, the e-document startup, now valued at $1B as it closes a big Series C

Business tools have gone completely virtual in the last 20 months due to the COVID-19 pandemic, and today a startup whose e-document platform has played a big role in supporting that shift is announcing a big round of funding on the heels of huge growth. PandaDoc, which lets users create, share and sign official documents online, has closed a Series C that the company confirms values it at $ 1 billion.

To be clear, PandaDoc is not making public the full amount of funding in this round. The company is based out of San Francisco, but it has extensive operations in Belarus, where it has been in hot political water — several employees were arrested by authorities over a year ago there after publicly protesting the current regime. The lack of disclosure on the size of this round is intentional and related to this. From what we understand, that situation is still ongoing.

OMERS Growth Equity and G Squared are co-leading this Series C, and Altos Ventures, Rembrandt Venture Partners, One Peak Partners and Microsoft’s venture arm M12 are also participating.

Prior to this, PandaDoc had raised around $ 36 million and its valuation was around $ 255 million, according to data from PitchBook. The big hike in valuation with this round can also be seen as a marker of the size of the Series C.

Today PandaDoc — which competes with the likes of DocuSign, Eversign, DocSend, GetAccept and others — already provides a range of services to users across many different verticals. Content ranges from building and collecting e-signatures and payments around contracts, proposals and forms through to invoices; and PandaDoc’s users are also pretty varied, including construction, education, medical and professional services businesses — some 30,000 customers in all. The plan will be to double down on growing more of that current business as well as bring more functionality and use cases into the fold.

Published by Techcrunch — on September 22, 2021