Agree.com says its AI-powered e-signature platform is totally different from rivals as a result of it contains invoicing and fee processing. That’s why the corporate may need a shot at tackling the trade goliath, Docusign.
As a result of the startup makes its cash from transaction charges for any cash motion facilitated by its platform, Agree.com has made e-signatures free to all customers.
And now it’s raised a $7.2 million seed spherical, the corporate tells TechCrunch solely.
Based in February 2024, Agree additionally raised $3 million in a pre-seed spherical of funding final yr led by Sheel Mohnot, normal associate at Higher Tomorrow Ventures. This newest financing was oversubscribed and led by Tyler Hogge at Pelion Enterprise Companions, in keeping with Agree.com co-founder CEO Marty Ringlein. Funding for the elevate solely took two weeks, in keeping with a supply accustomed to the transaction.
Agree.com makes use of AI on prime of optimum character recognition (OCR) software program in order that it will possibly auto-detect and label all of a contract’s enter fields and signature blocks. Its expertise may also establish and extract “any and all” fee phrases to dynamically generate invoices.
“On the finish of just about each signature, somebody has to pay somebody cash,” Ringlein instructed TechCrunch. “We mix what has traditionally been a disjointed and fragmented workflow to make signing higher and funds quicker.”
Due to its multitasking method, Ringlein believes that Agree.com can doubtlessly exchange conventional e-signature software program and invoicing and accounts receivable instruments corresponding to Invoice.com.
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“Agree extracts each character, indentation, semi-colon, and hyphen to not solely perceive the kind of contract being signed, however make it totally editable and collaborative with commenting, redlining, and model management,” Ringlein instructed TechCrunch.
Though it primarily competes with Docusign, Agree’s enterprise mannequin is a fintech firm by way of B2B funds.
To date, its trajectory appears promising. In its first three months, after launching in early September 2024, it hit 10,000 customers. Seven weeks later, it doubled to over 20,000 customers. At the moment, it has over 25,000 customers, together with advert networks corresponding to Beehiv and Product Hunt, B2B SaaS startups corresponding to Rho and TaxGPT, and enterprise gross sales groups like Brico and Thoropass, it says.
Agree affords a premium providing for bigger groups that fees a standard month-to-month SaaS charge per seat. It additionally will monetize invoicing and billing logic on transaction quantity.
Presently, Agree has seven staff, together with co-founders Will Hubbard (COO) and Evan Dudla (CTO).
All the founders have launched and bought a number of earlier startups. Ringlein, as an illustration, beforehand bought design company nclud to Twitter in Might, 2012, for an undisclosed quantity. In 2016, Ringlein, Dudla and Agree’s CPO Michael Dick bought a startup known as nvite to Eventbrite. In 2020, that trio additionally bought Collect to Brex
Hubbard began his first firm, air high quality monitory startup ChemiSense, as a junior at UC Berkeley. He ran it for about six years and bought it to Kaiterra in 2019. Hubbard then began his subsequent firm, Area of interest (verticalized group marketplaces), shortly thereafter, and it was acquired by Opera Event in 2020.
Extra lately, Hubbard and Ringlein additionally began early-stage enterprise agency Adventure Fund, which has invested within the likes of Mercury and beehiiv.
As for the expansion plan for Agree, Pelion Associate Tyler Hogge instructed TechCrunch that “the neatest method to get large adoption could be to make use of e-signature because the wedge, give it away totally free, and make it not possible for incumbents to answer.”
Hogge added that Agree’s “enterprise mannequin is actually distinctive: free software program, monetized by way of invoicing and funds.”
Clean Ventures additionally participated within the seed spherical, together with angel investor Gokul Rajaram. All current backers, together with Higher Tomorrow Ventures, 8-Bit Capital, Sophia Amoruso’s Belief Fund, Hustle Fund, In every single place Ventures, Singh Capital Companions and Firsthand VC doubled down on their funding.
Whereas the corporate primarily operates in the USA right this moment, it intends to develop internationally later this yr, beginning with the UK, Canada, and Australia.