Agree.com says its AI-powered e-signature platform is totally different from rivals as a result of it consists of invoicing and cost 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, basic associate at Higher Tomorrow Ventures. This newest financing was oversubscribed and led by Tyler Hogge at Pelion Enterprise Companions, in line with Agree.com co-founder CEO Marty Ringlein. Funding for the increase solely took two weeks, in line with a supply conversant in the transaction.
Agree.com makes use of AI on prime of optimum character recognition (OCR) software program in order that it may well auto-detect and label all of a contract’s enter fields and signature blocks. Its expertise also can establish and extract “any and all” cost phrases to dynamically generate invoices.
“On the finish of virtually each signature, somebody has to pay somebody cash,” Ringlein informed TechCrunch. “We mix what has traditionally been a disjointed and fragmented workflow to make signing higher and funds sooner.”
Ringlein believes that due to its multitasking method, Agree.com can doubtlessly substitute conventional e-signature software program and invoicing and accounts receivable instruments comparable to Invoice.com.
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“Agree extracts each character, indentation, semicolon, and hyphen to not solely perceive the kind of contract being signed, however make it absolutely editable and collaborative with commenting, redlining, and model management,” Ringlein informed TechCrunch.
Though it primarily competes with Docusign, Agree’s enterprise mannequin is a fintech firm by means of B2B funds.
Up to now, 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. Right this moment, it has over 25,000 customers, together with advert networks comparable to Beehiiv and Product Hunt, B2B SaaS startups comparable to Rho and TaxGPT, and enterprise gross sales groups like Brico and Thoropass, it says.
Agree presents a premium providing for bigger groups that costs a conventional month-to-month SaaS price per seat. It additionally will monetize invoicing and billing logic on transaction quantity.
Presently, Agree has seven workers, 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 Could 2012 for an undisclosed quantity. In 2016, Ringlein, Dudla, and Agree’s CPO Mike Dick bought a startup known as nvite to Eventbrite. In 2020, that trio additionally bought Collect to Brex.
Hubbard began his first firm, air-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 Occasion in 2020.
Extra lately, Hubbard and Ringlein additionally began early-stage enterprise agency Journey Fund, which has invested within the likes of Mercury and Beehiiv.
As for the expansion plan for Agree, Pelion associate Tyler Hogge informed TechCrunch that “the neatest solution to get huge adoption could be to make use of e-signature because the wedge, give it away without spending a dime, and make it inconceivable for incumbents to answer.”
Hogge added that Agree’s “enterprise mannequin is really distinctive: free software program, monetized by means 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, All over the place Ventures, Singh Capital Companions, and Firsthand VC doubled down on their funding.
Whereas the corporate primarily operates in the USA right now, it intends to develop internationally later this yr, beginning with the UK, Canada, and Australia.
