Paris-based Tomorro (formerly known as Leeway) is making waves in the contract management market with its collaborative and automated solution for legal and operational teams.
On Thursday, the company announced that it has raised €11M in funding from Resonance, with the participation of Financière Saint James (Lydia, Spendesk), Motier Ventures (Mistral.ai, Alma), and its historic investors HenQ, which is also reinvesting.
This new round of financing aims to accelerate their commercial growth and enhance their product with the power of generative AI (GenAI).
The capital will also enable Tomorro to recruit more than 30 new employees between now and the end of 2024, to accelerate the marketing of its product and plan its international expansion in Europe.
“This market is undergoing radical change, and companies expect greater automation and collaboration around their contracts. This new round of financing was necessary to enable Tomorro to establish itself as a leader in France and prepare for the future with international ambitions,” says Antoine Fabre, co-founder & CEO of Tomorro.
Inefficiencies of traditional contract management
Inefficient processes can cost companies up to 9 per cent of their annual profit.
Current contract management practices are riddled with completion errors, overworked legal departments, and inaccurate monitoring of contracts.
According to the World Commerce & Contracting Federation’s study, poor contract management can cost companies an average of 9 per cent of their annual profit.
And here’s where Tomorro’s solution comes in handy!
Tomorro’s Contract Lifecycle Management Tool
Founded in 2019 by Fabre, Sébastien Decrême, and Thibaut Caoudal, Tomorro‘s Contract Lifecycle Management (CLM) tool is designed to reduce the time spent on contract-related tasks.
By facilitating collaboration between operational teams (sales, marketing, HR) and their legal department, the company speeds up all internal contractual processes with future customers, suppliers, partners, or employees.
Once deployed, the solution cuts the time needed to process a contract from A to Z by 4, with operational teams and their legal department having access to a shared collaborative document, saving them a lot of back and forth by email.
Since its inception, Tomorro has already garnered over 200 clients in France and Europe.
The investor
Based out of Paris, Resonance is a €150M VC fund investing between €500K and €10M at Seed and Series A rounds in European tech firms.
“Tomorro is the CRM for contracts in the enterprise and offers a new experience centered on GoogleDocs-style collaboration for operational and legal teams, enabling them to work together more effectively and saving them valuable time,” says Maxime Le Dantec, co-founder and partner at Resonance.
Read the orginal article: https://siliconcanals.com/news/startups/tomorro-raises-11m-from-resonance/
