French startup Tomorro announced that it has raised €11 million led by Resonance (Metomic, Zeliq) with the participation of Financière Saint James (Lydia, Spendesk), Motier Ventures (Mistral.ai, Alma) and its historic investors HenQ, which is also reinvesting.
In just three years on the market, Tomorro has already convinced more than 200 companies in France and Europe. This success demonstrates the need for a solution of this type, and reinforces the ambition of its founders to establish Tomorro as the French leader in the sector. This second round of financing aims to support its commercial acceleration and the development of its product with Gen AI. Founded in 2019, Tomorro (formerly Leeway) is transforming the contract management market with its collaborative, automated solution for legal and operational teams.
“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,” said Antoine Fabre, co-founder & CEO of Tomorro.
Following in the footsteps of electronic signatures, contracts are going digital, with the prospect of drastic gains across the whole process, which is currently inefficient (completion errors, overworked legal department) and inaccurately monitored (hazardous archiving, lack of traceability, missed renewals).
According to a study carried out by the World Commerce & Contracting Federation, poor contract management costs companies an average of up to 9% of their annual profit. This is a margin for optimisation that can easily be exploited, provided that innovative solutions such as Tomorro, which facilitate collaboration, are adopted.
Tomorro’s Contract Lifecycle Management (CLM) tool enables companies to drastically reduce the time spent on these tasks. By facilitating collaboration between operational teams (sales, marketing, HR) and their legal department, Tomorro 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. With the acceleration of Artificial Intelligence technologies, Tomorro’s ambition is to be able to deliver ever greater automation and assistance to its users at every stage in the life of a contract.
Tomorro’s previous fund-raising round of €3.5 million enabled the company to expand its teams and develop its business. Thanks to this new round of financing, the start-up now plans to recruit more than 30 new employees between now and the end of 2024, in order to accelerate the marketing of its product and take advantage of advances in Artificial Intelligence to enhance it with new functionalities so that it can confidently plan its international expansion in Europe.
Read the orginal article: https://www.eu-startups.com/2023/12/paris-based-tomorro-snaps-e11-million-to-speed-up-companies-contractual-processes/
