Malbek, a New Jersey-based CLM startup, has secured $15.3 million in a Series A fundraising round to accelerate the development of its AI-powered platform.
The funding round was led by Noro-Moseley Partners with participation from Osage Venture Partners and TDF Ventures. The startup has raised a total of $20.6 million in funding since being founded in 2017. John Ale, Partner at Noro-Moseley Partners, said about the firm’s participation:
“Malbek leads the way in the CLM space as evidenced by the company’s sales win rate versus alternative solutions. Malbek modernizes real-world contract management at scale while providing more insights into contract data that could be easily missed during review. We are confident in the team’s ability to expand their success and grow their already impressive, happy customer base.”
Founded by Brian Madocks, Hemanth Puttaswamy, Madhusudan Poolu, and Matt Patel, Malbek empowers enterprises to do more with less by supporting the growing contracting demands of markets like Sales, Finance, Procurement, and more. The platform has seen nearly 500% year-over-year growth and exponentially increasing subscription revenue since its founding.
The proceeds from new funding will allow the startup to invest in fueling its strategic plans of expanding its proprietary AI platform across industries to bring contracting efficiencies to businesses of all sizes. ” Hemanth Puttaswamy, CEO and Co-founder at Malbek, said on this regard:
“This investment unlocks our next stage as a company and enables us to empower more business users to get deeper, more actionable contract data insights that will ultimately save organizations valuable time, reduce risk, and accelerate topline revenue. Malbek is the proven, next-generation CLM made for everyone. Our modern solution is trusted by Fortune 500 customers and other large enterprise teams, as well as many small to mid-sized high-growth organizations.”
Malbek has won the “Best Managed Startup Of the Year” in 2019 and has continued to grow as a major force in the industry ever since. By using artificial intelligence to facilitate all of the contract lifecycle management processes, the CLM startup is allowing enterprises to reduce cost and improve efficiency at a time when handwriting contracts are becoming increasingly obsolete.