Bogota - In a scenario of constant change in organizations, a critical aspect is being able to facilitate processes such as digitization and automation of contract administration, an area that presented many lags just before the pandemic hit in Latin America.
The Series A investment round was led by Taram Capital and had the participation of international funds such as Kayyak Ventures, Alacrity México, Fondo CLIN (ChileGlobal Ventures of Fundación Chile) and Asenza Capital as well.
Claudio Hidalgo, COO of WeWork Latam, has also been part of the Series A round of Webdox, whose purpose is “to digitally connect organizations to achieve fair, efficient and transparent business relationships.”
The company, founded in 2012, is present in Chile, Mexico, Colombia, Ecuador and Peru, although it still “has a long way to go in internationalization”, according to the founder of the company, José Manuel Jiménez.
“This funding will be used to improve the product (including more functionality and new integrations) and continue to attract new talent to join this high-impact company. Today, Webdox has more than 100 collaborators around the world, who are our greatest asset “, he stated.
“The objectives of the round are to dominate Latin America and that in Colombia, Chile, Mexico and Peru we will be by far the market leaders in two years, with over 40% of market share, and in Brazil the expectation is to achieve it in 3 or 4 years” , he told Bloomberg Line.
In the US, the company works through a partnership that allows them to integrate the analysis of contracts with artificial intelligence in conjunction with their own tool.
The contract management industry in Latin America was behind, not long ago, four or five years ago, it was almost zero in the region, only that after the pandemic the adoption of the electronic contract signature grew a lot, a huge market remains to penetrate.- Founder of Webdox, José Manuel Jiménez.
The investment will also help them integrate their solutions with an ecosystem of tools and develop the product in terms of managing contract obligations.
“One of the medium or long-term plans is to be able to integrate fintech solutions to contract management. On the other hand, there is a very powerful partner strategy (…) that will give us much greater capacity to deliver services “and to more strongly reach the markets where they have a presence, he said.
Regarding the innovation factors of his business, the entrepreneur highlighted the “development of communities around the product” and “the capacity for local integration that gives it a very powerful character”.
Webdox, according to figures provided by the company, manages more than 3 million contracts and has more than 12,000 active users in different industries, including retail, food and beverages, telecommunications and energy.
Among the main clients of Webdox CLM are Telefónica, Walmart, Banco Santander, Coca-Cola Andina, Ab In Bev, BUPA, COPEC.
Regarding the operation, the managing partner of Taram Capital, Felipe Camposano, highlighted that they see in this company the “ability to implement this solution not only in new geographies and languages, but also consolidating ecosystems between small, medium and large companies, facilitating and optimizing their commercial relations”.
“The comments we have from users assure us that the software has great value in the digitization of critical processes for customers, and we believe that the market is ready to enter this new era of contract management,”he said.
Webdox’s cloud-based contract lifecycle management (CLMS) software solution helps different departments within an organization, customers, suppliers, and employees collaborate during the creation, negotiation, approval, signing, and post-signing of contracts and documents.