The Chilean startup Webdox is now landing in Brazil as the first step after its $7.3 million Series A round, led by Taram Capital.
Webdox provides an end-to-end solution to manage automatized full contract lifecycle. José Manuel Jiménez started Webdox in 2012 in Chile with the focus on automating and giving accessibility to law firms with contracts. “I feared they needed access to information in a faster way. But from 2012 to 2018 we figured out that companies needed more solutions to contracts in a complete way,” says Jiménez, who is also the CEO.
In 2018, the startup changed the focus of acting with law firms to a bigger solution as a CLM (Contract Lifecycle Management). At the end of 2017, it closed deals with Walmart, and Coca-Cola, and expanded its solution across Latin America.
“We help companies with sales contracts, HR contracts, from the beginning. Contracts are the heart of a business. They need to be connected.”
The SaaS startup earns from a subscription, that varies according to the size of client companies. It currently has more than 300 clients such as Telefónica, Banco Santander, Concha y Toro, AB InBev, BUPA and L’óreal.
One of the reasons Webdox is moving to Brazil is that is these Several multinational companies have operations. “We opened an office in Brazil, and we have a sales manager there. But it’s only the beginning, we’re planning to invest until 2024 more than US$ 6 million in Brazil,” says the CEO. Within a year, Webdox expects to have at least 10 people in Brazil.
The startup plans to acquire its first 40 customers in Brazil this year, from enterprises to the middle segment. It currently operates in 12 countries and has offices in five: Mexico, Colombia, Peru, Chile, and Brazil.
“We’re connecting organizations, helping big companies to collaborate with medium companies to reach better contracts, to promote transparency in the negotiation, to be proactive, to be compliant. We promote better relations.”
Webdox manages more than 3 million contracts in Latin America, and it expects to reach up to 40% market share in four years in Brazil.
Last year, it had an 80% global growth in its operations. This year, boosted by the recent round of investments, the expectation is for a spike above 150%%. The startup has more than 120 employees distributed in the different countries in which it operates.
The company also plans new features in the CLM software, including integrations with sales, purchasing, artificial intelligence, and electronic signatures systems, and new tools that facilitate negotiation, tracking, automation, and contract management.
It plans to raise its Series B in the next 12 months approximately.