Updated
Electronic signature platform DocuSign has raised $47.5 million in Series D funding. The round was first revealed in a filing with the Securities and Exchange Commission, and the company just sent me a few details.
DocuSign has also confirmed that Mary Meeker, the Kleiner Perkins Caufield & Byers partner (and former Morgan Stanley analyst) who's most famous for her reports on the mobile industry, is joining the DocuSign board. It looks likely that Kleiner led the new round, but neither DocuSign nor Kleiner has confirmed that. (For now, the company will only say that the funding comes from "premier investors, public funds, and strategic tech-industry leaders.")
Founded in 2004, DocuSign describes itself as "the industry standard in electronic signature" — and that's probably a fair description. The company says 18 million people have used its products to sign 120 million documents, and that more than 150,000 documents are "DocuSigned" every day.
DocuSign previously raised a total of $56.4 million from Frazier Technology Ventures, Ignition Partners, Sigma Partners, Scale Venture Partners, Salesforce.com, and others, with its Series C announced in December 2010.
I'll be speaking to CEO Keith Krach later today and will update this post with his comments.
Update: Krach confirms that Kleiner led the round. Accel Partners, Comcast Ventures, SAP Ventures, and "a large global institutional investor" also participated.
DocuSign will use the new funding to invest in three main areas, Krach says — research and development, expanding into new industries, and expanding internationally.
Apparently Krach and Meeker have known each other since Ariba (where he was CEO) went public more than a decade ago, when she was at Morgan Stanley. Asked whether Meeker is approaching this as a mobile investment primarily, Krach says the company's mobile apps are "absolutely taking off." At the same time, he says Meeker's also just looking for disruptive technologies.
"By the second half of this decade, the vast majority of signatures are going to be electronic," Krach says. "Every person is a potential customer."
(Also, an earlier version of the story said the amount raised was $50 million, because that's what DocuSign said initially, but the press release says $47.5 million, which was also the amount included in the SEC filing.)
DocuSign, Inc. is the market leader and global standard for electronic signature. DocuSign provides the world’s largest and fastest growing electronic signature platform, empowering businesses to complete transactions online quickly and securely while improving compliance and reducing costs. DocuSign is the only cloud computing-based electronic signature platform that entirely replaces slow, expensive paper transactions with a fast, efficient and completely digital solution. Accessible from any Internet-connected device, DocuSign supports virtually any document and form type in simple and complex workflows,...
Mary Meeker has joined the Kleiner Perkins Caufield & Byers as a partner. Previously she joined Morgan Stanley in 1991 as the Firm's PC Software/Hardware & New Media analyst. Earlier, she served as a Technology Research Analyst at Cowen and at Solomon Brothers. She received an MBA in Finance from Cornell University in Ithaca, New York (1986), and a BA in psychology from DePauw University, in Greencastle, Indiana (1981) . Meeker's work has been recognized in various Wall Street Analyst...
Kleiner Perkins Caufield & Byers (KPCB) is a well known Silicon Valley venture capital firm, due in large part to their past success. They were early investors in many significant companies, including Amazon, AOL, Compaq, Electronic Arts, Google, Intuit, Macromedia, Netscape, Segway, and Sun Microsystems. The name of the firm comes from the four founding partners: Eugene Kleiner, Tom Perkins, Frank J. Caufield, and Brook Byers. In March 2008, KPCB announced the iFund, a $100M investment initiative focused on ideas...
Accel Partners is a global venture capital firm with offices located in Silicon Valley, New York, London, China, and India. They typically make multi-stage investments in internet technology companies. Founded in 1983, Accel Partners has a long history of excellence and innovation in the venture capital business and is dedicated to partnering with outstanding entrepreneurs and management teams to build world-class companies. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo...
SAP Ventures helps build industry-leading companies by partnering with outstanding entrepreneurs and top-tier venture capital firms. They are information technology investors who focus on enterprise products and services. In the 10 years since it was founded by Hasso Plattner, Chairman and co-Founder of SAP AG, SAP Ventures has invested in over 100 companies. The six person investment team has more than 60 years of combined software experience as operators, entrepreneurs, industry analysts and investors. They have over 35 years of...
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