French contract management platform, Tomorro, formerly known as Leeway, has secured an impressive $11.9 million (€11 million) funding in its recent Series A round. With Resonance leading the round, notable investors including Financière Saint James, Motier Ventures, HenQ, and several angel investors also participated. Tomorro believes that the adoption of contract lifecycle management (CLM) tools is on the rise and will soon become the next big trend in the business world.
Key Takeaway
Tomorro, a French contract management platform, has secured an
1.9 million funding round as it looks to capitalize on the growing adoption of contract lifecycle management (CLM) tools. With its streamlined and intuitive approach to contract management, including automated processes and AI capabilities, Tomorro aims to be at the forefront of innovation in the industry. As businesses increasingly recognize the benefits of efficient contract management, e-contracts are poised to become the next big thing.
The Journey from Leeway to Tomorro
As the world witnessed the convenience and efficiency of e-signatures during the Covid-19 pandemic, Tomorro realized that the time was ripe to venture into contract management. The company’s belief is that e-contracts will be the natural progression after e-signatures. With its rebranding, Tomorro aims to address the emerging demand for comprehensive CLM solutions.
A Smooth Sailing Funding Round
Unlike many startups struggling in the current funding climate, Tomorro experienced a smooth and speedy roadshow, completing the funding process in just three weeks or so. Co-founder and CEO, Antoine Fabre, was in discussions with around 15 venture capital funds, eventually securing the support of Resonance and other prominent investors. Tomorro currently boasts approximately 200 clients, demonstrating its credibility and appeal in the market.
Streamlining Contract Management
Tomorro serves as a centralized repository for managing all contractual needs, replacing the need for multiple tools such as Microsoft Word and Excel spreadsheets. Its browser-based editing feature allows users to create template libraries and suggest edits seamlessly. The platform also offers approval notifications, basic e-signatures, and even integrates with platforms like DocuSign for more advanced signatures.
Automation and Integration
Where Tomorro truly shines is in its ability to automate and streamline contract management processes. The platform can track contracts nearing their expiration dates, ensuring businesses stay on top of their commitments. Additionally, Tomorro integrates with popular CRMs like Salesforce, generating contracts automatically when a salesperson is ready to onboard a new client. This integration empowers legal teams to intervene when necessary, saving time and boosting efficiency for sales departments.
A Glimpse into the Future
Tomorro has recently introduced AI features that enable users to reformulate text or adjust the tone of contracts. Looking ahead, the company plans to incorporate more advanced AI capabilities, allowing users to interact and converse with their contracts, rather than simply skimming through lengthy documents. While other contract lifecycle management companies such as Ironclad exist, Tomorro is primarily focused on the French market. However, it has plans to expand its reach and cater to other European markets in the coming years.
