DocuSign, a company that offers e-signature technology for real estate professionals and other industries, today announced that it has raised $12.4 million in its latest round of investor financing, for a total of about $29 million since the company launched.
WestRiver Capital LLC led the Series C financing round, which follows a $10 million round in April 2000. WestRiver was supported in the latest round of investor financing by existing company investors Frazier Technology Ventures, Ignition Partners and Sigma Partners.
Matthew J. Schiltz, DocuSign CEO and president, said the company has about 1,800 corporate clients and 300,000 users across all industries, and real estate is the single largest component of the company’s business, Schiltz said.
The company announced earlier this month that it has passed the 5 million-mark in e-signature events — the company’s technology allows parties in a real estate transaction to electronically “sign” a range of real estate transaction documents without the need to print and mail the documents.
The company had projected that it would reach 6.8 million signature events by the end of the year, though Schiltz said it is ahead of that pace; at the end of 2006 the company reported 1.6 million signature events — one document may have multiple signature events.
The latest financing will support product development and enhancement, expansion of the company’s sales and marketing efforts, and allow the company to invest in its reseller and partner channel internationally, he said. An example of a reseller agreement is ZipForm’s use of DocuSign’s e-signature technology — ZipForm offers electronic real estate forms.
RE/MAX Signature Properties of Concord, N.C., and Crosstown Mortgage of Dallas and Austin, Texas, are among the recent examples of companies that have recently signed on as DocuSign clients. Other real estate industry clients include Land America and Fidelity National Title.
“In the near future, e-signing legally binding documents over the Internet will be as ubiquitous as the Web and e-mail is today,” said Erik Anderson, president of WestRiver Capital.
Schiltz said that given the changing real estate market, “it places even more importance on making sure that you are capturing all the business that you can capture as quickly and as efficiently as possible.”