Onit, the Business Process Automation Platform Acquired SimpleLegal

We are glad to share that SimpleLegal, one of our portfolio startups and a hosted enterprise legal management software has been acquired by Onit, a Houston based company offering enterprise workflow solutions mostly related to legal matters like e-billing, legal spend management and contract management etc. SimpleLegal also offers modern solutions for e-billing, spend, vendor and matter management so, with this acquisition Onit would be able to combine their experience with SimpleLegal’s trendy solutions and offer better options to enterprises.

In June 2017, SimpleLegal raised $10M in a Series A round and after this recent acquisition we believe that SimpleLegal would add great value to Onit in their future success.

“Today, corporations spend more than $160 billion on their in-house legal teams,” Nathan Wenzel, CEO and co-founder of SimpleLegal, said in a news release. “The combination of Onit and SimpleLegal is a game-changer for the legal market and the future of legal operations.”

Financial terms of the deal were not disclosed. Eric Elfman, Onit CEO and co-founder, will be CEO of the merged organization. Wenzel will be general manager of SimpleLegal.

Onit, which is privately held, has more than quadrupled its workforce in just under three years. Earlier this year, it announced raising $200 million in private equity to fuel its growth in new markets, products and deals.

“Onit and SimpleLegal share both a passion for both disrupting the legal technology space and valuing product innovation,” Elfman said in Monday’s news release. “Our shared commitment to elevate legal operations technology is an asset for all of our customers.”

Please read full story at Houston Chronicle.

SendBird – A Chat Platform for Developers Raises $102M in Series B

SendBird

SendBird, a chat API that developers can use to add messaging features to their apps has collected $50M in Series B Extension Round which raised the total Series B funding to $102M. The funding round was led by Tiger Global Management and ICONIQ Capital with help from other investors like Y Combinator, Shasta Ventures, FundersClub and August Capital.

SendBird was added to our portfolio in 2016 and just raised $16M in Series A. However, after this huge Series B round, the total funding amount of SendBird has reached almost $121M.

This is a huge investment for a Series B-level company, and what appears to be driving such a large influx of cash is a fast-growing market with tremendous demand for user-to-user messaging inside apps. By offering this as an API service, developers can drop the capability into their apps without having to build it from scratch. It’s a similar value proposition as Twilio for communications or Stripe for payments.

Kim says today’s additional money comes at a time when his company is accelerating its go-to-market strategy. “Starting from marketing and sales, we are building the go-to-market engine to scale our global presence by hiring leaders in key areas of the business and building teams around those leaders. To accelerate this process, we’re working with our new investors for Series B, who have made many investments in our target markets and built strong connections there,” Kim told TechCrunch.

Please read the full story at TechCrunch.