Ironclad, which develops software that helps companies such as Dropbox and Mastercard create and manage business contracts, has raised at least $100 million in a Series D funding at a post-investment valuation of more than $950 million, or more than double its valuation from a year ago, according to several people familiar with the deal. Bond, the venture capital firm co-founded by Mary Meeker, led the investment.
The new valuation amounts to about 50 times Ironclad’s projected annualized revenue for the current fiscal year, according to a person with direct knowledge of the company’s finances and financial statements reviewed by The Information. The valuation multiple reflects intense appetite among private tech investors for enterprise software startups. The funding gives the San Francisco startup more firepower to go after DocuSign, whose shares have tripled this year amid a jump in demand for its electronic contract services during the pandemic.