In spite of the proliferation of light technology automation tools that cost effectively serve businesses of all sizes, the SMB market still significantly lags larger enterprises in technology adoption. Recognizing this dynamic in the SMB market, Mercury Fund is building an emerging investment theme that focuses on technologies that address horizontal business process automation across the SMB market. By investing in these technologies, we believe the market can become more competitive and efficient – proving especially critical in an Amazon-dominated SMB world. In 2014, Brian Powers, an attorney in Indianapolis, believed the same.
While legal technology may not be exciting to the average investor, the complexity and inefficiency of this sector caught our attention. Daily, Brian navigated the maze of legal contract jargon, contract workflow, and identified issues with the enforceability of website legal agreements. He recognized the problem of digital contract deployment and management where documents transitioned through multiple departments. Through his unique lens, he saw the opportunity to create a digital transaction platform to simplify and automate the contracting process. Brian’s industry expertise combined with the product and technical talent of co-founders Eric Prugh and Adam Gillaspie led to the creation of PactSafe. PactSafe tracks and manages digital contractual agreements while offering analytical insights enabling business teams to maintain a legal system of record and enforce digital contracts. Businesses are able to dramatically improve their operational efficiencies within the legal and contracting processes using the Pactsafe platform.
The true value of Pactsafe lies in the workflow platform allowing legal departments to create, manage and track documentation throughout their customer experience. The complexity of in-product legal documentation has grown substantially in recent years and the management and tracking of these critical documents has become untenable for SaaS companies of varying sizes. While nuanced, the efficiencies driven by the Pactsafe platform are significant for those wrestling with the minutiae of contract versioning. PactSafe’s product offering addresses these ever growing complexities with a smooth and mature product interface that users of all tech sophistications can leverage.
In July 2018, Mercury Fund co-led the $5.5M Series A with Signal Peak Ventures. We were joined by Elevate Ventures, M25 and Vulpes Investment Management. The next year will consist of product refinement and growing the team in an effort to serve its growing customer base. By providing a specific and automated solution to an intricate business process, PactSafe is on its way to bringing the SMB market into the modern world of on demand application. Mercury Fund is excited for PactSafe to spearhead the growth of our emerging horizontal business process automation investment theme. Powered by the specific expertise of the founders and the deeply experienced team of investors, we are confident in the impact that PactSafe will make and are excited to be a part of their future successes.