A New Wave of Funding for Harbour
Contract management startup, Harbour, has recently secured $15 million in a Series A funding round. Notable participants in this round include Jonathan Klein, Co-Founder of Getty Images, Scribble Ventures, and The Palmer Company. With this new injection of funds, Harbour’s total capital raised now stands at $20 million.
Investing in Growth and Product Development
The fresh capital will be channeled towards expanding Harbour’s team, which currently consists of 12 members. Additionally, the funds will bolster the startup’s sales, go-to-market strategies, and further its engineering and product development endeavors.
Balancing Automation with Augmentation
Josh Elkes, Co-Founder and CEO of Harbour, emphasized the challenges the digital contracting industry faces. He stated, “The biggest challenge… is continuing to strike the right balance between automation and augmentation as AI becomes a stronger force across all markets.” Harbour’s mission is to enhance business processes rather than replace them. The platform is designed to integrate effortlessly with other systems, ensuring contracts move smoothly from drafting to execution.
The Genesis of Harbour
Elkes, along with Co-Founder Eric Doversberger, established Harbour in 2019. Elkes’ background in content licensing at Downtown Music and Getty Images, combined with Doversberger’s decade-long experience with Google’s people analytics team, provided the duo with unique insights. Their mutual interest in refining legal back-office workflows led to the creation of Harbour.
Addressing the Creator Economy’s Needs
Elkes highlighted the growing demand for efficient contracting software as the creator economy expands. He compared the outdated contracting process to “sending a wire transfer every time you should be using Venmo.”
Features of the Harbour Platform
Harbour serves as a comprehensive contract lifecycle management (CLM) platform. It offers:
- Modules to simplify contract writing, modification, and signing.
- Real-time editing tools and e-signature integration.
- AI-powered extraction of actionable company information.
- Autonomous contract language writing and updating, subject to human approval.
Harbour’s Expanding Clientele and Revenue
While Elkes did not disclose exact figures, he mentioned that Harbour’s business has tripled annually, surpassing $1 million in recurring revenue. Their client base, which exceeds 2,000 companies, now includes prominent names like Paramount, Lincoln Center, and Smartshift.
The Growing Market for CLM
The contract lifecycle management space, though smaller than customer relationship management, is witnessing rapid growth. Gartner predicts a threefold increase in legal tech spending by 2025. Harbour faces competition from other CLM vendors, but Elkes remains optimistic about Harbour’s position and future in the market.
Harbour’s recent funding and its innovative approach to contract management underscore the potential of automation and AI in the legal tech space. As businesses seek more efficient ways to manage contracts, platforms like Harbour are poised to lead the way.
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