VCs see a rich opportunity in tools to manage the contract lifecycle. Two years ago, startups developing software that helps draft, manage and review contracts raised over $70 million in venture equity. While a relatively small space compared to, say, the market for customer relationship management ($44.9 billion in 2023), contract lifecycle management, or CLM, is growing at a rapid clip. Gartner predicts that legal tech spending — which includes CLM — will increase threefold by 2025.
SpotDraft is one of a growing number of CLM vendors trying to stand out in the increasingly crowde