Formality, a Paris, France-based platform dedicated to intelligent contract management for clients and suppliers, has secured €8 million in funding.
Investors
The round was led by VC firms Partech and Serena, with an additional €2.4 million from BPI.
Partech is a global tech investment firm headquartered in Paris, with additional offices in Berlin, Dakar, Dubai, Nairobi, and San Francisco. Partech collaborates closely with founders, providing capital, operational expertise, and strategic support from seed to the growth stage. Partech manages €2.5 billion in assets across a portfolio of 220 companies in 40 countries worldwide.
Serena is a venture capital firm founded in 2008 and based in Paris, France. The firm seeks to invest in companies in Europe and the United States that operate in deep tech, enterprise software, marketplaces, and entertainment sectors.
Formality Use of Funds
The company will use the funds to enhance its technology, expand the sales team, and prepare for a U.S. launch next year.
About Formality
Founded by Eliott Reilhac, Paul Meunier, and Pierre Marechal, Formality specializes in the intelligent management of legal and contractual documents. The platform is designed to streamline and automate the management of client and supplier contracts, helping companies address common challenges in contract administration, such as tracking deadlines, avoiding automatic renewals, and centralizing important documents. Formality has notable clients such as Electra, Resilience, and Lifen.
Funding Details
Company: Formality SAS
Raised: €8.0M
Round: Unknown
Funding Date: October 2024
Lead Investors: Partech, Serena
Additional Investors: BPI
Company Website: https://www.formality.com/
Software Category: Contract Management
Source: https://www.eu-startups.com/2024/10/paris-based-formality-raises-e8-million-to-simplify-contract-management/