Published: Oct 25, 2022
Focus: Growth Capital
Maven and YFM Equity Partners have made a £5 million Series A investment into Manchester-based digital contracting business, Summize.
The funding was raised through the Maven VCTs and YFM's British Smaller Companies VCTs, as Summize looks to build its presence in the US and further develop its Contract Lifecycle Management (CLM) technology.
Founded in 2018, Summize has experienced rapid growth by taking a disruptive approach to a traditional sector.
It has developed an intelligent SaaS digital contracting solution that aims to digitize and modernise the contract life cycle by integrating directly within established communication platforms such as Teams and Slack.
The software is uniquely designed to make contract workflow smarter and faster by improving collaboration between legal and business users. It is estimated that users of the platform save 85% in time spent reviewing contracts. Summize's blue-chip client base includes Fujifilm, Vodafone, NCC Group and MoonPig.
“YFM and Maven bring a strong combination of support experience as we push towards the next level of growth. Their passion to be involved in our plans resonated - they were excited by the business, the market opportunity and our product. We were also confident that with a strong tech portfolio, there is a a proven track record in the sector as well as extensive experience of supporting the growth of later stage businesses.
This funding will enable us to build out our sales and marketing capabilities and accelerate expansion with a presence in the US which is a huge potential market for us. We will also continue scaling what we have already built with further product development and innovation – we have a clearly defined target market and products with the functionality to meet a very real business need.”
Tom Dunlop, co-founder and CEO at Summize
“Maven is delighted to be backing Summize. It is an attractive opportunity for the Maven VCTs to invest in a rapidly growing business which has made strong commercial progress in terms of sales growth and new customer wins. We have been impressed with the ambition, skill and knowledge of the management team and we are confident they will continue to drive the business forward and deliver on their growth ambitions.”
James Darlington, Investment Director at Maven