Manchester-based digital contracting software business Summize has secured £5m in Series A investment from YFM Equity Partners and Maven Capital to build their presence in the US. Founded in 2018, Summize uses AI to make legal contracts easier to understand and has more than 100 businesses worldwide on its platform, including Fujifilm, Everton FC, NCC Group, Moonpig, and The Modern Milkman.
The £5m funding for Summize was raised through YFM’s British Smaller Companies VCTs and the Maven VCTs. The business will use the funding to expand into key overseas territories and to supercharge product innovation, sales, and marketing. Summize aims to drive greater value from business contracts by speeding up and automating the end-to-end process, from creating a contract through to analytics and summaries.
The Series A funding will enable Summize to build out its sales and marketing capabilities and accelerate expansion with a presence in the US. Summize’s system integrates directly with existing collaboration tools, which is vital for adoption across the business. The global CLM software market presents a growth opportunity for Summize.
YFM and Maven both expressed their excitement in supporting Summize’s growth journey. YFM praised Summize’s disruptive approach to driving legal departments and processes on the digital journey, while Maven was impressed with Summize’s strong commercial progress in terms of sales growth and new customer wins. Summize benefits from having a very experienced senior management team and a clear vision of where they are going.
Summize’s co-founder and CEO, Tom Dunlop, said that the Series A funding will help them build out sales and marketing capabilities, expand into the US, and further develop their products to meet a real business need. Summize is confident that its products have the functionality to meet a very real business need. The YFM investment team comprised Laura Sisson, Mike Clarke, and Ian Waterfield.
