More Cash for DocuSign: Google Ventures Now an Investor
DocuSign has raked in even more investment cash to help expand its electronic signature business. Today, the company says Google Ventures has contributed about $8 million to the company’s Series D financing, bringing that round of investment to a whopping $55.7 million. Total cash invested in the company now tops $120 million.
DocuSign got its start in Seattle and still has offices here, but its headquarters is now officially listed as San Francisco. The company says it has about 1.4 million paying users of its software, including companies like American Airlines, Cisco, and Toyota.
DocuSign operates on the “freemium” model that is popular in software services, with a basic level available for no cost to attract customers. The company also follows a bit of the Salesforce.com playbook in finding new users: When co-workers see a real estate agent or banker using DocuSign to get electronic signatures, they might become users themselves.
That’s why, in a press release about the financing, DocuSign CEO Keith Krach noted the company is “building a viral network of more than 20 million users that attracts 60,000 new users every day.”
DocuSign doesn’t disclose its revenue figures today, but it claimed $16.8 million in revenue in 2010 for a listing in the Inc. 500 rankings of fast-growing companies.