The investment arm of the Singapore government, along with Samsung Ventures and BBA Ventures, has invested an undisclosed amount towards the Series E round in the US-based digital signature company DocuSign, the company said.
This investment will be added to the $115 million the company has recently raised in its Series E funding round; taking the total amount secured by the company, across the different financing rounds, to more the $230 million.
The Singapore government investment was led by the Economic Development Board. “Through our broad network of resources, we look forward to helping DocuSign realise the tremendous potential of its Digital Transaction Management and secure cloud platform in Singapore and Asia,” said Chu Swee Yeok, CEO and President, EDBI
Founded in 2004, the e-signature transaction management company has raised financing through several earlier rounds. Its long list of investors include Salesforce.com Inc, Visa Inc and Telstra Corp of Australia; Japanese companies Recruit Holdings, NTT Finance, Mitsui and MKI; as well as Kleiner Perkins Caufield & Byers, Accel Partners, Sigma West, WestRiver Capital, Second Century Ventures, Google Ventures, SAP Ventures, Comcast Ventures, Ignition Partners and Scale Venture Partners.
According to DocuSign, it helps consumers and businesses go digital with a convenient and secure way to transact business; and more than 40,000 new users join the DocuSign Global Network, every day. It further added that its customer base includes, millions of users across 188 countries.
The other investors, in this round, too have strategic ambitions by partnering with DocuSign. While the EDBI will focus on bringing the company to the Asian markets, BBVA’s role will be to expand its offerings into Spanish-speaking countries. “With its broad reach and trust among Spanish and Latin American businesses and consumers, we expect BBVA to be a driving force in helping organisations achieve their digital transformations with DocuSign,” said Keith Krach, Chairman & CEO, DocuSign.
Similarly, Samsung Ventures said that this investment would ‘be used as a precursor to developing a broader strategic relationship that will help enable digital transformations by standardising on DocuSign’. “Our investment is evidence of our belief in the need to bring the ease, speed and convenience of DocuSign’s DTM platform to the billions of consumers and mobile professionals who use smartphones and tablets everyday,” said Michael Jeon, director at Samsung Ventures.
Singapore’s Economic Development Board has made several investments this year and had recently teamed up Singapore Press Holdings to invest $25 million in global mobile advertisement firm Smaato. In September, EDBI had joined hands with BBVA Ventures to finance a $13 million Series E round for Taulia, an electronic invoicing and supplier financing platform. Taulia had also scored another $13 million in series D funding from BBVA Ventures and Singapore’s Economic Development Board.