Seoul, South Korea - South Korea's leading electronic contract company Modusign has successfully secured KRW 17.7 billion (US$12.85 million) in a Series C funding round led by existing investor SBVA (formerly SoftBank Ventures), with participation from new investors Atinum Investment, IBK, and DSC Investment.
Modusign, which enables legally binding contracts to be concluded remotely via email, KakaoTalk, and dedicated links, has experienced consistent growth.
As of April 1, 2024, the company had over 270,000 corporate and institutional members.
Its clientele includes prominent corporations such as Samsung Electronics and Kakao and emerging businesses like Viva Republica (Toss) and Yanolja.
With the new funds, Modusign plans to expand its services beyond simple electronic contracts to encompass the entire contract lifecycle, including drafting, review, storage, execution, and management, through its Contract Lifecycle Management (CLM) offering.
The company also aims to leverage its extensive contract data and proprietary technology to develop Legal AI services using generative AI.
Having established a dominant position in the private sector, Modusign now seeks to enter the largely untapped public sector market.
The company achieved a positive cash flow in January.
It was selected as a "Pre-Icon Company" by the Korea Credit Guarantee Fund earlier this year, receiving KRW 5 billion (US$3.63 million) in guarantee support.
US$1=KRW1,377.18
