Agree.com Raises $7.2M to Disrupt DocuSign and Bill.com with AI

Agree.com Disrupts E-Signature Market with Integrated Payments

Agree.com positions itself as a distinct player in the e-signature space, differentiating its platform through the inclusion of invoicing and payment processing capabilities. This strategic approach may allow the company to effectively challenge established industry leader, Docusign.

Free E-Signatures Fuel Growth

The startup’s revenue model, based on transaction fees from facilitated monetary transfers, enables Agree.com to offer e-signature services at no cost to all users. This innovative pricing strategy is a key component of their market entry.

A recent seed funding round of $7.2 million has been secured, as exclusively reported to TechCrunch.

Funding and Company History

Launched in February 2024, Agree.com previously raised $3 million in a pre-seed round led by Sheel Mohnot of Better Tomorrow Ventures. The current financing was oversubscribed and spearheaded by Tyler Hogge at Pelion Venture Partners, according to Agree.com co-founder and CEO, Marty Ringlein. The funding process was completed remarkably quickly, within just two weeks, according to an insider.

AI-Powered Contract Analysis

Agree.com leverages artificial intelligence in conjunction with optical character recognition (OCR) technology. This allows for the automated detection and labeling of all input fields and signature areas within a contract. Furthermore, the system can identify and extract payment stipulations to automatically generate invoices.

“Nearly every signed document ultimately involves a financial transaction,” Ringlein explained to TechCrunch. “We are streamlining a traditionally fragmented process, enhancing both the signing experience and the speed of payments.”

Potential to Replace Existing Tools

Ringlein suggests that Agree.com’s comprehensive functionality could potentially supersede conventional e-signature software, as well as invoicing and accounts receivable solutions like Bill.com.

“The platform meticulously extracts every character, including punctuation, to not only comprehend the contract type but also to facilitate full editability, collaboration with commenting and redlining features, and version control,” Ringlein stated to TechCrunch.

Fintech Model in a B2B Context

While competing with Docusign, Agree.com fundamentally operates as a fintech company focused on B2B payments.

Rapid User Adoption

The company’s progress to date appears promising. Within its initial three months, following a launch in early September 2024, Agree.com reached 10,000 users. This number doubled to over 20,000 users within seven weeks. Currently, the platform boasts a user base exceeding 25,000, including companies like Beehiiv, Product Hunt, Rho, TaxGPT, Brico, and Thoropass.

Monetization Strategy

Agree.com offers a premium tier for larger teams, utilizing a standard monthly SaaS subscription model per user. Additionally, revenue will be generated from invoicing and billing functionalities based on transaction volume.

Experienced Team

Currently, Agree.com employs seven individuals, including co-founders Will Hubbard (COO) and Evan Dudla (CTO).

The founding team possesses a strong track record of successfully launching and selling prior ventures. Ringlein, for example, previously sold design agency nclud to Twitter in May 2012. In 2016, Ringlein, Dudla, and Agree’s CPO Mike Dick sold nvite to Eventbrite, and in 2020, they sold Gather to Brex.

Hubbard founded ChemiSense, an air-quality monitoring startup, while still a student at UC Berkeley. He led the company for approximately six years before selling it to Kaiterra in 2019. Subsequently, he launched Niche, a platform for verticalized community marketplaces, which was acquired by Opera Event in 2020.

Hubbard and Ringlein also co-founded Adventure Fund, an early-stage venture firm with investments in companies such as Mercury and Beehiiv.

Strategic Growth Plan

Tyler Hogge, a partner at Pelion, shared with TechCrunch that “the most effective path to widespread adoption is to leverage e-signatures as an entry point, offer them for free, and create a situation where competitors find it impossible to respond.”

Hogge further emphasized that Agree’s “business model is genuinely unique: free software monetized through invoicing and payments.”

Investor Support

Blank Ventures and angel investor Gokul Rajaram also participated in the seed round. Existing investors, including Better Tomorrow Ventures, 8-Bit Capital, Sophia Amoruso’s Trust Fund, Hustle Fund, Everywhere Ventures, Singh Capital Partners, and Firsthand VC, increased their investments.

International Expansion

While currently focused on the United States market, Agree.com plans to expand internationally later this year, beginning with the United Kingdom, Canada, and Australia.