Paris-based platform Formality, which simplifies legal document management by centralizing files and providing quick access and alerts, has secured €8 million in funding to further develop its AI-powered platform for contract management. The round was led by Partech and Serena, with additional support from BPI.
- Established in 2023 by Eliott Reilhac, Paul Meunier, and Pierre Marechal, Formality provides an AI-powered platform that simplifies contract management. It utilizes advanced AI technologies tailored for legal processes, such as OpenAI and Gemini.
- The platform automates tasks, organizes documents, and tracks deadlines in real-time, making work more efficient and reducing manual effort.
- Formality's platform simplifies contract management for businesses with 50 to 1,000 employees in healthcare, real estate, finance, SaaS, and energy sectors. Users can easily request contracts via Slack and receive ready-to-sign documents based on legal templates.
Details of the deal
- The funding round was led by Partech and Serena. Partech is a Paris-based global tech venture capital firm managing €2.5 billion in assets, with offices in Paris, Berlin, Dakar, Dubai, Nairobi, and San Francisco. Serena is a venture capital firm that manages €750 million in assets, investing from pre-seed to Series A with initial checks ranging from €500,000 to €15 million. Bpifrance also participated in the round.
“For many medium-sized companies, contract management is not only time-consuming and repetitive but can also be costly when poorly managed. Formality addresses a crucial market need, allowing these companies to focus on their core business. We are convinced that thanks to its SaaS product and unique features, Formality has the potential to establish itself as a market leader," General Partner at Partech, Philippe Collombel, stated.
- The fresh capital will enable Formality to expand its sales team, accelerate technological advancements, and prepare for its planned expansion into the American market in 2025.
