Tech firm Ironclad lands $150M in investment, plans to grow Indianapolis office

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San Francisco-based tech firm Ironclad Inc., which has a significant Indianapolis presence, has raised $150 million in Series E funding that the company says will help it with product innovation and company growth.

Ironclad offers a contract management platform where users can collaborate, negotiate and maintain compliance on a variety of contracts such as sales agreements, human-resources agreements and nondisclosure agreements.

Ironclad gained a local presence when it acquired Indianapolis-based PactSafe Inc. early last year. Currently, the company has 29 Indianapolis-based employees. PactSafe’s founder, Brian Powers, is now a manager at Ironclad. Across all of its locations, Ironclad has more than 400 employees.

The company is actively hiring in all departments. It currently has more than 60 job openings posted on its website, 10 of which are Indianapolis-based. Ironclad’s local openings are in sales, engineering, customer service, product design and product management.

The Series E funding values Ironclad at $3.2 billion, and it brings total investment in the company to $333 million. Its previous funding was a Series D round of $100 million that closed in January 2021.

Founded in 2014, Ironclad has a customer list that includes the Texas Rangers Major League Baseball team, financial services company Mastercard, cosmetics company L’Oreal, document-management platform Dropbox and others.

Franklin Venture Partners, which is affiliated with the investment firm Franklin Templeton, led Ironclad’s Series E funding round. Other funding came from existing investors including San Francisco-based BOND, Mountain View, California-based YC Continuity, San Mateo, California-based Emergence Equity Management Inc., New York City-based Lux Capital, San Francisco-based Haystack Management Co. LLC, Palo Alto, California-based Accel and Menlo Park, California-based Sequoia Capital.

“We’ve been following the digital contracting space for years, and Ironclad is the clear leader,” Franklin Venture Partners Managing Partner Ryan Biggs said in a prepared statement. “Other players have some components of the solution, but only Ironclad has the whole package. They are leading the field when it comes to vision, product innovation, and team, and we’re excited to partner with them to build the dominant platform for all business-to-business contracting.”

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