Switzerland-based venture capital firms VI Partner and Germany-based Acton have led Skribble’s Series A investment round. With the capital raised, Skribble aims to strengthen its position as a pioneer in existing markets and drive expansion in Europe.
Contracts no longer have to take the tour via printer and paper to be legally signed. This can be done digitally, more securely and in a more environmentally friendly way. Since its founding in March 2018, over 3000 companies have digitized their signature processes with Skribble and 140 countries are actively using the e-signing service. The company is now set to expand its pioneering role in the DACH region and expand into new European markets.
“In the Swiss home market, we have established ourselves as a leading e-signature provider in just three years. We are already present in over 30 other countries. Our top priority is growth in existing markets and expansion into new ones,” Philipp Dick continues.
The Zurich-based startup has convinced renowned investors to support its ambition, resulting in the closing of a CHF 10 million Series A financing round. The current round is Skribble’s third round of financing. In addition to the renowned VC companies, existing investors, including btvo Partners, Mobiliar, Helvetia, Venture Fund and ZKB, and many employees, also participated in the round.
The capital raised will be used to strengthen the product and expand its clear positioning as an easy-to-use signature service with the best user experience. The startup will enhance its product portfolio with Video identification for the qualified electronic signature (QES) in Switzerland. Since the end of August 2022, Skribble and Swisscom and Intrum have been offering this on its e-signing platform, thus supplementing the time-consuming personal identification on site. In the EU, video identification or electronic signing has been possible for years.
Investors see enormous potential in the European market
According to a study by Deloitte, the global e-signature market potential is estimated to reach USD 4.5-5 billion by 2023 and over USD 14 billion by 2026. Swiss co-lead investor VI Partners, a leading venture capitalist for promising technology companies, also sees great potential in Europe.
“Skribble has quickly established itself as the leading e-signature provider in Switzerland and has enormous potential to establish itself as the number one legal and data protection compliant provider across Europe.”
“Skribble offers the right e-signature for every use case immediately – and with the highest level of data protection and the best user experience on the market. With VI Partners and Acton, we have found two internationally oriented VC companies that share our values and with whom we can further expand our growth in the DACH region and throughout Europe. We are very happy about this,” says Philipp Dick, co-founder and CEO of Skribble.
Proof of confidence in times of unstable markets
Business Angel and Chairman of the Board of Bitcoin Suisse, Luzius Meisser, explains the continued confidence in the scale-up. He says, “Skribble has built a solution that makes technical and legal complexity look simple so that anyone and everyone can use it immediately. That has always been a recipe for success and has enormous growth potential.”
(Press release/RAN)
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