French startup Usign has raised a Series A funding round (€30 million) of $36.6 million. Lead Edge Capital is the leader in this phase and e-founders are once again investing in the company. Yousign, as the name suggests, is an e-signature provider that complies with the European Regulation on Digital Signatures.
While the company was originally founded in 2013, Yousign teamed up with startup studio eFounders in 2019. Following this deal, eFounders has become a major shareholder and a strategic partner.
Things have changed a lot since then as the e-signature market has grown tremendously. You may be familiar with DocuSign, Adobe Sign, SignNow, HelloSign and a bunch of other players. But none of them have been designed for the European market from the very beginning.
Yousign wants to be the European alternative to these US companies. More specifically, the startup thinks it can convince small and medium companies that are not yet using e-signature solutions. Instead of asking docuSign customers to switch, YouSign wants to convert new customers to e-signatures.
“Facing US giants with large scope and complex products, we have created a solution that is accessible and easy to use, allowing SMBs to sign their first documents within the hour, not a month.” Luke Pallavidino, co-founder and CEO of USign, said in a statement.
Yousign is a certification authority and complies with eIDAS – a European framework for e-signatures. This means that the signatures are legally binding and the service stores your documents in partnership with Arcinio.
Like other e-signature services, you can create document templates, approval workflows, and reminders. Yousign makes sure the right person is signing the document with strong authentication processes and that all events are timestamped. This is a SaaS product, which means you will need to pay a subscription fee to access the service.
With today’s funding round, USign wants to reach 50,000 European SMBs by 2024 – with 6,000 customers today. This would represent annual recurring revenue of $85 million (€70 million). In 2020 alone, the company grew rapidly from 35 to 120 employees. The startup is now planning to hire an additional 150 employees over the next 18 months.