Formality funding news – Paris-based Formality Secures €8 Million in Funding

The team uses formality to solve a persistent source of annoyance from their former employer: handling supplier and client contracts. a difficult, time-consuming activity that is essential to a company's financial stability.

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It provides a platform that centralizes important papers, automates contract management, and guarantees real-time deadline tracking to prevent unauthorized renewals and keep expenses under control. By removing the risks from contract administration, this solution frees up time for the legal and financial departments to concentrate on the company's strategic initiatives.

It has already gained the trust of clients like Electra, Resilience, and Lifen in a few of months. Formality intends to use this financing to expand its technological capabilities, build up its sales force, and get ready to enter the US market. The American launch is scheduled for the following year.

Eliot Reilhac, CEO and co-founder of Formality said, “We are convinced that Formality is going to transform the way companies manage their contracts, bringing efficiency, security, and simplicity to a process that is still too often complex and manual, The support of both Partech and Serena is a sign of the confidence and strategic support which will allow us to realize our goals, particularly internationally”.

Sébastien Le Roy, Partner at Serena said, "Given our experience with the team when leading TVTY, it quickly seemed natural for us to invest in Formality, For us, they are the team best suited to tackle this major priority for companies today: administrative burdens. Their ambition, combined with their ability to attract the best talent, positions them to become a technological champion.”

Phillippe Collombel, General Partner at Partech said, “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, by 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.”

About Formality

Formality is the best AI-based system available for handling legal documents. The growth of your company is creating some instability. They were missing contract renewals, access rights are difficult to traverse, and files are a disorganized mess with unclear names. All of your legal documents are easily centralized with formality.