In the first half of 2023, French startups attracted $4.8 billion in VC investment. France ranked 3rd in Europe and 6th globally for VC investment in the first half of the year. The country alone attracted a quarter of the funds raised in Europe. Continuing the same trend in the second half of this year, we saw funding rounds in firms like Mistral AI, ProvenRun, and Pimento.
Adding to this impressive lineup of French startups is Tomorro (formerly known as Leeway), which is transforming the contract management market. The Paris-based startup has now also raised €11 million in funding from Resonance, with the participation of Financière Saint James, Motier Ventures that backed MarketLeap and Mistral AI’s seed round, and its historic investors HenQ known for investing in Malou and Mews. Previously, Tomorro raised €3.5 million to expand its teams and develop its business.
The company is in plans to use the investment to support its commercial acceleration and the development of its product with Gen AI. Furthermore, it aims to recruit over 30 new employees by the end of 2024 to accelerate the marketing of its product and plan its European expansion.
What challenges does Tomorro solve?
According to a study carried out by the World Commerce & Contracting Federation, poor contract management costs companies an average of up to 9% of their annual profit. This is a margin for optimisation that can easily be exploited.
Founded in 2019 by Antoine Fabre, Sébastien Decrême, and Thibaut Caoudal, Tomorro facilitates collaboration between operational teams such as sales, marketing, HR, and their legal department, speeding up all internal contractual processes with future customers, suppliers, partners or employees.
By keeping everything in one place, Tomorro eliminates the need to use Microsoft Word and Excel separately.
Tomorro’s Contract Lifecycle Management (CLM) tool enables companies to drastically reduce the time spent on these tasks. Once deployed, the solution cuts the time needed to process a contract, saving them a lot of back and forth by email. With AI, the company can deliver ever greater automation and assistance to its users at every stage in the life of a contract.
Already, Tomorro has attracted over 200 customers in France and Europe, including Qonto, Vinci and Ingenico.
“Without Tomorro, the legal team would simply not be able to manage Qonto’s rapid growth. No other tool would allow us to achieve this level of productivity,” added Victoire Solly, Legal Ops at Qonto.
“Tomorro is the opposite of the big contract management software: it’s extremely streamlined and directly adopted by the business teams. What we couldn’t do in a year, we did in 2 months with Tomorro,” added Senay Gurel, Head of Legal at Ingenico.
“Tomorro is the CRM for contracts in the enterprise and offers a new experience centered on GoogleDocs-style collaboration for operational and legal teams, enabling them to work together more effectively and saving them valuable time, “ stated Maxime Le Dantec, co-founder & Partner at Resonance.
“This market is undergoing radical change, and companies expect greater automation and collaboration around their contracts. This new round of financing was necessary to enable Tomorro to establish itself as a leader in France and prepare for the future with international ambitions,” said Antoine Fabre, co-founder & CEO of Tomorro.