Ironclad Revenue, Valuation, Funding & Investors
Ironclad is valued at $3.2B as of January 2022, a 16.0x multiple on its last reported $200M revenue.
Last Ironclad valuation
$3.2B
Series E · Jan 2022
Last Ironclad funding round
$150M
Series E · Jan 2022
Ironclad revenue
$200M
Series E · Jan 2022
Key investors in Ironclad
Y Combinator
Accel
Sequoia Capital
Emergence Capital
Haystack
Lux Capital
About Ironclad
Ironclad is a San Francisco-headquartered contract lifecycle management platform automating workflows, negotiations, and approvals for legal teams. The software extracts clauses using AI, generates templates from Salesforce data, and tracks obligations in tools like Slack and Google Workspace. Ironclad serves over 2,000 customers including Adobe, Catalyst, and DocuSign, processing billions in contract value annually. Founded in 2014 as a Y Combinator alumnus, it maintains offices in New York and London, with integrations supporting procurement from Coupa and HR from Workday. Recent releases include self-serve AI redlining adopted by sales organizations at Levi Strauss.
Founded
2014
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$200M (Jan 2022)
Valuation
$3.2B (Jan 2022)
Ironclad Valuation
Ironclad is currently valued at $3.2B, based on its Series E in January 2022.
The $150M round was led by Putnam Premier IT, with participation from Lux Capital, Emergence Capital, Haystack, Sequoia Capital, Arrive and 3 other investors.
Ironclad's valuation has grown 213x from $15M at its seed round in September 2015 to $3.2B in January 2022, across 3 priced rounds.
Ironclad valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2022 | Series E | $3.2B | 16.0x |
| Dec 2020 | Series D | $950M | 4.8x |
| Sep 2015 | Seed | $15M | - |
Ironclad Revenue
Ironclad's latest recorded revenue is $200M, as of its Series E in January 2022. At a $3.2B valuation, that implies a 16.0x revenue multiple.
Revenue moved from $200M in December 2020 to $200M in January 2022, while the revenue multiple moved from 4.8x to 16.0x.
Ironclad revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2022 | $200M | $3.2B | 16.0x | Series E |
| Dec 2020 | $200M | $950M | 4.8x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Ironclad Funding History
Ironclad has raised a total of $334M across 6 funding rounds.
Ironclad's first fundraising round was a $3M seed round in September 2015. The most recent completed round was a $150M Series E in January 2022.
Ironclad funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | Series E | Putnam Premier IT (lead); Lux Capital; Emergence Capital; Haystack; Sequoia Capital; Arrive; Y Combinator Continuity Fund; Accel; Bond | $150M | $3.2B | Ironclad is a San Francisco-based contract lifecycle management (CLM) software provider founded in 2014, helping enterprises manage contracts with AI features, security, and integrations, serving customers like OpenAI, Salesforce, L'Oreal, and Mastercard. The company focuses on modernizing contract workflows, positioning itself as a leader in legal tech by enabling revenue acceleration for business teams rather than just legal productivity. In January 2022, Ironclad raised $150 million in a Series E round led by Franklin Templeton's venture arm (Putnam Premier IT), with participation from Accel, Bond, Emergence Capital, Haystack, Lux Capital, Sequoia Capital, and Y Combinator Continuity Fund, achieving a post-money valuation of $3.2 billion. This followed a $100 million Series D in 2020/2021 valuing the company near $1 billion, $50 million Series C in 2019, $23 million Series B in 2018, and $8 million Series A in 2017, bringing total funding to approximately $333 million. The round showed 100% insider participation, reflecting strong confidence. later milestones include crossing $100M ARR in 2024 and $150M ARR in January 2025 (Sacra estimate, up 39% YoY with ~2,000 customers), reaching over $200M ARR by early 2026. Ironclad was named a leader in the 2025 Gartner Magic Quadrant for CLM. The company invests heavily in R&D for AI and security, and sales/marketing for enterprise expansion. Ironclad differentiates in a competitive CLM market by being cloud-based and AI-ready from inception, taking share from legacy systems and partnering with AI platforms like Harvey. Under CEO Dan Springer (joined April 2025 from Docusign), it emphasizes AI-driven contract value, with recent leadership hires in product, AI, and engineering. The company is open to strategic acquisitions for technical talent but passed on legacy CLM competitors, amid sector consolidation. |
| Dec 2020 | Series D | Bond (lead); Salesforce Ventures; Putnam Premier IT; Lux Capital; Emergence Capital; Haystack; Sequoia Capital; Y Combinator Continuity Fund; Accel | $100M | $950M | Ironclad is a San Francisco-based digital contracting platform and contract lifecycle management solution for legal departments and innovative companies, streamlining contract workflows, automation, and data unlocking to free legal teams for strategic work. Customers include Dropbox, Reddit, Canva, L’Oréal, Mastercard, and the Texas Rangers. Founded in 2014 by CEO Jason Boehmig (ex-Fenwick & West attorney) and CTO Cai GoGwilt (ex-Palantir engineer), the company positions itself as a leader in digital business contracting, competing with DocuSign, and was named a Leader on the Forrester Wave for Contract Lifecycle Management and a Forbes 2019 Cloud 100 Rising Star. In December 2020, Ironclad raised at least $100 million in a Series D round led by Bond (cofounded by Mary Meeker), with participation from Accel, Sequoia Capital, Y Combinator Continuity, Emergence Capital, Lux Capital (new), and others including Haystack, Putnam Premier IT, and Salesforce Ventures per query details. This brought total funding to about $183-184 million. The post-money valuation was reported as more than $950 million (nearly $1B) by The Information, doubling the prior year's valuation; other reports called it 'around the unicorn mark' ($1B). Bond's Mary Meeker and Mood Rowghani joined as board observers. Funds were earmarked for product innovation, scaling go-to-market, and establishing a new standard for business contracts, with Ironclad telling investors this would likely be its last private round before a potential IPO in 2-3 years. This Series D followed a $50M Series C in Sep 2019 (led by Y Combinator Continuity) and $23M Series B in Jan 2019. Subsequent rounds included a Series E in Jan 2022 at $3.2B valuation ($150M raised), confirming unicorn status post-Series D and building toward IPO readiness with hires like COO and CFO. |
| Sep 2019 | Series C | Y Combinator (lead); Access Venture Partners; Emergence Capital; Toy Ventures; Sequoia Capital | $50M | - | Ironclad is a digital contracting platform that helps legal teams streamline contract workflows, create documents rapidly, support compliance checking, and provide data insights into contract stacks. The company was part of Y Combinator's Summer 2015 class. In September 2019, Ironclad closed a $50 million Series C funding round led by Y Combinator Continuity with participation from Emergence Capital and returning investors Accel and Sequoia Capital. The company announced the launch of its Workflow Designer tool, which allows teams to create custom workflows based on business processes and timelines, accelerating contracting time by 85% for customers according to CEO Jason Boehmig. Ironclad planned to use the funding to expand into new geographies and expand its product offerings. The round brought total funding to approximately $83-84 million at that time. Following this Series C, Ironclad raised a $100 million Series D in 2020/2021 that valued the company near $1 billion, and subsequently a $150 million Series E in January 2022 at a $3.2 billion valuation, firmly establishing it as a unicorn led by Franklin Templeton's venture arm. |
| Jan 2019 | Series B | Sequoia Capital (lead); Y Combinator; Accel | $23M | - | Ironclad is a San Francisco-based contract management platform that streamlines legal workflows for companies including Dropbox, Procore, Reddit, HotelTonight, and Glassdoor, enabling efficient contract handling and maintaining a single source of contract data truth. On January 30, 2019, Ironclad raised $23 million in a Series B financing round led by Sequoia Capital, with participation from existing investors Accel and Y Combinator, bringing total funding to $34 million at that time. Sequoia partner Jess Lee joined the board, and the funds were intended to fuel expansion and accelerate AI development. The platform supports legal teams in managing contracts more accurately and efficiently across various workflows. Ironclad, founded in 2014, is backed by prominent investors including Sequoia, Accel, Greylock, SV Angel, and Formation 8. This Series B followed an earlier Series A of $8 million in 2017. Subsequent rounds included a $50 million Series C in September 2019 led by Y Combinator Continuity with Emergence Capital, Accel, and Sequoia, bringing total funding to $83 million and aimed at geographic expansion and product enhancements like Workflow Designer, which accelerated contracting time by 85% for customers. Much later, in January 2022, Ironclad raised $150 million in Series E at a $3.2 billion valuation led by Franklin Templeton, with participation from prior investors, to scale its digital contracting platform serving Fortune 500 firms like L'Oréal and Mastercard. |
| Aug 2017 | Series A | Accel (lead); SV Angel; Y Combinator; Haystack; Formation 8; Greylock | $8M | - | Ironclad raised an $8 million Series A round in 2017 led by Accel with participation from Formation 8, Greylock, Haystack, SV Angel, and Y Combinator. The company provides contract lifecycle management software, focusing initially on sales contracts to reduce legal bottlenecks in business deals. It featured dynamic contract templates with conditional logic, embedded legal guidance, and automated approval routing for low-risk contracts. Ironclad achieved estimated annual recurring revenue of $5 million in 2017, reflecting early product-market fit with sales operations teams. This growth laid the foundation for expansion into procurement, vendor management, and broader enterprise workflows in subsequent years. |
| Sep 2015 | Seed | Y Combinator; One Planet Group; Soma Capital; PreAngel; Eddie Hartman; Webb Investment Network; Sheel Mohnot; UpHonest Capital; Eric Kwan; Payam Zamani | $3M | $15M | Ironclad raised $3 million in a seed round in September 2015 to further develop its digital contracting platform and begin market entry. The investors match the query, including Y Combinator, with others like Eddie Hartman, Eric Kwan, One Planet Group, Payam Zamani, PreAngel, Sheel Mohnot, Soma Capital, UpHonest Capital, Webb Investment Network, and Wei Guo. No lead investor was publicly disclosed. The company, founded in 2014, provides a digital contracting platform for legal departments. |
Who has invested in Ironclad?
25 investors have backed Ironclad across its funding rounds, including Y Combinator, Accel, Sequoia Capital, Emergence Capital, Haystack and Lux Capital.
Lead investors include Putnam Premier IT, Bond, Y Combinator, Sequoia Capital and Accel.
Ironclad Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Lead | Sep 2015 | |
| San Francisco, CA | 4 | Lead | Jan 2019 | |
| Palo Alto, CA | 4 | Lead | Aug 2017 | |
| San Francisco, CA | 3 | Participant | Sep 2019 | |
| San Francisco, CA | 3 | Participant | Aug 2017 | |
| United States | 2 | Lead | Dec 2020 | |
| New York City, NY | 2 | Participant | Dec 2020 | |
| San Francisco, CA | 2 | Participant | Dec 2020 | |
| San Francisco, CA | 2 | Lead | Dec 2020 | |
| San Francisco, CA | 1 | Participant | Dec 2020 | |
| San Francisco, CA | 1 | Participant | Aug 2017 | |
| Denver, CO | 1 | Participant | Sep 2019 | |
| San Francisco, CA | 1 | Participant | Sep 2015 | |
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Start Free TrialAcquisitions by Ironclad
Ironclad has acquired 1 company to date.
Last acquisition by Ironclad was on March 25th 2021. Ironclad acquired PactSafe for undisclosed valuation.
Latest Acquisitions by Ironclad
| Description | PactSafe is a contract lifecycle management platform automating agreement generation, signing, and compliance for high-volume businesses. It enables electronic signatures, A/B testing of terms, and audit trails for customer onboarding and vendor contracts. Based in Indianapolis, PactSafe powers workflows for e-commerce firms like DoorDash and Wayfair, plus SaaS providers such as Formstack and BMC. The platform connects with CRM systems like Salesforce and payment processors to track acceptances at scale. |
| HQ Country | |
| HQ City | Indianapolis, IN |
| Deal Date | 25 Mar 2021 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Ironclad acquisitions and their M&A valuation multiples. Start Free Trial | |
Ironclad Competitors
Ironclad competitors include listed companies like Intapp and CS Disco, and private ones like Filevine, Clio, Icertis and Everlaw.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Salt Lake City, UT | Private | $200M | - | $3B | 15.0x | |
 Vancouver | Private | $400M | - | $5B | 12.5x | |
| United States | Publicly listed | $578M | ($16M) | $2.8B | 4.5x | |
| Seattle, WA | Private | $300M | - | $2.8B | 9.3x | |
| San Francisco, CA | Private | - | - | $2B | - | |
| United States | Publicly listed | $157M | ($44M) | $273M | 1.0x |
Ironclad Public Comps
Ironclad is still privately-owned, but its public comps include Intapp, Topicus, LegalZoom, Bengo4.com, RWS Holdings, IPH, Keystone Law Group, CS Disco, Andersen Group and Knights Group Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $1.8B | $393M | 3.4x | 3.0x | 15.3x | 10.6x | |||
| $756M | $74M | 1.2x | 1.1x | 12.1x | 4.8x | |||
| $105M | $19M | 7.7x | 6.9x | 43.8x | 33.0x | |||
| $927M | ($26M) | 0.7x | 0.7x | (27.2x) | 4.8x | |||
| $505M | $140M | 1.7x | 1.7x | 6.1x | 5.9x | |||
| $155M | $17M | 1.8x | 1.6x | 16.1x | 13.3x | |||
| $157M | ($44M) | 1.1x | 1.0x | (4.0x) | (22.1x) | |||
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Common questions about Ironclad
| When was Ironclad founded? | Ironclad was founded in 2014. |
| Where is Ironclad headquartered? | Ironclad is headquartered in San Francisco, CA, United States. |
| Is Ironclad publicly listed? | No, Ironclad is a private, VC-backed company. |
| What is Ironclad's valuation? | Ironclad was last valued at $3.2B in its Series E in January 2022. |
| How much funding has Ironclad raised? | Ironclad has raised $334M across 6 funding rounds. |
| What was Ironclad's last funding round? | Ironclad's last funding round was a $150M Series E in January 2022, led by Putnam Premier IT. |
| Who are Ironclad's investors? | Ironclad's investors include Y Combinator, Sequoia Capital, Accel, Emergence Capital, Haystack, Putnam Premier IT, Lux Capital, Y Combinator Continuity Fund, Bond, Salesforce Ventures and 15 others. |
| What is Ironclad's revenue? | Ironclad's latest recorded revenue is $200M (January 2022). |
| What is Ironclad's revenue multiple? | Ironclad's latest valuation implies a 16.0x revenue multiple ($3.2B valuation on $200M of revenue). |
| Which companies are comparable to Ironclad? | Companies comparable to Ironclad include Filevine, Clio, Intapp, Icertis, Everlaw and CS Disco. |
| How many companies has Ironclad acquired? | Ironclad has acquired 1 company, including PactSafe. |
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