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- Ontra
Ontra Funding, Investors & Competitors
Ontra has raised $240M across 2 funding rounds, most recently a $200M Series B in October 2021.
Last Ontra funding round
$200M
Series B · Oct 2021
Cumulative funding Ontra raised
$240M
across 2 funding rounds
Key investors in Ontra
Battery Ventures
Blackstone
Mike Paulus
About Ontra
Ontra is a San Francisco-headquartered legal automation platform leveraging AI to handle contract lifecycle management, fund administration, and entity management for private markets firms. Serving over 1,500 investment funds and law firms, it extracts data from millions of documents to automate due diligence, negotiations, and compliance reporting. Ontra's tools integrate with CRM systems like Salesforce, reducing review times by processing term sheets and LP agreements with high accuracy. The platform supports venture capital, private equity, and hedge funds across North America and Europe.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Ontra Funding History
Ontra has raised a total of $240M across 2 funding rounds.
Ontra's first fundraising round was a $40M Series A in January 2019. The most recent completed round was a $200M Series B in October 2021.
Ontra funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2021 | Series B | Blackstone (lead); Battery Ventures; Mike Paulus | $200M | Ontra, formerly InCloudCounsel, is a contract automation and intelligence platform that combines AI-enhanced software with a global network of lawyers to streamline contract negotiation, review, and management for enterprise clients, particularly in financial services. On October 27, 2021, the company announced a $200 million Series B funding round led by Blackstone Growth, with participation from existing investor Battery Ventures and board member Mike Paulus. This followed a $40 million Series A in July 2019 led by Battery Ventures, bringing total funding to $240 million at that point. The platform processes high volumes of contracts, having handled over 500,000 contracts and 15,000 NDAs monthly for more than 500 enterprise customers including AllianceBernstein, Warburg Pincus, Houlihan Lokey, Silver Lake, and Blackstone itself. Blackstone's investment, made through its growth equity arm, included Paul Morrissey joining the board. The funding aimed to fuel R&D, expand the team, and accelerate growth amid strong momentum in revenue, customers, and headcount. Ontra positions itself at the forefront of legal technology by automating routine contracting workflows, enabling legal teams to focus on higher-value work. The rebranding from InCloudCounsel to Ontra underscored its mission to revolutionize contract management. |
| Jan 2019 | Series A | Battery Ventures (lead) | $40M | Ontra (formerly InCloudCounsel) completed a $40 million Series A funding round led by Battery Ventures in July 2019. The company, founded in 2014, provides contract automation and intelligence technology designed to streamline legal workflows for private markets, investment firms, and financial services companies. At the time of the Series A round, Ontra had launched its Contract Automation solution and proprietary machine learning capabilities, with offices established across the United States, London, and Asia. The company's platform helps organizations automate routine legal processes including NDA reviews and contract management, allowing legal teams to focus on higher-value work. By the time of the Series A close, Ontra had already processed over 500,000 contracts and 15,000 NDAs monthly for more than 500 enterprise customers, including major financial services firms, though specific revenue figures for 2019 were not publicly disclosed. |
Who has invested in Ontra?
3 investors have backed Ontra across its funding rounds, including Battery Ventures, Blackstone and Mike Paulus.
Lead investors include Blackstone and Battery Ventures.
Ontra Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jan 2019 | ||
This data is available for Pro users. Sign up to see all 3 Ontra investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Ontra
Ontra has acquired 1 company to date.
Last acquisition by Ontra was on June 28th 2022. Ontra acquired FundFormer for undisclosed valuation.
Latest Acquisitions by Ontra
| Description | FundFormer is a financial technology platform providing fund administration and operational infrastructure for investment managers and alternative asset funds. The software solution automates fund accounting, investor reporting, capital call management, and compliance workflows that traditionally required manual processing or multiple disconnected systems. FundFormer serves private equity funds, venture capital firms, and real estate investment vehicles seeking to streamline back-office operations and improve reporting accuracy. The platform integrates with existing financial systems and data sources, offering cloud-based access to fund administrators, general partners, and limited partners. The company targets emerging and mid-sized fund managers who need institutional-grade administration capabilities without extensive internal operational teams. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 28 Jun 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Ontra acquisitions and their M&A valuation multiples. Start Free Trial | |
Ontra Competitors
Ontra competitors include listed companies like Intapp and CS Disco, and private ones like Clio, Ironclad, Filevine and Spellbook.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $400M | - | $5B | 12.5x | ||
| Private | $200M | - | $3.2B | 16.0x | ||
| Private | $200M | - | $3B | 15.0x | ||
| Private | $100M | - | $350M | 3.5x | ||
| Publicly listed | $578M | ($16M) | $2.8B | 4.5x | ||
| Publicly listed | $157M | ($44M) | $273M | 1.0x |
Ontra Public Comps
Ontra is still privately-owned, but its public comps include Thomson Reuters, Constellation Software, SS&C Technologies, Andersen Group, Topicus, Intapp, LegalZoom, Bengo4.com, RWS Holdings and IPH.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $7.5B | $3B | 6.1x | 5.8x | 15.3x | 14.5x | |||
| $12B | $2.5B | 4.0x | 3.5x | 18.5x | 12.9x | |||
| $6.3B | $2.1B | 4.2x | 3.9x | 12.4x | 10.0x | |||
| $839M | ($121M) | 8.6x | 7.6x | (59.9x) | 29.7x | |||
| $1.8B | $393M | 3.4x | 3.0x | 15.3x | 10.6x | |||
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $756M | $74M | 1.2x | 1.1x | 12.1x | 4.8x | |||
| $105M | $19M | 7.7x | 6.9x | 43.8x | 33.0x | |||
This data is available for Pro users. Sign up to see all Ontra competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Ontra
| When was Ontra founded? | Ontra was founded in 2014. |
| Where is Ontra headquartered? | Ontra is headquartered in San Francisco, CA, United States. |
| Is Ontra publicly listed? | No, Ontra is a private, VC-backed company. |
| How much funding has Ontra raised? | Ontra has raised $240M across 2 funding rounds. |
| What was Ontra's last funding round? | Ontra's last funding round was a $200M Series B in October 2021, led by Blackstone. |
| Who are Ontra's investors? | Ontra's investors include Battery Ventures, Blackstone and Mike Paulus. |
| Which companies are comparable to Ontra? | Companies comparable to Ontra include Clio, Ironclad, Filevine, Spellbook, Intapp and CS Disco. |
| How many companies has Ontra acquired? | Ontra has acquired 1 company, including FundFormer. |
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