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- PandaDoc
PandaDoc Valuation, Funding & Investors
PandaDoc is valued at $1B as of September 2021.
Last PandaDoc valuation
$1B
Series C · Sep 2021
Last PandaDoc funding round
$6M
Undisclosed stage · Dec 2025
Cumulative funding PandaDoc raised
$57M
across 7 funding rounds
Key investors in PandaDoc
Altos Ventures
M12
AltaIR Capital
Rembrandt Venture Partners
One Peak
EBRD Venture Capital
About PandaDoc
PandaDoc is a San Francisco-headquartered SaaS platform for document automation, featuring e-signature capture, workflow templates, and analytics tracking. Users create proposals, contracts, and quotes with drag-and-drop builders, integrating with CRM systems like Salesforce and HubSpot. It serves sales teams in SMBs and enterprises for streamlined deal closures.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1B (Sep 2021)
PandaDoc Valuation
PandaDoc is currently valued at $1B, based on its Series C in September 2021. Read the announcement ↗
The round was led by G Squared, with participation from One Peak.
PandaDoc valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2021 | Series C | $1B |
PandaDoc Funding History
PandaDoc has raised a total of $57M across 7 funding rounds.
PandaDoc's first fundraising round was a $700K seed round in May 2013. The most recent completed round was a $6M undisclosed-stage round in December 2025.
PandaDoc funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Undisclosed stage | Indico Capital Partners (lead) | $6M | - | PandaDoc is a document automation platform founded in 2013 by Mikita Mikado (CEO) and Serge Barysiuk (CTO) that enables businesses to create, send, sign, and manage documents entirely online. The platform supports use cases including proposals, contracts, quotes, invoicing, and payments, and integrates with CRM systems, payment solutions, and productivity tools to replace manual, paper-based workflows. The company serves over 65,000 customers globally with a team exceeding 700 employees and achieved unicorn status in September 2021 with a valuation surpassing $1 billion. In December 2025, PandaDoc secured €5 million (approximately $5.8 million) in Series D funding from Portuguese venture capital firm Índico Capital Partners. The investment is earmarked to accelerate development of advanced artificial intelligence features within the platform and to expand PandaDoc's team in Lisbon, which serves as the company's European hub and plays a central role in product development and regional operations. Índico Capital Partners specializes in investing in deep tech, SaaS, AI, and other technology sectors across Southern Europe, with typical ticket sizes ranging from €500,000 to €10 million across seed to Series B stages. |
| Sep 2021 | Series C | G Squared (lead); One Peak | - | $1B | PandaDoc closed a Series C financing that valued the document automation company at $1 billion, co-led by OMERS Growth Equity and G Squared. Existing backers Altos Ventures, Rembrandt Venture Partners, One Peak and Microsoft's M12 also took part; the amount raised was not disclosed. The company had roughly quadrupled its valuation from the $255 million of its previous round and planned to use the capital to push further into payments and workflow beyond e-signature. |
| Aug 2020 | Series B | One Peak (lead); EBRD Venture Capital; Rembrandt Venture Partners; David Sipes; M12; Savano Capital Partners | $30M | - | PandaDoc, a San Francisco-based provider of all-in-one document automation software, raised $30 million in a Series B extension round on August 5, 2020, led by One Peak with participation from M12 (Microsoft's venture fund), Savano Capital Partners, Rembrandt Venture Partners, EBRD Venture Capital, and David Sipes, who joined the board. The funding aimed to disrupt the eSignature market, capture share in proposals and contracts, and accelerate growth following the launch of a free eSignature product in March 2020 amid the COVID-19 pandemic, which drove tens of thousands of signups and doubled product usage rates. By then, PandaDoc had surpassed 20,000 paying customers and ranked highly in eSignature on G2. The round marked the second Series B extension, following an original $15 million Series B in 2017, bringing total Series B investments to $50 million. CEO Mikita Mikado noted the company's high-velocity inbound sales model allowed flexible capital raises to minimize dilution. One Peak's Humbert de Liedekerke highlighted PandaDoc's large market opportunity, strong unit economics, scalable model, and differentiation in the $25 billion+ eSignature space dominated by DocuSign and Adobe Sign. PandaDoc reached unicorn status ($1 billion valuation) later in a September 2021 Series C led by OMERS Growth Equity and G Squared. |
| May 2017 | Series B | Rembrandt Venture Partners (lead); EBRD Venture Capital; HubSpot; Scott Cunningham; M12; Altos Ventures | $15M | - | PandaDoc closed a $15 million Series B funding round on May 23, 2017, led by Rembrandt Venture Partners, with participation from Microsoft Ventures (M12), HubSpot, EBRD Venture Capital, and Altos Ventures. The funding aimed to accelerate the company's growth in its Digital Transactions Management solution, which automates document generation, tracking, execution, and integration with CRMs, ERP, payment, and cloud storage systems. Founded in 2013 by Mikita Mikado and Sergey Barysiuk, PandaDoc consolidated multiple B2B software products into a SaaS platform to streamline document workflows and improve sales outcomes like higher close rates and shorter cycles. At the time of the Series B, PandaDoc served over 7,000 active paying customers worldwide, up from 3,000 the previous year, and had doubled its employee count to nearly 100. The company had previously raised $5 million in its Series A round in July 2015 led by Altos Ventures. PandaDoc positioned itself as a content layer on top of CRM tools, offering dynamic electronic documents for proposals, contracts, e-signatures, and payments, differentiating through fully digital processes rather than static files. |
| Jul 2015 | Series A | Altos Ventures (lead); AltaIR Capital; TMT Investments | $5M | - | PandaDoc raised $5 million in a Series A round in July 2015, led by Altos Ventures with participation from TMT Investments and others. The funding encapsulated all prior money raised, including unannounced seed rounds. The company provides a sales document creation tool that automates quotes, proposals, contracts, analytics, and electronic signatures, competing with DocuSign, SteelBrick, and Apptus. Founded four years earlier in Belarus, PandaDoc was bootstrapped to breakeven before moving to Silicon Valley to expand capabilities. The 2015 investment aimed to scale operations and expand the team. This round followed seed funding of $655K in May 2013 and $400K in July 2014. |
| Jul 2014 | Seed | - | $400K | - | - |
| May 2013 | Seed | AltaIR Capital; Geek Ventures; Kima Ventures | $700K | - | - |
Who has invested in PandaDoc?
15 investors have backed PandaDoc across its funding rounds, including Altos Ventures, M12, AltaIR Capital, Rembrandt Venture Partners, One Peak and EBRD Venture Capital.
Lead investors include Indico Capital Partners, G Squared, One Peak, Rembrandt Venture Partners and Altos Ventures.
PandaDoc Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | May 2017 | ||
| 2 | Lead | Aug 2020 | ||
| 2 | Lead | May 2017 | ||
| 2 | Participant | May 2013 | ||
| 2 | Participant | May 2017 | ||
| 2 | Lead | Jul 2015 | ||
| 1 | Participant | May 2017 | ||
| 1 | Participant | May 2017 | ||
| 1 | Lead | Sep 2021 | ||
| 1 | Participant | Aug 2020 | ||
| 1 | Participant | May 2013 | ||
| 1 | Participant | Jul 2015 | ||
| 1 | Lead | Dec 2025 | ||
This data is available for Pro users. Sign up to see all 15 PandaDoc 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 PandaDoc
PandaDoc has acquired 2 companies to date.
Last acquisition by PandaDoc was on August 28th 2023. PandaDoc acquired Denario for undisclosed valuation.
Latest Acquisitions by PandaDoc
| Description | Denario is a B2B payments platform enabling SMBs and startups to optimize cash flow through integrated invoicing, payments, and financing. The service supports multiple currencies and payment methods, including ACH and wires, with features for automated reconciliation and early payment discounts. | LiveNotary is a remote online notarization platform available in 40 U.S. states, offering audio-video sessions with licensed notaries for documents like affidavits and powers of attorney. The service uses blockchain for tamper-proof tamper-evident seals and integrates with e-signature tools like DocuSign. LiveNotary complies with ESIGN and UETA standards, serving real estate, legal, and financial firms with 24/7 availability. |
| HQ Country | ||
| HQ City | Berlin | San Francisco, CA |
| Deal Date | 28 Aug 2023 | 23 Mar 2022 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all PandaDoc acquisitions and their M&A valuation multiples. Start Free Trial | ||
PandaDoc Competitors
PandaDoc competitors include listed companies like Rezolve AI and ODDITY Tech, and private ones like CommerceIQ, Flexe, Hotmart and Salla.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $47M | ($109M) | $950M | 4.0x | ||
| Publicly listed | $810M | $131M | $889M | 1.8x |
PandaDoc Public Comps
PandaDoc is still privately-owned, but its public comps include Rezolve AI, Shiprocket, Hangzhou Raycloud Tech, ODDITY Tech, Riskified, Lightspeed Commerce, Infomart, Auction Technology Group, Vtex and THG.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $47M | ($109M) | 23.3x | 4.0x | (10.0x) | (19.3x) | |||
| $211M | ($7M) | 4.3x | - | (131.1x) | - | |||
| $84M | $719K | 10.6x | 9.8x | 1238.3x | - | |||
| $810M | $131M | 1.5x | 1.8x | 9.6x | 18.3x | |||
| $345M | ($31M) | 1.8x | 1.6x | (20.3x) | 19.0x | |||
| $1.2B | ($13M) | 0.7x | 0.7x | (65.4x) | 11.0x | |||
| $121M | $31M | 9.3x | 8.6x | 35.9x | 31.7x | |||
| $190M | ($93M) | 4.6x | 3.5x | (9.3x) | 10.1x | |||
This data is available for Pro users. Sign up to see all PandaDoc competitors and their valuation data. Start Free Trial | ||||||||
Common questions about PandaDoc
| When was PandaDoc founded? | PandaDoc was founded in 2011. |
| Where is PandaDoc headquartered? | PandaDoc is headquartered in San Francisco, CA, United States. |
| Is PandaDoc publicly listed? | No, PandaDoc is a private, VC-backed company. |
| What is PandaDoc's valuation? | PandaDoc was last valued at $1B in its Series C in September 2021. |
| How much funding has PandaDoc raised? | PandaDoc has raised $57M across 7 funding rounds. |
| What was PandaDoc's last funding round? | PandaDoc's last funding round was a $6M undisclosed-stage round in December 2025, led by Indico Capital Partners. |
| Who are PandaDoc's investors? | PandaDoc's investors include EBRD Venture Capital, One Peak, Rembrandt Venture Partners, AltaIR Capital, M12, Altos Ventures, HubSpot, Scott Cunningham, G Squared, David Sipes and 5 others. |
| Which companies are comparable to PandaDoc? | Companies comparable to PandaDoc include CommerceIQ, Flexe, Hotmart, Salla, Rezolve AI and ODDITY Tech. |
| How many companies has PandaDoc acquired? | PandaDoc has acquired 2 companies, including Denario and LiveNotary. |
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