Manchester-based digital contracting software business Summize has reported a record-breaking start to the year.
Summize makes legal contracts easier to understand, using AI technology that integrates directly within Word, Microsoft Teams and Slack – and can save clients up to 85% in time spent reviewing contracts.
The team gained significant momentum in the first quarter of 2022, reporting a 301% increase in booked revenue compared to the same period last year and securing 10 new client contracts in March alone.
Two such deals include partnerships with Sunday Times Fast Track 100 payment and fleet company, Radius Payment Solutions, and GLAS – the global independent provider of debt administration services with offices in the UK, Europe, USA and Australia.
Founded in 2018, headcount amongst the all-star team of legal, development and technology experts grew by 47% between March 2021 and 2022.
Summize is on track to surpass $1m in annual recurring revenue (ARR) for the first time this summer and recently attracted the attention of British tech entrepreneur Tom Blomfield OBE who participated in the company’s latest investment round.
Blomfield is no stranger to the legal world as he achieved a law degree from Oxford University prior to starting the tech giant Gocardless and disrupter bank Monzo.
Blomfield said: “I’m excited to be involved with Summize – the team’s ambitious plans for growth are really impressive. Dealing with contracts can be laborious and time-consuming – the Summize platform uses smart technology to make that process a breeze.
“I think the team has developed a unique approach to a problem that a lot of businesses are grappling with today, and I’m delighted to be an investor.”
Summize also bolstered its leadership team in the first quarter of 2022. Experienced commercial B2B marketer Laura Butler joined as VP of Marketing, having previously spearheaded the marketing strategy for a number of high-growth software companies including AppLearn, Apadmi and Avecto.
Jack Finnis also joined Summize as VP of Business Development, leading pipeline generation and sales enablement to prepare the sales team for future growth.
Tom Dunlop, co-founder and CEO at Summize commented: “We’re growing quickly as a team and across our roster of clients and experiencing high demand from companies that want to plug directly into tools such as Teams and Slack, rather than direct users to another all-in-one platform. We’re preparing for high growth scale, future investment and US expansion – the opportunities at the moment are endless.”