Document Crunch, an Atlanta based contract intelligence platform that simplifies construction contracts, today announced that it has taken on an additional $2 million in capital from Ironspring Ventures, a sector-focused venture capital fund investing in digital industrial innovation. This capital is being used to further accelerate the company’s rapid trajectory, which includes two new partnerships with AXA XL and ELECTRI International to provide Data Analytics and Benchmarking to the construction industry.
“Our expansion into Data Analytics and Benchmarking, which has implications on everything from insurance underwriting to the standardization of contracts, is the logical next step for our company” Josh Levy, CEO of Document Crunch said. “We will make contracting more transparent and accessible for the entire industry.”
The company has now raised approximately $8 million in the last 24 months, including its $4.6 million Seed Round led by Zacua Ventures (with participation from FifthWall, Argonautic Ventures, the GTM Fund, among others) this past spring. This investment has helped fuel exceptional growth over the past 12 months, including record sales and expansion of its team from 3 employees to 23.
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“As an investor, there are times when your eyes light up and you just know you’ve found something special,” said Vivin Hegde, GP & Founding Partner of Zacua Ventures. “The progress the team has shown in 2022 is just phenomenal, from onboarding its key management team, to launching the new platform and supercharging sales!”
As part of this progress, in early 2022, Document Crunch entered pilots with ELECTRI and AXA XL to benchmark constituents’ historical contracts. The feedback from these early pilots was compelling which led to the creation of formal partnerships:
“Document Crunch has consistently been one of our most requested techs…for both its core functionality and the valuable insights developed from the aggregated data it collects” Rose Hall, Vice President, Head of Construction Innovation and Co-Founder at AXA XL Construction Ecosystem said. “We are proud to partner with Document Crunch on our new collaborative service.”
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“Document Crunch provides us with the analytics we need to assess fair contract language” Josh Bone, Executive Director of ELECTRI International said. “ELECTRI is excited to partner with Document Crunch to deliver transformative research that helps move the construction industry forward.”
As the market demand around data analytics became more apparent, Levy realized more horsepower was needed in order to expand. He found a willing partner in Ironspring who has been tracking Document Crunch since its earliest days:
“Josh is a natural leader with infectious energy” Adam Bridgman, Co-Founder & General Partner of Ironspring Ventures said. “He’s translated incredible domain expertise in construction law into a big tech vision, energizing top talent, and inspiring leading investors and influential industry partners to hop on board. He and the Document Crunch team continue to methodically execute ahead of plan in building the de facto nextgen risk management platform for construction.”
