Documo announces closing of a $24 million Series B funding round with Radian Capital Partners. Documo, a world-class online fax and digital signature corporation, will use this investment to reach new goals for growth and expand their suite of products.
Documo, a pioneer in digital document transmission solutions for platform developers, today announced the closing of a $24 million Series B funding round with Radian Capital Partners. This investment enables Documo to continue growing their team, broaden their suite of document workflow products, and accelerate expansion into new markets.
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Documo Founder and CEO, Matt Valeo, says, “Documo is on a mission to change the way the world works with documents…I believe Radian’s team and industry connections will prove to be enormously valuable to us as we focus on the next chapter of our journey to digitize and automate document workflow.”
Documo Founder and CEO, Matt Valeo, says, “Documo is on a mission to change the way the world works with documents and our platform has already become an indispensable tool for many of the organizations we partner with. Radian is an excellent fit for our team because they value sustainable growth and take a long-term approach to this partnership. I believe Radian’s team and industry connections will prove to be enormously valuable to us as we focus on the next chapter of our journey to digitize and automate document workflow.”
After receiving a round of funding from Arthur Ventures in 2020, Documo has shown impressive growth while continuing to remain profitable. That investment enabled Documo to quickly shift upmarket and quicken the pace of hiring into key roles during 2020 and 2021, more than quadrupling employee headcount in that period.
With a primary focus on secure cloud fax technology, Documo has worked to modernize fax for the 21st century. That means organizations that depend on this critical infrastructure now have a variety of deployment options including a state-of-the-art API for software integration and the ability to send and receive faxes through email providers.
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While somewhat counterintuitive in 2022, fax is continuing to grow at a significant pace as organizations look for secure and regulation-compliant methods to send and receive sensitive documents. An estimated 17 billion faxes were sent in 2021, with upwards of 66% of that volume still being faxed via physical/on-premise devices. And some estimates show about 75% of all medical communication still being done by fax.
“Documo is disrupting the dominant form of document exchange today, fax. With a foothold in this core transmission, Documo is already offering alternate forms of exchanges to become the go-to platform for document transmission within highly regulated industries. We’re excited to be partnering with Matt and team as they continue to pave the way for document workflows,” says Jordan Bettman of Radian Capital.
“We’re thrilled to begin this partnership with Radian Capital,” said Shane Fitch, Chief Revenue Officer at Documo. “We’ve seen some remarkable growth in the past few years, and this investment gives us a great opportunity to really accelerate that growth. We’ll continue to expand our fax network infrastructure and develop new products that help our customers improve their document workflows.”
