The round was led by Rembrandt Venture Partners. Microsoft Ventures, HubSpot, EBRD, via the EBRD Venture Capital Investment Programme, and Altos Ventures also participated in the funding round. To date, PandaDoc has secured $20 million in total funding from investors. Series A investors included Altos Ventures, TMT Investments, CEO of Quicken Eric Dunn, Kima Ventures and others. The Series B investment will help to accelerate the company's growth.

"We invest in solid teams with proven solutions that have a clear roadmap for addressing large, well-defined market opportunities," said Scott Irwin, General Partner at Rembrandt Venture Partners. "PandaDoc addresses a huge need in the B2B market by helping companies accelerate their transactions."

PandaDoc helps accelerate the way organizations transact. It integrates with the world's leading CRMs, as well as ERP, payment, cloud storage and other systems. PandaDoc has powerful features that enable businesses to easily generate, track and execute documents. Companies that run on PandaDoc are consistently reporting higher close rates, bigger deals, shorter sales cycles, full compliance and other improvements that relate to the final stages of the buying cycle.

"We are very excited about this funding round, as we could not have asked for better partners," stated PandaDoc CEO Mikita Mikado. "Closing our Series B is a testament to the work of our whole team, the quality of our customer service and our innovative software. Our business has grown immensely over the past two years, and the capital raised will allow us to serve even more customers."

Mikita Mikado and his co-founder, Sergey Barysiuk, launched PandaDoc in 2013 as a free and premium SaaS platform. The founders wanted to consolidate multiple B2B software products into one efficient and scalable platform. Since then, the company has helped more than 6,000 businesses worldwide to streamline their work with documents and accelerate the way they transact.

"PandaDoc puts into action our desire to help organizations drive efficiency, reduce cost and improve productivity," said Leo de Luna, managing director at Microsoft Ventures. "We see great value in the PandaDoc platform and believe the company's technology will raise the industry standard for digital transformation."

"Salespeople today spend hours each week on manual tasks like creating and delivering proposals. Over the past year and a half, PandaDoc's integration with HubSpot CRM has streamlined that process and has delivered incredible value to our customers by helping them close deals even faster," said Brad Coffey, Chief Strategy Officer at HubSpot. "We believe PandaDoc has a bright future, and we are excited to help them grow through this investment."

To learn more about PandaDoc, simply visit pandadoc.com.

About PandaDoc
PandaDoc helps organizations close more deals with automated proposals, contracts, quotes, and other business documents. Features include eSignatures, CRM integrations, data merge, building, editing, executing, tracking documents, and more. PandaDoc was founded in 2013 and is based in San Francisco, California. Learn more at pandadoc.com.

About Rembrandt Venture Partners
Rembrandt Venture Partners (RVP) is a leading technology venture capital firm focused on helping entrepreneurs shape the future of enterprise technology. RVP's investment team includes individuals with successful track records as both technology operators and venture capital investors. Past RVP investments include Xactly (NASDAQ: XTLY), Adallom (acquired by Microsoft), Liveramp (acquired by Acxiom) and Zenprise (acquired by Citrix). To learn more about Rembrandt Venture Partners, please visit rembrandtvc.com.

About Microsoft Ventures
Microsoft Ventures is the corporate venture arm of Microsoft, (Nasdaq "MSFT" @microsoft) the leading platform and productivity company for the mobile-first, cloud-first world. Microsoft Ventures partners with visionary entrepreneurs looking to drive digital transformation. As part of its promise to portfolio companies, Microsoft Ventures offers unrivaled access to go-to-market resources and strategic relationships globally. Microsoft Ventures currently operates in San Francisco, Seattle, New York, Tel Aviv and London. Learn more here.


About HubSpot
HubSpot is a leading inbound marketing, sales, and CRM growth stack. Since 2006, HubSpot has been on a mission to make the world more inbound. Today, over 31,000 customers in more than 90 countries use HubSpot's award-winning software, services, and support to transform the way they attract, engage, and delight customers. HubSpot has been named a top place to work by Glassdoor, Fortune, The Boston Globe, and The Boston Business Journal. The company is headquartered in Cambridge, MA with offices in Dublin, Ireland (EMEA HQ); Singapore; Sydney, Australia; Tokyo, Japan; and Portsmouth, NH. To learn more, visit hubspot.com.
About EBRD

The European Bank for Reconstruction and Development (EBRD) is an international financial institution that supports projects in over 30 countries, from Eastern Europe to Central Asia and the Southern and Eastern Mediterranean.