Why HubSpot Is Investing in PandaDoc
By Bradford Coffey, Chief Strategy Officer at HubSpot
I’m excited to share that HubSpot is investing in PandaDoc, one of our most successful integration partners, as part of its $15 million Series B funding round. PandaDoc is automating the way B2B companies create proposals, close contracts, and get paid. It’s a giant space largely built around a 20-year-old technology (the .pdf) and something large swaths of our customers do every day. We’re excited to support PandaDoc as they solve a major point of friction for growing companies and usher in a modern, mobile-friendly future of documents.
PandaDoc first appeared on our radar a few years ago. At the time HubSpot was in the midst of a shift as a company — expanding from marketing and into sales. As part of that expansion, I spent a lot time walking around our sales floor, just watching and understanding what tools our own sales reps were using. They were using many of the tools you’d expect — they’d send email from gmail, pick up the phone on their desk, and track those interactions in a CRM. Towards the end of the sales process though it got tricky. We needed to send our customers a contract, get agreement on those contracts, and then get paid. It was a complicated process that involved sending documents back and forth, then sending them to a custom application we built to get paid.
We started asking our customers and partners if they had the same issue. It turns out many did. For those who didn’t however, a clear theme emerged: They used PandaDoc.
The space makes a lot of sense. The rise of Amazon and online commerce has dramatically changed the way most people transact online. I add stuff to my cart, go through a checkout flow, enter my credit card, and I’m done. It’s near friction-less. The B2C side has led the way with some great companies like Shopify democratizing e-commerce technology and making it easier for retailers of all sizes to sell. Outside of document signing, the B2B side hasn’t made nearly the same progress — but it should. That’s the opportunity PandaDoc is tackling. We’re excited and honored to be working with them towards that mission.
If there is one trait that I admire most in those I work with, it’s a strong bias for action. One thing I’ve found with Mikita, Serge, and the PandaDoc team is that they have this in spades. It serves as a strong foundation for their success and comes through in every interaction with us, our partners, and our customers. It makes things happen quickly and has impact at every turn.
Turns out they’re pretty fun too. (This is a video from the launch of our CRM extensions API).
PandaDoc is positioned to make a major impact on the way B2B businesses sell and make a lot of our customers’ lives easier in the process. We’re honored to be part of their Series B.