Our investment in Tomorro: the AI platform for contract management
Today, we are thrilled to announce our investment in Tomorro’s €11m Series A round. Tomorro, previously known as Leeway, is a B2B platform revolutionizing legal productivity. This funding round coincides with a rebranding that highlights the team’s ambition to become the leading tech partner for legal teams in the coming decades.
Speed of iteration is everything for early-stage startups
I first met Antoine in March 2020, during Tomorro’s early days. Our initial conversation made it evident that this team was exceptional, displaying rare expertise in both product development and distribution — a rarity among SaaS founders, who typically excel in either product innovation or go-to-market strategies, but seldom both.
On the product front, Antoine’s presentation of the initial product iteration was remarkable. The user experience (UX) was not only aesthetically pleasing, but also keenly focused on addressing user pain points.
In a startup’s early months, it’s important for entrepreneurs to experiment with a lot of different GTM strategies to identify the one which will scale. The Tomorro team embraces a “try fast, fail faster” ethos, effectively launching many initiatives: launching a legal podcast (Legal Means Business) to raise awareness among corporate legal teams and generate inbound interest, betting long-term on SEO with an ambitious publication strategy or rapidly iterating on visuals for Linkedin ads.
Tomorro has built the operating system for legal teams.
A contract is a dynamic, intricate document! It requires collaboration between multiple parties: the corporate legal team, various operational teams within the company, but also the external teams with whom the contract is negotiated. Tomorro serves as a holistic CRM built around contracts, streamlining every phase of a contract’s lifecycle.
Generation: Very often, the legal process begins once a business agreement has been reached, for example, between an Account Executive and a prospect, a procurement manager and a supplier, or HR and a future employee. These operators are in charge of kicking off the legal process. Tomorro empowers them as they can be fully autonomous in generating the first contract draft, having access to a library of templates, ranging from standard to customizable, allowing for various clause combinations.
Collaboration: From the initial draft to the contract’s final signature, numerous parties are involved, often exchanging multiple document versions via email (think v1, v2, …, v20 word documents). This process typically results in significant productivity loss, for all involved. At the core of Tomorro’s platform is an online text editor that replicates a live Google Docs experience, enabling real-time contract editing combined with an efficient version control system. Legal teams can say goodbye to Word and email!
Workflow: Tomorro enables legal teams to set dynamic rules, tailoring the level of autonomy granted to operational teams based on the contract’s importance and associated risks. For instance, standard, low-value contracts might receive automatic legal approval, whereas high-value, custom-clause contracts might require more involvement from the legal team. For sales teams this is a real boon as they spend less time dealing with admin and more time doing what they do best: selling!
A Broad Market
Tomorro’s market is huge, encompassing any B2B company with a legal team. Tomorro started selling to the one community always eager to try out new technology: tech companies. It has now signed many of France’s tech scale-ups, across various industries (Qonto, Alma, Pretto, Voodoo, Ornikar, etc). Progressively it has expanded to more traditional and larger companies, like Ingenico, SNCF, Vinci, etc. This expansion had led to an impressive 3x annual growth in Average Contract Value (ACV), at the time of our investment. With an addressable market of €5 billion in France and €50 billion in Europe, Tomorro’s potential is enormous.
AI as a co-pilot for corporate legal teams
Over the last years, the rise of large language models (LLMs) has marked a turning point in AI’s ability to handle complex textual tasks. AI now excels at summarizing lengthy documents, answering general or knowledge-based questions, and performing advanced searches. The legal industry, inherently reliant on complex text, is ideally positioned to benefit from these AI advancements.
Tomorro’s initial focus has been on developing a widely-used and beloved legal data repository, positioning itself as a single source of truth for company contracts. The next phase involves leveraging recent AI breakthroughs to automate time-consuming, low-value tasks for legal teams. This includes AI-powered contract generation, reviewing, and monitoring, effectively creating a co-pilot that augments the capabilities of corporate legal professionals.
