Formality provides an intelligent contract management platform that centralizes key documents, automates workflows, and tracks deadlines in real time to avoid unwanted renewals and control costs. The product is designed to eliminate risks associated with manual contract handling and to save time for financial and legal teams so they can focus on strategic projects. The company cites industry pain points such as poor contract management costing companies up to 9% of revenue and about 60% of supplier contracts being automatically renewed. In a few months Formality has won customers including Electra, Resilience, and Lifen. The founding team are repeat entrepreneurs who previously built TVTY, which was sold to Nielsen in 2021. With new funding, Formality plans to strengthen its sales team, accelerate technology development, and prepare a launch in the United States next year.

Total raised

$9M

Funding rounds

1

Latest round

Equity

Latest activity

Oct 2024