You may not be acquainted with the name Tomorro, but it is not a nascent startup. Tomorro originally commenced as Leeway, a French contract management platform. Today, the company unveils its new brand alongside an $11.9 million funding round (€11 million).
Leeway transforms into Tomorro due to the anticipation of a substantial surge in the adoption of contract lifecycle management (CLM) tools. The COVID-19 pandemic prompted companies to appreciate the convenience of e-signatures, leading to a sustained reliance on platforms like DocuSign. Contract management is the next frontier.
Leading the Series A round is Resonance, joined by Financière Saint James, Motier Ventures, existing investor HenQ, and several angel investors. Despite challenges faced by many startups in the current funding landscape, Tomorro encountered minimal hurdles.
Co-founder and CEO Antoine Fabre shared, “We didn’t feel any particular difficulties. The roadshow was very quick, and in three weeks or a month, it was mostly done.” The due diligence process, understandably, took a bit longer. Approximately 15 VC funds were engaged in discussions for this round. Tomorro currently boasts around 200 clients.
So, what does Tomorro specialize in? Instead of relying on Microsoft Word and Excel for contract drafting and management, Tomorro serves as a centralized hub for all contracting needs. It eliminates the need to verify the latest version of a contract with convoluted filenames.
Resembling an online drive with folders and documents, Tomorro is a collaborative tool with added functionalities. It allows browser-based document editing, facilitating the creation of a template library with variable suggestions.
Beyond its basic features, Tomorro’s true value emerges in automating and streamlining contract management. It can track expiring contracts, notifying relevant team members upon completion. Integration with CRMs like Salesforce automates contract generation when a salesperson signs a new client.
CEO Fabre highlighted, “A product like what we’re building makes a lot of sense in the current context as companies need to control their commitments with their suppliers. They need to know when they can cancel if they want to cancel.”
Tomorro also offers AI features to rephrase or alter the tone of contracts. Future plans include expanding AI capabilities for more interactive contract interactions, envisioning a scenario where users can engage in conversation with their contracts instead of parsing through lengthy documents.
While Tomorro isn’t the sole player in the contract management realm, it currently concentrates on the French market with intentions to penetrate other European markets in the coming years. Fabre noted, “There are a lot of players in this market that is growing fast… We’re not yet at the same stage of mass adoption as e-signature is today, but we can sense a considerable acceleration in the adoption of these tools.”
