Documents Analytics Startup DocSend Secured $8 Million in Series A to Enhance Documents Sharing
Document analytics startup DocSend raised $8 million of investment in a Series A round. The amount was secured from a single investor, August Capital. The startup is determined to offer a different and more efficient way to exchange documents.
DocSend will allocate the new fund to enhance the document sharing experience for users, as reported by Startup City. By doing that, the startup aims to make business communication with documents more effective. Furthermore, with their documents sharing system, documents were also more actionable as the startup provides analytics, feedback, and control for the documents sent by users.
The startup explained that with its service, users can benefit from different ways to send email attachments, especially documents. The attachments can be presented in a web viewer, and users can get notifications whenever someone opens them. Other analytics data, including the amount of time readers spend viewing pages in the document, were also available for users.
The CEO and cofounder for DocSend, Russ Heddleston, argued that the system does not offer a way to track people, but instead a way to communicate more efficiently. "We've gotten lazy. As we try to communicate with more and more people, the feedback loop gets looser and looser, and when you send these big documents, you don't know what happens when you don't hear back," Heddleston noted.
The analytics features offered by DocSend can be useful for important purposes. According to Tech Crunch, one of the big use for the document analytics service is fundraising. Heddleston shared that he can say that the startup has assisted other startups raise more than $1 billion funding. One known client is mNectar, which has raised more than $9 million in funding and had sent a note of thanks to DocSend. Other uses for DocSend's analytics services include marketing, sales, business development, and finance. Heddleston, however, argued that all the uses are typically similar. "When you're sending content in document form, the same things are important to anybody," he said.
In a DocSend blog post, Heddleston also noted that the company chooses to focus on documents because it's often the core of every deal. However, documents seemed especially left behind. That's why he built the company, with the goal to "help businesses build stronger relationships by restoring the intimacy of face-to-face conversation to their digital communication".
With the fresh investment fund in it just received, DocSend will enhance its documents sharing and analytics features to assist business with fundraising, marketing, sales, and more. The Series A round closed with $8 million led by August Capital.