Modosign, which operates a simple electronic contract service, attracted an investment of 11.5 billion won. This investment was led by SoftBank Ventures, and Breeze Investment, KB Investment and Korea Investment Partners, an existing investor, participated.
SoftBank Ventures, which has made successful investments such as HyperConnect, which was recently acquired by Match Group, led the investment. Together with the venture capital Breeze Investment, a proptech company established by Jikbang, Modosign’s progress in the real estate electronic contract market also gained momentum.
ModoSign is Korea’s No. 1 electronic contract service with 87,000 customers of various sizes and industries including Johnson & Johnson, POSCO, and Kakao in Korea.
As non-face-to-face work is accelerated due to Corona 19, there is a growing awareness that electronic contracts are a convenient and safe contract method, and the number of electronic contracts is increasing. The number of paying customers has increased by more than five times compared to last year, and the number of paying customers has been increased by more than five times compared to last year, and the number of paid customers is currently surpassing 1.08 million cumulative users and 5.4 million cumulative signatures and documents.
Changes in government policies such as the abolition of the accredited certification system due to the revision of the Electronic Signature Act and the’K-non-face-to-face service voucher’ project of the Ministry of Small and Medium Venture Businesses are also affecting the full-scale business.
This trend is a global phenomenon, not just in Korea, and in the case of Docusign, which has the largest market share in the US, its market cap has more than tripled since Corona 19. In addition, according to Fortune Business insights, the global digital signature (contract) market is expected to grow at an annual average of 29% from 2019 and expand to about $6.12 billion by 2026.
Choi Ji-hyun, chief executive of SoftBank Ventures, who led the investment, said, “With the increase of remote work, the demand for electronic contracts that can complete contracts without time and place constraints is increasing.” “Now, the paradigm from paper contracts to electronic contracts As an important point to pass, we paid attention to the high growth potential of the market that ModoSign will preoccupy.
Jeong Jeong-mok, director of Korea Investment Partners, who made follow-up investments, said, “With Modusine’s electronic contract service and trust in the company and management, I have been able to participate in the follow-up investment again.” Going beyond the contract market, we are increasing the possibility of expanding B2B services.”
“With this investment as an opportunity, we plan to focus on technology development investment, marketing, and recruitment of human resources,” said Young-joon Lee, CEO of Modesign. We will expand and expand into the areas of Contract Lifecycle Management and Legal Tech, which cover the areas of contract creation and review, contract management and automation, from electronic contract signing and contract storage services.”