PandaDoc announces Series C round, becomes a unicorn

PandaDoc, a document automation platform with an East Coast HQ in St. Petersburg, has launched a Series C round along with claiming a unicorn status that comes with it.

PandaDoc’s co-founders, CEO Mikita Mikado and CTO Sergey Barysiuk, announced the news on Wednesday via LinkedIn and on its website, reflecting on the Silicon Valley startup’s humble growth and reaching the $1 billion valuation. 

“We started our endeavor back in 2011. A small team out of Belarus with no B2B SaaS experience. In fact with almost no experience. We mixed together Mikita’s passion, vision, and entrepreneurial skills and my interest in engineering and design,” Barysiuk wrote. “We learned, iterated, failed, learned again, and pushed it forward step by step. It was not easy but it was fun. With every step, we added more and more talents and ideas from our Pandas.” 

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PandaDoc’s products allow businesses to generate and track documents, including proposals, contracts and eSignatures.

The pandemic added more fuel to propel PandaDoc’s growth as more people relied heavily on technology platforms and worked remotely. 

“In 2020, a shift occurred because of the pandemic. We were forced to use digital tools to maintain our relationships and businesses. The physical world practically paused while the digital world increased its dependability to keep the world moving,” Mikado wrote. 

In 2020, PandaDoc shipped dozens of new features like a brand new Editor, a Canva integration, and a new product, PandaDoc Forms. Its customers completed over 5.4 million documents, closing over $23 billion in transactions.

Last year, the company also completed a $30 million capital raise. The round was led by One Peak, a growth equity investment firm, with participation from Microsoft’s Venture Fund, Savano Capital Partners, Rembrandt Venture Partners and the European Bank for Reconstruction and Development.