Formality, a promising platform dedicated to intelligent contract management for clients and suppliers, has successfully raised €8 million in its latest funding round. This initial round attracted significant investments from leading venture capital firms Partech and Serena, alongside €2.4 million from BPI, the Bank of Public Investment.

Founded by a team of seasoned entrepreneurs—including the creators of TVTY, a startup that specialized in measuring the impact of TV advertisements and was sold to Nielsen in 2021—Formality aims to tackle a persistent challenge faced by many businesses: the cumbersome management of client and supplier contracts.

Inefficient contract management can cost companies up to 9% of their revenue, and alarmingly, around 60% of supplier contracts are automatically renewed without any decision-making involved. Recognizing this pain point, Formality has developed a platform that secures and automates the contract management process. It centralizes essential documents and provides real-time tracking of deadlines, helping businesses avoid unwanted renewals and keep costs in check. This innovative solution alleviates the risks associated with contract management, freeing up financial and legal teams to focus on strategic initiatives.

In just a few months since its launch, Formality has already attracted notable clients such as Electra, Resilience, and Lifen. With the new funding, the company plans to bolster its sales team, accelerate technology development, and prepare for its expansion into the American market, with a launch slated for next year.

Eliot Reilhac, CEO and co-founder of Formality, expressed his enthusiasm for the journey ahead: “We believe Formality will transform how companies manage their contracts, making the process more efficient, secure, and straightforward. The backing of Partech and Serena is a testament to the confidence and strategic support that will help us achieve our international goals.”

Sébastien Le Roy, Partner at Serena, highlighted the familiarity and trust established through previous collaborations with the team: “Investing in Formality felt like a natural step for us. They are perfectly positioned to address a critical issue facing businesses today: the burden of administrative tasks. Their ambition and talent make them strong contenders for becoming a tech champion.”

Phillippe Collombel, General Partner at Partech, added, “For many medium-sized companies, managing contracts can be both tedious and costly. Formality meets a vital market need by allowing these businesses to concentrate on what they do best. With its SaaS product and unique features, we believe Formality has the potential to become a market leader.”

As Formality sets its sights on the future, it stands ready to change the landscape of contract management for businesses, one efficient contract at a time.