The funding, announced Tuesday, will help the company grow its business in new verticals like legal, IT services and staffing, according to Qorus Docs.
With the global workforce operating remotely and the unpredictability of the economy in recent years, we're seeing more and more organizations rely on automated tools that enable them to collaborate and develop winning proposals," Ray Meiring, CEO and co-founder of QorusDocs, said in a release. “This round of financing will enable our teams to meet the growing demands for our software."
QorusDocs, founded in 2012, makes software to help with sales proposals and responses to requests for proposals, or RFPs. The company says it uses data to recommend content for proposals and presentations. It also helps with security questionnaires. According to QorusDocs, the company has grown its customer base 255% year over year.
WestRiver Group led the $10 million round. The Seattle-based investment firm has invested in companies like DocuSign, Topgolf and Madrona Venture Labs.
“QorusDocs continues to demonstrate an ability to drive demonstrable value for small, medium and large organizations and help them win business, which has led to substantial growth,” Anthony Bontrager, managing director of West River Group and a QorusDocs board member, said in a release.
WestRiver Group also led a $5 million round in QorusDocs in April 2020. At the time of that fundraise, Meiring said the company planned to double revenue every year over the next few years. He added that the Covid-induced remote work environment fit well with QorusDocs' product.
“I think that if we can make it through this Covid period, the prospects are amazing for us as people adjust to remote working more generally and use our software as part of that process in the sales world,” Meiring told the Business Journal at the time of the $5 million raise.
October 11, 2022
