BELLEVUE, Wash. , Oct. 4, 2022 /PRNewswire/ -- QorusDocs, a global leader in the RFP and proposal management software industry, today announced it secured $10 million in additional funding led by WestRiver Group. The new investment will be used to address increasing customer demand for QorusDocs' proposal management software in growing verticals, such as legal, IT services and staffing.
QorusDocs' user base has grown 255% year-over-year and supported the execution of proposals that totaled $1.3 billion in 2021. The company added new professional services customers, including MinterEllison, Mace and WSP, and leading law firms. In addition, four of the top 20 global law firms and 23 of the global 200 utilize QorusDocs' solutions.
"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," said Ray Meiring, CEO and co-founder of QorusDocs. "Now more than ever, proposal, RFP and sales teams are eager for solutions that will streamline the development process and help them secure more wins. This round of financing will enable our teams to meet the growing demands for our software."
The company recently established key partnerships with Highspot and Intapp and integrates with Salesforce and Microsoft, expanding its presence into numerous industries, including law, accounting and management consulting, and IT services.
QorusDocs' AI-powered proposal management software automates the creation of pitches and proposals that stand out and win new business deals. And customers are experiencing the benefits of QorusDocs. According to a new study from QorusDocs, 60% of companies using proposal management software experienced higher business win rates, with a median improvement of 59%.
"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," said Anthony Bontrager, managing director of West River Group and QorusDocs board member. "The company's AI-powered solution sits within a user's current workflow and provides them with insights on proposal engagement, while easily integrating into other tools and platforms, setting it apart from other companies in the space. We are truly excited to be continuing our journey with Ray and the entire QorusDocs team."
Personalized for each customer, proposals developed using QorusDocs are professional, error-free and include content proven to lead to improved win rates. The software leverages Natural Language Processing to further streamline the RFP response process for organizations by scanning questions and selecting the most important and relevant answers for a specific opportunity.
"Companies are constantly looking for new technologies that streamline operations, optimize costs and add true value to the work they execute," said Lavinia Calvert, VP and general manager of marketing and business development solutions at Intapp. "Through our partnership with QorusDocs, our customers have access to state-of-the-art, sophisticated proposal management tools that improve the quality of their proposals and allow them to secure critical new business deals. QorusDocs' reputable capabilities make sales and proposal teams' challenging workloads lighter, and we look forward to seeing what tools and features QorusDocs make accessible next."
QorusDocs is AI-powered proposal development software that automates the creation of strategic sales responses that stand out and win deals. Personalized for each prospect, proposals are professional, on brand, and error-free, and include content proven to lead to better win rates. Easily produce high-quality proposals that give your team the best chance to win. For more info, visit http://www.qorusdocs.com.
About WestRiver Group
WestRiver Group is a thematically-driven investment firm that invests in early and growth stage businesses and concepts across the global innovation economy. Backed by some of the world's most impactful investors, our central thesis is anchored by our transformation of the investment leadership model through diversity, purpose-driven leadership, and long-term value for all our stakeholders.