NextDocs Receives $13.5 Million in Funding to Fuel Expansion
NextDocs, a leading provider of regulated content management and compliance solutions, announced today that the company has received a $13.5 million round of investments and funding commitments. The funding round was led by OpenView Venture Partners with participation by Eastward Capital and Bridgebank Capital.
“Since its inception, NextDocs has primarily funded its operations and growth through revenue generation. Of course, this has only been possible because of the extremely strong reception our solutions have received in the market,” said Zikria Syed, Chief Executive Officer of NextDocs. “These additional equity investments and funding commitments will allow us to escalate the investment in our solutions, services and global organization – positioning the company to capture even greater market share.”
A major technology platform shift in the life sciences industry is accelerating the demand for the regulated content management solutions which NextDocs sells. Nearly 37 percent of life sciences companies have reported replacing or beginning to replace their legacy document management technologies in favor of regulated content management software – and research shows that trend accelerating.
With more than 100 life sciences companies already relying on NextDocs solutions, including 5 of the top 10 pharmaceutical companies and two of the largest Clinical Research Organizations (CROs), the NextDocs platform is well on track to become the new industry standard.
“OpenView decided to lead this second round of investment in NextDocs because we are bullish on the company,” said Firas Raouf, Venture Partner at OpenView Venture Partners. “NextDocs continues to take significant market share from the large incumbents in the market, while also expanding into adjacent and more greenfield markets. We see NextDocs growing aggressively and becoming a much larger company over the next few years.”
NextDocs is already an Inc. 500 and Deloitte Fast 50 company. OpenView Venture Partners is the company’s largest investor and also its first institutional investor, having provided a $10 million Series A round of investment in 2011.
Last month, NextDocs announced the appointment of William Levering as Chief Financial Officer and the appointment of Robert Steinkrauss and George Riedel as members of its board of directors. Levering brings more than 30 years of financial management experience to NextDocs, including more than a dozen years’ experience as a CFO at both public and private technology companies.
About NextDocs Corporation
NextDocs is the global leader in providing compliance software solutions including quality management software, regulatory document management, and clinical portals. NextDocs solutions enable businesses in regulated industries to achieve compliance with FDA and other regulations while automating processes, improving efficiency, and dramatically reducing costs. NextDocs’ customers include pharmaceutical companies, biotechs, medical device companies, and CROs. For more information on NextDocs Corporation and its software solutions, visit www.nextdocs.com.
About OpenView Venture Partners
OpenView Venture Partners (openviewpartners.com) is an expansion-stage venture capital fund based in Boston that is focused on high-growth software, Internet, and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies quickly optimize their product, go-to-market, and organizational and operational functions. Founded in 2006, the firm invests globally and has approximately $445 million in total capital under management.