airSlate Announces $80 Million in Total Capital Raise from Morgan Stanley Expansion Capital, General Catalyst and HighSage Ventures
BOSTON, MA. (January 12, 2020) — airSlate, a leader in no-code business automation solutions, today announced the closing of $40 million in additional investment from leading growth investors for a total of $80 million in capital raised to date. The financing will be used to bolster sales to over $100 million ARR in 2021 with a focus on expanding product functionality and integrations for additional use cases, building up the sales and marketing organization, and entering new international markets. Morgan Stanley Expansion Capital, General Catalyst and HighSage Ventures recognized airSlate’s opportunity to expand the market reach of its workflow automation, e-signature, and document management solutions for small and mid-sized businesses.
airSlate solutions and no-code business automation empower non-technical users to digitally transform their front and back-office business processes, such as employee and customer onboarding, sales and ordering workflows, contracts and payments. Customers have realized significant improvements in the delivery and effectiveness of their departments through airSlate’s fully-digital, remote-work-first environment.
"airSlate’s no-code ethos requires no technical expertise to use and gives everyone the opportunity to design and implement beautiful, personalized, secure, and digitally-executable customer and employee experiences," said Borya Shakhnovich, CEO, airSlate. "Now more than ever, we see huge demand from businesses of all sizes, from very small to enterprise, that need the agility and efficiency of the no-code airSlate platform to drive their business."
"The recent investment from Morgan Stanley Expansion Capital, General Catalyst and HighSage Ventures affirms the vision behind airSlate. The no-code revolution is only beginning and the additional funding will help power our team to innovate even more quickly, providing seamless business automation and best-in-class functionality for our customers," Shakhnovich added. "We are thrilled to welcome Pete Chung from Morgan Stanley Expansion Capital to the airSlate Board of Directors, joining Larry Bohn and Paul Sagan from General Catalyst."
"Workflow automation is a rapidly emerging technology growth sector, with airSlate positioned at the right stage to achieve and maintain significant momentum in this space," said Pete Chung, Head of Morgan Stanley Expansion Capital. "I am excited to join the Board of Directors and to be a part of the company’s strategic, innovative vision."
Paul Sagan, airSlate board member and executive-in-residence at General Catalyst, added, "Automating business processes and document management from a secure, comprehensive, and reliable cloud is what businesses are searching for to modernize their applications and support widely distributed customers, partners, and employees. airSlate’s unique suite ideally future-proofs how companies can and will operate digitally."
Customers as diverse as Eversource and the Government of Australia leverage airSlate to keep their teams, especially remote workers, connected and collaborating to achieve their business objectives. Users and teams can collaborate at any time, from any device, on any cloud, supported by industry-leading security and compliance standards to keep all important data safe and secure.
airSlate is a global SaaS technology company that serves tens of millions of users worldwide with its no-code business process automation and document management solutions. The company’s PDF editing, e-signature workflow, and business process automation solutions empower users to digitally transform their businesses to run faster and easier. airSlate, pdfFiller, signNow, and USLegal make up the company’s portfolio of award-winning products.
Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. Funds managed by Morgan Stanley Expansion Capital target growth equity and credit investments within technology, healthcare, consumer, digital media and other high growth sectors. For over three decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 200 companies leveraging the global brand and network of Morgan Stanley. For further information about Morgan Stanley Expansion Capital, please visit www.morganstanley.com/im/expansioncapital.
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, and Boston, the firm has helped support the growth of businesses such as Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Livongo, Oscar, Snap, Stripe, and Warby Parker. For more: generalcatalyst.com.