Nitro secures $15m from Battery Ventures to Bring Smarter Documents to Everyone
Nitro, a leading document productivity company, today announced that it has closed a $15 million funding round from Battery Ventures to accelerate its vision of bringing smarter documents to everyone. It also announced that Michael Brown, general partner at Battery, will be joining Nitro’s Board of Directors.
Nitro will use the funds to accelerate growth, drive innovation and adoption of its new Nitro Cloud offering, and continue its international expansion with a particular emphasis on growth in the UK.
Companies use Nitro to eliminate paper-based processes like printing, faxing, and scanning, and help employees and customers share, sign, approve, track, and collaborate on documents faster and more securely. Nitro has more than 490,000 customers in nearly 200 countries, including leading UK companies Mills and Reeves and the Wood group, and over 50% of the Fortune 500.
The Australian-founded company has grown rapidly recently and now has over 150 employees in five locations, including its San Francisco headquarters. This latest round brings Nitro’s total funding to $21.6m.
Nitro’s products, including Nitro Pro and Nitro Cloud, make it easy for businesses to share documents, and work with shared documents. Nitro Pro is the leading alternative to Adobe® Acrobat® and Nitro Cloud enables document sharing, signing, and collaboration on any device.
Sam Chandler, Nitro’s Founder and CEO, said: “This investment allows us to bring our ‘Smart Documents’ vision to life for organisations of all sizes. We want to help our customers close contracts faster, save money, collaborate more efficiently, modernise their document processes, and do it all more elegantly and securely than the old ways of paper and email. We’re delighted to have a partner of Battery’s caliber coming aboard.”
Michael Brown, General Partner at Battery, said: “Every business deals with documents and knows the pain points in effectively sharing them and using them to collaborate with others. Both offline and online, Nitro is helping to solve these universal problems. It’s exciting to think that we’ve only just scratched the surface of this significant market opportunity and Battery is delighted to partner with the Nitro team to deliver on the company’s vision of bringing smarter documents to everyone.”
Leading companies from startups like AdRoll and KISSmetrics to the Fortune 500, across all verticals and business functions, use Nitro for an easier and smarter way to optimise everyday document workflows.
Suresh Khanna, CRO at AdRoll, the world’s most widely adopted retargeting platform, said: “We started using Nitro Cloud within our sales organisation to get contracts signed faster, bringing a process that was taking multiple days and lots of paperwork, down to hours and often minutes. By using Nitro Cloud to accelerate key elements of our sales workflow processes, we’re able to run more campaigns each month than we could before – and that has a big impact on our bottom line. Now we’re leveraging the benefits of Nitro across the company for all kinds of document sharing and signing, including things like employee job offer letters and new hire onboarding.”
Founded in Melbourne in 2005, and profitable ever since, Nitro received its first venture capital investment in 2012, from Australia’s Starfish Ventures.