Riyadh - Mubasher: Saudi Arabia-based AI contract management startup Signit has secured $15 million in Series A funding to accelerate its expansion across the Kingdom and strengthen its enterprise platform.
The round was led by Raed Ventures, with participation from STV, Seedra Ventures, Takamol Ventures, and Suhail Ventures, according to a press release.
The Co-Founder and CEO of Signit, Mohamed El Abbouri, said: "We started with digital signatures because that’s where the market was.”
“But signing is just one step in a contract’s life. What comes before and after the signature is where organizations lose the most time and money," the CEO added.
Founded in 2021 and licensed as a Trust Service Provider by the Saudi Digital Government Authority, Signit enables organizations to create, sign, and manage agreements digitally through legally binding electronic signatures and end-to-end contract lifecycle management tools.
From his side, Founding Partner at Raed Ventures, Omar Almajdouie, said: “Signit has already built a strong e-signature business, serving more than 700 customers across government and enterprise.”
“We led this round because we believe Signit can define the next phase of this market. AI-powered contract management is a much bigger opportunity, and the company has the speed, focus, and team to lead it,” Almajdouie continued.
For his part, General Partner at STV, Mazin Alzaidi, commented: “We believe AI will fundamentally reshape how contracts are created, negotiated, and managed.”
“Signit is applying AI at the right layer, not as a feature but as a core part of the product, which positions them well to lead the next generation of contract management platforms,” Alzaidi mentioned.
With the new funding, Signit plans to expand beyond e-signatures into AI-powered Contract Lifecycle Management (CLM), allowing organizations to draft, negotiate, track, and manage contracts within a single secure enterprise platform powered by AI.
