Paris-based startup Formality has announced a successful €8 million funding round aimed at simplifying contract management for clients and suppliers. The investment was led by renowned venture capital firms Partech and Serena, both of which specialize in supporting high-potential tech startups. An additional €2.4 million was secured from BPI, France’s Public Investment Bank.
Founded by a team of seasoned entrepreneurs—including the creators of TVTY, a startup focused on measuring the impact of TV advertisements and acquired by Nielsen in 2021—Formality is tackling a common frustration in the business world: the complex and time-consuming task of managing client and supplier contracts, a process crucial to a company’s financial well-being.
Studies have shown that poor contract management can cost companies up to 9% of their revenue, and approximately 60% of supplier contracts are automatically renewed without active decision-making. Formality addresses these challenges with a platform designed to secure and automate contract management. The solution centralizes key documents and offers real-time tracking of deadlines, helping businesses avoid unwanted renewals and better control costs. This allows financial and legal teams to focus on strategic projects rather than administrative hassles.
In a short span, Formality has attracted clients such as Electra, Resilience, and Lifen. With the new funding, the company plans to expand its sales team, accelerate technological development, and prepare for entry into the U.S. market next year.
“We believe Formality is set to transform how companies manage their contracts by bringing efficiency, security, and simplicity to a traditionally complex and manual process,” said Eliot Reilhac, CEO and co-founder of Formality. “The support from Partech and Serena not only validates our vision but also provides strategic backing that will help us achieve our international objectives.”
“Having collaborated with the team during their time at TVTY, investing in Formality was an obvious choice for us,” commented Sébastien Le Roy, Partner at Serena. “They are exceptionally equipped to tackle the pressing issue of administrative burdens in companies today. Their ambition and talent acquisition capabilities position them to become leaders in technology.”
“For many mid-sized companies, contract management is not just tedious and repetitive but can also be costly if mismanaged. Formality addresses a crucial market need by enabling these companies to concentrate on their core activities,” added Philippe Collombel, General Partner at Partech. “We’re confident that with its innovative SaaS product and unique features, Formality has the potential to establish itself as a market leader.”