Paris-based Formality raises €8 million to simplify contract management
Summary
Formality was founded by a team of ‘repeat entrepreneurs’, led by the creators of TVTY, the startup specializing in measuring the impact of TV advertisements, which was successfully sold to Nielson (USA) in 2021. Formality addresses these challenges with a platform that secures and automates contract management, centralizes key documents, and ensures real-time tracking of deadlines to avoid unwanted renewals and control costs. This solution eliminates risks associated with contract management and saves time for financial and legal teams to focus on the company’s strategic projects. “Given our experience with the team when leading TVTY, it quickly seemed natural for us to invest in Formality,” commented Sébastien Le Roy, Partner at Serena. Formality addresses a crucial market need, by allowing these companies to focus on their core business,” added Phillippe Collombel, General Partner at Partech.