Modusign Raises 11.5 Billion Won in Investment from SoftBank Ventures and Others

Number of Paid Subscription Accounts Increases More Than Fivefold in One Year Since COVID-19 Outbreak

[Asia Economy Reporter Kim Cheol-hyun] Modusign, a simple electronic contract service operated by CEO Lee Young-jun, announced on the 23rd that it has secured an investment of 11.5 billion KRW. This investment was led by SoftBank Ventures, with Breeze Investment, KB Investment, and existing investor Korea Investment Partners participating.

Modusign is Korea's number one electronic contract service, with approximately 87,000 customers of various sizes and industries, including Johnson & Johnson Korea, POSCO, and Kakao. As non-face-to-face work accelerated due to COVID-19, the number of electronic contract uses has also increased. Modusign's paid customers have increased more than fivefold compared to the previous year, and it is continuing its rapid growth, currently surpassing 1.08 million cumulative users and 5.4 million cumulative signatures and documents.

Choi Ji-hyun, Senior at SoftBank Ventures who led this investment, explained the background by saying, "With the increase in remote work, demand for electronic contracts that can be completed without time and place constraints is growing," and "This is an important moment when the paradigm is shifting from paper contracts to electronic contracts, and we focused on the high growth potential of the market that Modusign is set to dominate."

Lee Young-jun, CEO of Modusign, said, "With this investment as an opportunity, we plan to focus on technology development investment for service advancement, marketing, and talent recruitment," adding, "We will expand from electronic contract signing and contract storage services to the contract lifecycle service area, covering contract creation and review, contract management, and automation."

This content was produced with the assistance of AI translation services.