eFounders backs Yousign to build a European eSignature company
French startup Yousign is partnering with startup studio eFounders. While eFounders usually builds software-as-a-service startups from scratch, the company is trying something new with this partnership.
eFounders wants to create all the tools you need to make your work more efficient. The startup studio is behind many respectable SaaS successes, such as Front, Aircall or Spendesk. And electronic signatures are a must if you want to speed up your workflow.
Sure, there are a ton of well-established players in the space — DocuSign, SignNow, Adobe Sign, HelloSign, etc. But nobody has really cracked the European market in a similar way.
Yousign has been around for a while in France. When it comes to features, it has everything you’d expect. You can upload a document and set up automated emails and notifications so that everybody signs the document.
Signatures are legally binding and Yousign archive your documents. You can also create document templates and send contract proposals using an API.
The main challenge for Yousign is that Europe is still quite fragmented. The company will need to convince users in different countries that they need to switch to an eSignature solution. Starting today, Yousign is now available in France, Germany, the U.K. and Spain.
Yousign had only raised some money. eFounders is cleaning the cap table by buying out existing investors and replacing them.
“We can’t really communicate on the details of the investment, but what I can tell you is that we bought out existing funds for several millions of euros in order to replace them — founders still have the majority of shares,” eFounders co-founder and CEO Thibaud Elzière told me.
In a blog post, Elzière writes that eFounders has acquired around 50 percent of the company through a SPV (Single Purpose Vehicle) that it controls. The startup studio holds 25 percent directly, and investors in the eFounders eClub hold 25 percent.
Yousign now looks pretty much like any other eFounders company when they start. Of course, founders and eFounders might get diluted further down the road if Yousign ends up raising more money.