BBVA Ventures, the venture arm of Spanish banking giant, continues investing in startups. The latest company to join the San Francisco-based firm’s portfolio is DocuSign, a digital signature company based in the US. The investment is part of DocuSign’s $115 million Series E, which includes the participation of Samsung Ventures and the Singapore Economic Development Board (EDBI).
The 700 person company has raised more than $230 million to date and has been rumored to be next on the IPO list. DocuSign has never disclosed its revenues, but previous articles point to growth rates of 70% annually and $40 million revenue run rate in mid-2012. Spanish competitors include Signedoc or Signaturit.
In a statement, DocuSign claims that this investment from BBVA Ventures will allow the company to expand its operations in Spain and Latin America, where the bank has a strong presence. Jay Reinemann, BBVA Ventures executive director, also said that DocuSign will help “the financial services industry achieve its digital transformation”.
This is the fifth investment by BBVA Ventures since the firm was born in 2013 with the objective of investing up to $100 million in “startups looking to transform the financial services industry”. Prior to DocuSign, BBVA Ventures invested in SumUp, Kasisto, Taulia and Personal Capital.
The firm has yet to make an investment in a Spanish startup.