The company also announced that Kleiner Perkins partner Mary Meeker will join DocuSign's board.
DocuSign--a software companies that provides users with a way of signing digital documents--says it plans to use the new capital to pursue opportunities in international markets and develop products that will complement its electronic signature platform.
"Signature is just the tip of the iceberg," says company CEO Keith Krach. One of the company's new offerings is a sign-and-pay feature developed in partnership with PayPal and credit card manufacturers. Krach says the feature is ideal for real estate transactions like apartment rentals.
Taking $50 million in venture capital is an unusual move for a company that already boasts 20 million users. Krach would not disclose any revenue information, though he said the company has a year-over-year user growth rate of 100%.
More than half of DocuSign's users are from the United States. But Krach says the company already has 200 customers--mostly businesses--in Europe, and he expects that number to continue to grow. "We really believe that by the second half of the decade, the majority of signatures will be electronic," he says.
JOHN MCDERMOTT is a business and culture reporter whose work has appeared in the Chicago Tribune and Playboy and on AOL.com. He recently moved from Chicago to Brooklyn, New York, to work for Inc.com. @J_M_McDermott