Project Description
A follow on equity investment of up to US$ 4 million in PandaDoc, Inc to further develop the online software product and support the company's sales and marketing efforts. The investment was completed on the 14th July 2020. It followed the original investment made on 6th April 2017.
Project Objectives
Up to US$ 4 million follow on equity investment as part of Venture Capital Investment Programme (VCIP) follow on reserves.
Transition Impact
Transition impact of the VCIP is measured at the framework level through: a) market expansion by contributing to the growth and success of young innovative companies in the Region; b) demonstration of new ways to finance activities and c) transfer of skills by providing investee companies with expertise from the Qualified Co-investors.
PTI is 100.
Client Information
PANDADOC INC
PandaDoc is Software as a Service (SaaS) product that helps businesses automate the creation of quotes, proposals and contracts.
EBRD Finance Summary
USD 9,334,142.00
Total Project Cost
USD 9,334,142.00
Additionality
Under VCIP, additionality stems from the Bank's ability to bring extensive regional private equity experience and experience of the region, networks and relationships to support the VCIP Qualified Co-Investors in their investments in investee companies.
Environmental and Social Summary
Categorised B (2014) ESDD was based on review of the completed Environmental and Social Questionnaire. It showed that environmental and social impacts associated with the client's e-signature solution software development operations are limited and that the company's operations are in compliance with applicable environmental and social law. For the project, the client is required to ensure that the project is in compliance with the EBRD PRs and submit an annual environmental report.
Company Contact Information
Bakhrom Ibragimov
02073386000
PSD last updated
13 Jan 2021
Understanding Transition
Further information regarding the EBRD’s approach to measuring transition impact is available here.
Business opportunities
For business opportunities or procurement, contact the client company.
For business opportunities with EBRD (not related to procurement) contact:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com
For state-sector projects, visit EBRD Procurement:
Tel: +44 20 7338 6794
Email: procurement@ebrd.com
General enquiries
Specific enquiries can be made using the EBRD Enquiries form.
Environmental and Social Policy (ESP)
The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.
More information on the EBRD’s practices in this regard is set out in the ESP.
Integrity and Compliance
The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.
OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.
Access to Information Policy (AIP)
The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.
Specific requests for information can be made using the EBRD Enquiries form.
Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.
