LEGORA RAISES $550M IN SERIES E FUNDING

Swedish legal technology company Legora announced on 21 October that it had raised $550m in a Series E funding round. Legora said the round valued it at $8.8bn, up 60% from its previous valuation. Boston-based Atreides Management led the investment, which Legora said included at least four new investors and further funding from its major existing shareholders. Legora provides AI tools that help legal professionals carry out workflow tasks.

Legora raised $550m in March at a valuation of $5.5bn, then added $50m to that round weeks later. Rival legal AI company Harvey raised new capital in September in a round that valued it at $15.5bn. Earlier in October, Legora and Harvey each launched a product called Intake for in-house legal teams. UK legal AI company Wordsmith launched a product with the same name in August, also aimed at in-house teams. Legora chief executive and co-founder Max Junestrant said: “The opportunity in legal is enormous and we are still early.”

Legora said it plans to use the new funding to expand in the US legal market and invest further in its Legora aOS product. The company said its annual recurring revenue had risen from $1m to more than $200m over the past couple of years. It said the most recent $100m of that increase came in six months. Legora chief financial officer David Eckstein said the company wanted “every dollar to be a durable one”.