Law AI Startup Legora Announced on Wednesday the Completion of a $550 Million Series E Financing, with a Post-Investment Valuation Reaching $8.8 Billion.
The company helps legal professionals automate and assist with workflow tasks. As the industry shifts from AI assistants to AI services that actually help complete work, the demand for such tools is also on the rise.
One month before the release of this news, Legora's biggest competitor, Harvey, had just announced a financing of $550 million, with a valuation of $15.5 billion; in March, Harvey also stated that its annual recurring revenue (ARR) had exceeded $200 million.
The Series E financing of Legora follows closely on its announcement in April. At that time, the company announced an additional $50 million in financing on top of the $550 million Series D financing, raising the valuation of this round to $5.6 billion. The company stated at that time that its ARR had reached $100 million. Legora stated on Wednesday that this figure has now exceeded $200 million.
The investors in this round of financing include the leading investor Atreides Management, as well as Baron Capital, Bessemer Venture Partners, General Catalyst, Menlo and other well-known institutions. The company stated that it plans to use this new funds to further expand its business in North America.
