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Here are top 10 legal tech startups that have raised the most VC funding from investors like Bessemer Venture Partners and Andreessen Horowitz

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San Francisco-based Legalist was launched in 2016 by Christian Haigh and Eva Shang.

Legalist


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  • As the legal industry seeks to streamline efficiency and meet client demands, startups offering e-discovery, document management, and contract analysis services are becoming increasingly sought after.
  • Business Insider used data from Crunchbase and PitchBook to compile a list of the 10 legal tech startups that have raised the most funding from VC investors.
  • Visit Business Insider’s homepage for more stories.

Even though legal tech has been around for a while, it wasn’t until relatively recently that it’s really piqued investors’ attention.

VCs are increasingly seeing promise in the space, opening their wallets to fund legal tech startups. Last year, Bloomberg Law reported that legal tech investments hit at least $1.2 billion by the end of the third quarter, surpassing the previous year’s record of $1 billion.

This year, legal tech companies are seeing huge swells in investment, such as e-discovery startup, Everlaw, which swept in $62 million in its Series C funding this March.

The demand for innovation comes from law firms desiring greater efficiency on one hand, and clients seeking lower costs on the other, as previously reported by Business Insider. The novel coronavirus pandemic, which has forced most businesses to adopt remote work, has only accelerated this trend toward tech.

Using data from Crunchbase and PitchBook, Business Insider found the top 10 legal startups — from document management to contract automation — that have raked in the most money from investors.

Clio

Founded:October 2008

Total funding raised:$276 million

Investors include:Bessemer Venture Partners, TCV, JMI Equity

What it does:Legaltech giant Clio offers a suite of web-based tools designed for law firms, including case and document management, accounting, and client intake. The startup recently raked in a massive $250 million in Series D funding, led by TCV and JMI Equity, in September 2019.

Icertis

Founded:March 2009

Total funding raised:$211 million

Investors include:Greycroft, Premji Invest, Meritech Capital Partners

What it does: Contract lifecycle management company, Icertis, is used by major companies like Johnson & Johnson, Microsoft, and Adobe, per its website. Most recently, it raised $115 million in its Series E round in July 2019.

DISCO

Founded:2012

Total funding raised:$133 million

Investors include:LiveOak Venture Partners, Bessemer Venture Partners

What it does:Founded out of a boutique litigation firm in Texas, DISCO is an e-discovery company that uses AI and cloud computing to accelerate document review and streamline case management. It’s used by over 400 law firms, including 75 of the Am Law 200, according to the startup.

Relativity

Founded:2001

Total funding raised:$125 million

Investors include:ICONIQ Capital

What it does:The e-discovery platform, Relativity, helps law firms and government agencies manage large volumes of data, streamlining litigation, investigations, and compliance projects. The platform is used in more than 40 countries by organizations such as the US Department of Justice, more than 70 Fortune 100 companies, and 198 of the Am Law 200, according to the startup’s website.

Exterro

Founded: 2004

Total funding raised:$100 million

Investors include: Leeds Equity Partners

What it does: Exterro offers legal governance, risk, and compliance platform for in-house legal and IT teams at Global 2000 and AmLaw 200 organizations, providing them with software that helps with e-discovery, data privacy, and FOIA & public records requests, among others. 

Legalist

Founded:2016

Total funding raised:$100 million

Investors include:Y Combinator, Refactor Capital, Harlan Capital Partners

What it does:Legalist, founded by two Harvard drop-outs, Eva Shang and Christian Haigh, created a buzz in the legaltech scene when it launched in 2016. The startup funds commercial litigation, using technology to monitor and scrape state and federal court records to select cases for investment.

Everlaw

Founded:October 2010

Total funding raised:$96.6 million

Investors include:Andreessen Horowitz, Menlo Ventures, Ulu Ventures, CapitalG

What it does:E-discovery startup Everlaw is a cloud-based collaboration software that facilitates the process of organizing and sifting through millions of documents, emails, and media exchanged between legal teams before a trial. It announced a $62 million Series C in March, as reported in TechCrunch.

Ironclad

Founded:2014

Total funding raised:$84 million

Investors include:Y Combinator, Sequoia Capital

What it does:Founded by Jason Boehmig, a former attorney at tech-focused law firm Fenwick & West, and Cai GoGwilt, a software engineer at Palantir, Ironclad digitizes and automates contracts to streamline the entire contract process. The startup raised $50 million in September 2019 for its Series C, led by Y Combinator.

Notarize

Founded:April 2015

Total funding raised:$83.3 million

Investors include:Second Century Ventures, Polaris Partners

What it does:Notarize connects individual consumers and businesses with an online notary. The platform raised $35 million in a Series C round of funding in March, just as the novel coronavirus pandemic was forcing my businesses to work remotely. According to VentureBeat, the Boston-based startup said it saw a 400% increase from April to June.

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