Legal work platform Filevine has raised $108 million in Series D funding, money the Salt Lake City company says it will use to expand into new areas of the law.
According to a Thursday (April 14) news release, the funding will “help power Filevine’s expansion more deeply into big law, insurance defense, corporate, governmental, and nonprofit legal counsel teams, building on the company’s expertise in litigation and personal injury law.”
Founded in 2014, Filevine’s platform offers services that include document management and client communication to legal drafting and deadline and task management.
CEO and Co-founder Ryan Anderson, himself a former litigator, began the company to address what he saw as a deficiency in legacy legal software, which was “ill-equipped to manage the urgent tasks that bombarded him and his colleagues.”
The company said these deficiencies began more apparent as time went on. Workloads went up without a corresponding increase in staffing, and COVID forced the legal world to begin working remotely. Last year, the company said it signed 708 new clients, and acquired Outlaw, a contract management solution.
“By 2021, record demand for legal services, a shortage of qualified talent, and high burnout among legal professionals were driving firms to adopt new technology at record rates,” the release said. “Indeed, the legal tech market is expected to grow at a compound annual growth rate (CAGR) of over six percent between 2019 and 2025 according to Statista.”
Funding for the Series D was led by StepStone Group, along with Golub Capital and returning investors Signal Peak Ventures and Meritech Capital.
Read more: London LegalTech Startup Clara Raises $3.5M in Seed Round
Earlier this week, the legal operating system Clara, which offers an integrated collection of tools to help firms manage and organize themselves, raised more than $3.5 million in seed funding.
That money came from The LegalTech Fund, a global fund that promotes disruptors in the legal world. Clara, based in London, is a legal operating system that digitizes and automates legal expertise for startups. That work consists of helping to establish companies, preparing agreements, building cap tables, and arranging data rooms.
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