US-based developer of legal data software provider Everlaw raised $202m yesterday in a series D round that included CapitalG, the growth-stage investment arm of internet and technology conglomerate Alphabet.
The round was led by TPG Growth, a subidiary of private equity group TPG, and also featured growth equity firm HIG Growth Partners and venture capital firms Menlo Ventures, K9 Ventures and Andreessen Horowitz. It valued the company at over $2bn.
Everlaw’s cloud-based platform uses machine learning to help legal practitioners look through large volumes of documentation to extract relevant information. It said it has experienced 80% year-on-year growth in 2021, and TPG partner Mike Zappert will join its board of directors in conjunction with the round.
CapitalG and Menlo Ventures co-led the company’s $62m series C round in March 2020, with K9 Ventures and Andreessen Horowitz also investing to bring its total funding to $96.6m.
Menlo Ventures had led a $34m series B round for Everlaw in 2018 that included Andreessen Horowitz, two years after the latter led its $8.1m series A.
AJ Shankar, Everlaw’s chief executive, said: “The legal industry has undergone a decade’s worth of technological change in just 18 months. Legal professionals need tools that can keep up with the pace of change without sacrificing security.”
“We are proud of what we have accomplished, but we are not resting on our laurels. This investment is part of a thoughtful and well-paced strategy for global growth, enabling us to support our customers, people and programmes, including go-to-market efforts, channel partnerships and product innovation.”
