Filevine rakes in $108 mln as cash flows to legal technology

REUTERS/Dado Ruvic/Illustration

(Reuters) – Filevine, which makes a platform for taking care of authorized operate, on Thursday grew to become the 2nd major authorized engineering company because the get started of April to publicly disclose a round of funding exceeding $100 million.

The Salt Lake Metropolis-centered corporation claimed it closed a $108 million Sequence D financing round led by StepStone Team. Present backers Golub Cash, Signal Peak Ventures and Meritech Capital also participated.

Contract management enterprise LinkSquares stated on April 4 it raised $100 million in Collection C funding, in a further of the year’s biggest authorized tech rounds so considerably.

Filevine presents program to assist corporations deal with scenarios, paperwork and contracts by automating responsibilities and deadlines and making it possible for for group collaboration, in accordance to its site.

Filevine mentioned that law corporations have turned to its computer software as the field contends with file shopper desire and limited lawyers.

The organization said fresh funding will assistance gas industry enlargement into large regulation, corporate, insurance coverage defense, govt and nonprofits. Filevine’s web-site at present lists many personalized injury and trial firms as clientele.

Scott Mozarsky, a running director at M&A advisory company JEGI Clarity, explained in an e mail he expects funding to continue on to move to lawful tech businesses in 2022, citing “rapidly accelerating tech adoption” by legislation companies and businesses as one particular issue.

He pointed to other big rounds in the authorized sector exceeding $100 million in the earlier 12 months raised by businesses including Ironclad, Clio and Everlaw.

Go through far more:

LinkSquares nets $100 mln in hottest significant legal tech funding round

Lawful tech buzzed during 2021 with IPOs, new ‘unicorns’

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