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

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  • Filevine secures Collection D spherical led by StepStone Team
  • Golub Money, Signal Peak Ventures, Meritech Money participated

(Reuters) – Filevine, which tends to make a system for controlling authorized operate, on Thursday became the 2nd major authorized technological innovation company because the commence of April to publicly disclose a spherical of funding exceeding $100 million.

The Salt Lake City-based mostly enterprise stated it closed a $108 million Series D funding spherical led by StepStone Team. Present backers Golub Cash, Signal Peak Ventures and Meritech Money also participated.

Contract management company LinkSquares claimed on April 4 it elevated $100 million in Collection C funding, in a further of the year’s biggest legal tech rounds so considerably.

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Filevine presents software package to aid firms control situations, paperwork and contracts by automating jobs and deadlines and enabling for staff collaboration, according to its web-site.

Filevine mentioned that law companies have turned to its program as the business contends with record client demand from customers and confined lawyers.

The enterprise mentioned new funding will aid fuel current market enlargement into large regulation, corporate, insurance plan protection, government and nonprofits. Filevine’s site at present lists a number of private damage and trial companies as customers.

Scott Mozarsky, a managing director at M&A advisory firm JEGI Clarity, stated in an e mail he expects funding to go on to circulation to authorized tech companies in 2022, citing “quickly accelerating tech adoption” by law companies and providers as a single issue.

He pointed to other large rounds in the authorized sector exceeding $100 million in the previous 12 months elevated by corporations including Ironclad, Clio and Everlaw.

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