Legal AI startup Legora announced a $550 million Series E round, valuing the company at $8.8 billion. The funding round, led by Atreides Management and including investors such as Baron Capital, Bessemer Venture Partners, General Catalyst, and Menlo, underscores the intensifying competition in the legal AI sector. Legora's rise follows its competitor Harvey's recent $550 million raise at a $15.5 billion valuation.
Back in March, Harvey reported annual recurring revenue (ARR) exceeding $200 million. Legora's Series E follows a $50 million extension of its $550 million Series D round, which valued the company at $5.6 billion. The company now reports ARR over $200 million, up from $100 million announced in April.
Legora plans to use the fresh capital to further expand across North America. The company helps automate and assist with workflow tasks for legal professionals as the industry moves beyond AI assistants to AI services that help them get work done.
Source: TechCrunch Venture · Summarized by HeadlinesBriefing