It’s a good time to be a legal startup, it seems. Just three weeks ago, we reported here that Clio, the cloud-based practice management platform, had raised $20 million in financing. Now comes news that the lawyer directory site Avvo has closed $37.5 million in financing.
This latest round of financing was led by Coatue Management, with additional investment from Benchmark Capital, Ignition Partners and DAG Ventures, according to Avvo’s announcement. Avvo will use the new funding to accelerate product development and marketing and fuel international expansion.
Four years ago, Avvo raised $10 million. Since its inception, it has raised a total of $60.5 million.
Avvo’s announcement includes this statement from Thomas Laffont, a senior managing director at Coatue:
We are excited to partner with Avvo because it is consistent with our strategy of backing innovative leaders. Avvo’s skilled team has built a large user base, supported by a powerful platform, which uniquely positions the company to continue its creative approach to transforming the legal landscape.
It also had this statement from Mark Britton, Avvo’s founder and CEO:
Put simply, this additional capital allows us to accelerate. No matter what we have accomplished to date, we need to help more consumers make better legal decisions and find the right lawyer. We need to build more products that make navigating the legal profession as simple as it should be. Through transparency and ease of use, Avvo has already changed how people find and choose attorneys. It is gratifying to have such high caliber investors share in our vision for transforming legal services.
Avvo was launched in June 2007.