E-discovery company Everlaw today became one of the few legal technology companies to join the elite ranks of unicorn status — companies valued at over $1 billion — with the announcement of a $202 million Series D funding at a valuation of over $2 billion.
The news follows a year in which the company experienced 80% year-over-year growth. The company says that total cases on its platform have more than doubled since its $62 million Series C round in March 2020, and that its platform is now used by 91 of the Am Law 200 and the attorneys general of all 50 U.S. states.
This was also a year in which Everlaw launched several new products, including Everlaw Legal Holds and Storybuilder by Everlaw (which the company demonstrated for my How It Works video series). Earlier this year, it became one of the first e-discovery platforms to achieve FedRAMP moderate certification.
“The legal industry has undergone a decade’s worth of technological change in just 18 months,” Everlaw CEO and founder AJ Shankar said in a statement. “Legal professionals need tools that can keep up with the pace of change without sacrificing security.
“We’re proud of what we’ve accomplished, but we’re 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 programs, including go-to-market efforts, channel partnerships and product innovation.”
The round announced today was led by TPG Growth with additional participation from H.I.G. Growth Partners and existing investors CapitalG, Menlo Ventures, Andreessen Horowitz and K9 Ventures. Mike Zappert, a TPG partner, will join Everlaw’s board of directors.
Earlier this year, legal technology company Clio reached unicorn status when it announced a Series E investment of $110 million at a valuation of $1.6 billion, a milestone its CEO Jack Newton called “a coming of age for legal tech.”
In December 2020, says that Ironclad, the San Francisco-based digital contracting platform for legal departments, raised at least $100 million in a Series D funding round at a post-investment valuation of more than $950 million.