Evisort raises $100m in latest funding round
This US-based legaltech start-up wants to accelerate its global expansion plans through a Series C funding round
Evisort raises $100m in latest funding round
This US-based legaltech start-up wants to accelerate its global expansion plans through a Series C funding round
In a Series C round led by venture capital firm TCV, US legaltech startup Evisort will raise $100 million. It will be used to accelerate the global growth plans of the company and further invest in its no-code AI-powered contract intelligence platform. The cash injection includes both equity and debt financing.
Breyer Capital is also participating in this latest round as are existing backers General Electric, Microsoft's venture capital fund M12, Amity Ventures and Vertex Ventures. Evisort's board of directors will be augmented by TCV general partner Amol Helekar.
Jerry Ting, co-founder and CEO of Evisort, added: "In every transaction, whether it's a sale, hire, or any other transaction, a contractual data layer is created. Because access and management of this data inside the contracts is absolutely critical to organizations, Evisort was created.
According to him, now is the time to accelerate this momentum as these additional funds will complement our existing growth capital to support our broader vision of strengthening and enhancing contract operations.
A Series C round follows recent leadership appointments from Workday, including Michaela Dempsey, chief marketing officer and Steve Tucker, head of sales, who joined from DocuSign in March.
Helekar added: "We believe Evisort's innovative AI solution can solve increasingly important problems for several businesses, including improving contract efficiency, streamlining the contracting process and enhancing legal operations."
Prior to TCV, some of the most successful tech start-ups included Airbnb, LinkedIn and Netflix. A growing demand is growing for legaltech investments, as evidenced by the fact that it's taking part in Evisort's latest financing round. Approximately $1bn was invested by venture capital firms into legal technology businesses last year, according to Crunchbase.
Investors have continued to invest this year. Della, a start-up offering contract review services, closed a $2.5 million round of funding in March. The number of mergers and acquisitions also increased. The law firm LexisNexis acquired Parley Pro earlier this month to integrate into its Counsel Link enterprise legal management platform. Legaltech firm Big Hand acquired US business intelligence and financial analytics provider Iridium Technology in February, Epiq acquired legal management consultancy Fireman & Co in March.
As of October, Harvard Law School and Evisort partnered to provide a course on legaltech entrepreneurship and innovation.