Legal AI startup Legora announced on Wednesday the completion of a $550 million Series E round, bringing its post-money valuation to $8.8 billion.
The company helps legal professionals automate and assist with workflow tasks. As the industry shifts from AI assistants to AI services that accomplish actual work, demand for such tools is rising.
One month before this announcement, Legora’s largest competitor, Harvey, had just raised $550 million in funding, reaching a valuation of $15.5 billion; in March, Harvey also stated that its annual recurring revenue (ARR) had exceeded $200 million.
Legora’s Series E funding follows its announcement in April, when the company revealed an additional $50 million extension to its $550 million Series D round, bringing the valuation of that round to $5.6 billion. At the time, the company stated that its ARR had reached $100 million. On Wednesday, Legora reported that this figure has now exceeded $200 million.
This round of funding was led by Atreides Management, with participation from Baron Capital, Bessemer Venture Partners, General Catalyst, Menlo, and other prominent institutions. The company plans to use the new capital to further expand its operations in North America.