Legora Raises $550 Million Series E at $8.8 Billion, Led by Atreides, and Says ARR Has Passed $200 Million
Legal-AI company Legora raised a $550 million Series E at an $8.8 billion post-money valuation led by Atreides Management, up from $5.6 billion at its previous round, and says annual recurring revenue is above $200 million, from $100 million in April. TechCrunch notes rival Harvey raised $550 million at $15.5 billion a month earlier. Growth figures are Legora's.
Legora says its annual recurring revenue is above $200 million, a level rival Harvey reported in March, according to TechCrunch, and the two have raised the same amount a month apart at very different valuations. On Wednesday, October 21, Legora announced a $550 million Series E at an $8.8 billion post-money valuation, led by Atreides Management, with new investors including Baron Capital, Capital Group, Fidelity Management & Research, Glade Brook Capital Partners and J.P. Morgan, and existing backers including Accel, Benchmark, Bessemer Venture Partners, General Catalyst, ICONIQ and Insight Venture Partners. Its previous round valued it at $5.6 billion, the company says.
The growth claims
Legora says annual recurring revenue now stands at more than $200 million; TechCrunch reports the company put ARR at $100 million when it announced a Series D extension in April. Legora says in-house legal teams made up more than 40% of its new customers in the third quarter, that more than half of the AmLaw 50 are customers, and that it has more than 1,000 employees across 18 offices. It says the money will fund expansion in North America, Europe and Asia-Pacific and its "agentic operating system" for lawyers.
TechCrunch notes that Harvey, which it calls Legora's biggest competitor, announced a $550 million raise at a $15.5 billion valuation a month earlier, and had said in March that its ARR was above $200 million.
Limits
- ARR, customer and headcount figures are Legora's own and unaudited.
- Harvey's figures are as reported by TechCrunch.