Legora, a Swedish company that sells AI tools for lawyers, has raised $550 million in a funding round led by Atreides Management, valuing it at $8.8 billion, the company said on 21 October. Its previous round valued it at $5.6 billion. New investors include Capital Group, Fidelity and J.P. Morgan.
Legora says its annual recurring revenue is now above $200 million, and that more than 140,000 legal professionals at over 2,400 law firms and in-house legal teams use its platform. It says in-house teams made up over 40% of new customers in the third quarter. These figures are the company’s own.
The round came about a month after rival Harvey raised $550 million at a $15.5 billion valuation. Legora plans to expand in North America, Europe and Asia-Pacific and to add products for legal research and client intake.