Legora in Talks to Raise Funds at a Roughly $8.5 Billion Value

Legora is in talks for a new funding round that could value the legal tech startup at around $8.5 billion, according to people familiar with the effort.

The startup is aiming to raise at least $300 million in the round, said the people, who requested anonymity because the discussions aren’t public. The $8.5 billion value is pre-money, meaning it doesn’t include the funding Legora would raise, according to the people.

The talks are ongoing and terms could change. Legora declined to comment.

It’s been just five months since Legora was valued at $5.6 billion after raising $600 million in its Series D funding round. The startup sells AI-powered software to law firms and corporate legal teams to help automate onerous tasks like contract reviews and research.

Legora is backed by venture firms such as Iconiq, General Catalyst and Accel, as well as Nvidia Corp.’s NVentures. Its closest competitor, Harvey, announced funding at a $15.6 billion valuation earlier this month.

The startup has reached $200 million in annual recurring revenue, its chief financial officer said in a post on social platform X on Tuesday, adding that the figure had doubled in less than six months.

Started in Sweden in 2023, Legora has recently focused on expanding its customer base in the US. The company’s CFO said in the same post that the US is now Legora’s biggest market by revenue.