Contract review start-up Crosby, whose investors include West Coast-based law firm Cooley, has secured $60m in its latest funding round, its third capital raise in less than a year.
The Series B round was co-led by investment firms Lux Capital and Index Ventures, which were joined by venture capital firms Sequoia, 01 Advisors and Bain Capital Ventures, along with angel investor Elad Gil.
The firm plans to use the capital to enhance its technology and provide an increased level of support to customers. It says that its client list includes software development firms Clay and Rogo, and financial services operations platform Ramp.
Crosby deploys AI and lawyers working in tandem to review contracts quickly.
The firm said the value of its negotiated contracts had climbed to just over $1bn, which has rapidly increased since last year, when the firm “came out of stealth”, when its brokered contracts were worth $30m.
In a blog post, the firm said: “As we’ve scaled, we’ve also started experimenting with entirely new technology experiences. A simulation of how a counterparty will respond to our redlines; voice agents that negotiate on behalf of clients; a platform for clients to oversee, and weigh in on, Crosby’s work.”
In October last year, it raised $20m in a Series A funding round, backed by investors including law firm Cooley alongside Sequoia Capita, Index Ventures, Bain Capital Ventures and Elad Gil.
That followed a $5.8m seed round that concluded in June last year, led by Sequoia Capital and supported by Bain Capital Ventures.
New York-based Crosby was founded in 2024 by Ryan Daniels and John Sarihan. Daniels began his career as a Cooley associate, before he became the founding member of executive peer community platform The L Suite between 2021 and 2024.
Simultaneously, he was part of the founding team for software developer A.Team, and then became entrepreneur in residence for Bain Capital Ventures, a position he held for five months prior to co-establishing Crosby.
Sarihan is a former Google software engineer intern and was the manager and tech lead for Crosby client Ramp for four years until co-creating Crosby.
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