Evisort raises $100m in latest funding round led by venture capital firm TCV
Series C round will help the US legaltech start-up accelerate its global growth plans
US legaltech startup Evisort has secured $100m in its Series C funding round led by venture capital firm TCV.
The fresh injection of capital – which includes both equity and debt financing – will help the San Mateo-based company to further invest in its no-code AI-powered contract intelligence platform and accelerate its global growth plans. The latest funding round also attracted investments from Breyer Capital and existing backers including General Electric, Microsoft’s venture capital fund M12, Amity Ventures and Vertex Ventures. TCV general partner Amol Helekar will join Evisort’s board of directors.
Jerry Ting, Evisort co-founder and CEO, said: “Every time an organisation buys, sells, hires, or otherwise transacts, it creates a contractual data layer. We created Evisort because it is absolutely critical for organisations to easily access and manage this data inside their contracts.”
He added: “Now, we will accelerate this momentum as these additional funds will supplement our existing capital to further our vision for making contract operations stronger and more meaningful than ever.”
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The Series C round follows a number of recent key leadership hires, including chief marketing officer Michaela Dempsey, who joined last month from Workday, and chief sales officer Steve Tucker, who joined from DocuSign in March.
Helekar said: “We believe Evisort’s proven AI platform solves increasingly important pain points for many businesses – to extract value from contract data, streamline the contracting process and improve the efficiency of legal operations.”
TCV has previously backed tech start-ups including Airbnb, LinkedIn and Netflix. Its involvement in Evisort’s latest funding round underscores the growing demand to invest in the legaltech market. Venture capital firms pumped more than $1bn into legaltech businesses last year, according to Crunchbase data.
Investment has continued this year. In March, contract review start-up Della raised $2.5m in its first funding round. M&A activity is also ticking up. Earlier this month, LexisNexis acquired contract lifecycle management software provider Parley Pro to fold into its CounselLink enterprise legal management platform business. In March, Epiq acquired legal management consultancy Fireman & Co. And in February, legaltech firm BigHand acquired US business intelligence and financial analytics provider Iridium Technology.
Last October, Harvard Law School teamed up with Evisort to help provide a course on legaltech entrepreneurship and innovation.