Italian legal AI start-up Lexroom has raised $50m in a Series B funding round.
The participating investors were led by Left Lane Capital, alongside venture capital firms Base10 Partners, Acurio Ventures, View Different, early-stage investors Entourage and asset manager Eurozeo.
Lexroom specialises in civil law markets and provides AI tools for lawyers including contract drafting, preparing legal opinions and building private knowledge libraries.
Its platform covers more than 12 specialised areas including privacy, banking, litigation, labour and criminal law, with the firm saying it has a proprietary legal database with more than six million verified references.
Paolo Fois, CEO and co-founder of Lexroom, said: “When we founded Lexroom, two things were immediately clear: lawyers needed a better way to work, and LLMs could provide it.
“The missing piece was data, up-to-date laws, relevant case law and court documents.
“Civil law countries need an AI legal engine that thinks from data. I’m thrilled to collaborate with the Left Lane team to build the AI engine that underpins the legal industry.”
Paddy Dillion, a VP at Left Lane Capital added that the firm has created something rare by establishing an enterprise product “with the level of engagement of a consumer app”.
He commented: “What won us over is Lexroom’s ability to enable lawyers to build a stronger firm, serving their clients with greater care and effectiveness, and turning AI into an ally, not an adversary.”
Lexroom added that the total capital it has secured has reached more than $73m.
The firm’s latest funding round closed just eight months after its Series A financing, where Base10 Partners, Acurio Ventures and View Different again were investors, along with leading Italian businessman Riccardo Zacconi and several other angel investors.
This followed a $2m seed round in March last year, that was led by Entourage, with backing from Verve Ventures, Vento Ventures, Banyan Ventures and X-Equity. Former Airbnb VP of product Joe Zadeh was also an angel investor.
Lexroom says that it will use the capital to continue to build its infrastructure across multiple jurisdictions, with office openings planned in Barcelona, Madrid and Berlin.
It says that more than 8,000 law firms and corporate legal teams already use the platform, with 65% of its clients using the platform daily and 94% on a weekly basis.
The Milan-based firm was founded in 2023 by a triumvirate of Fois, chief revenue officer Martina Domenicali and its chief technology officer Andrea Lonza.
Other recent legaltech venture financing transactions have included US AI-native law firm start-up Moritz receiving $9m in seed funding from investors including Y Combinator, 20VC, Urban Innovation Fund and Inception Fund to help it expand across European markets, alongside further progress in the US.
Email your news and story ideas to: [email protected]
