Legal AI startup Legora announced Wednesday that it raised $550 million in a Series E round. The financing values the company at $8.8 billion.
Legora helps legal professionals automate tasks and complete other work with AI. Its focus reflects a broader shift in the industry from AI assistants toward services that help users get work done.
The round follows an April announcement that Legora had added $50 million to a $550 million Series D. That financing valued the company at $5.6 billion. Legora said at the time that its annual recurring revenue had reached $100 million.
Annual recurring revenue exceeds $200 million
Legora said Wednesday that its annual recurring revenue now exceeds $200 million. The figure puts its reported revenue above the level disclosed in April, alongside the increase in its valuation.
Harvey, Legora’s biggest competitor, announced a $550 million raise at a $15.5 billion valuation last month. In March, Harvey said its annual recurring revenue was more than $200 million. Both companies have now reported annual recurring revenue above that threshold.
Legora plans to expand across North America
Atreides Management led Legora’s latest round. Other investors include Baron Capital, Bessemer Venture Partners, General Catalyst and Menlo. Legora plans to use the funding to expand further across North America.
