St. John\u2019s-founded legaltech company hits $350 million USD valuation.<\/p>\n
<\/p>\n
Toronto-based legaltech startup Spellbook<\/a>, which provides an artificial intelligence (AI)-powered contract review platform for lawyers, has secured $50 million USD ($69.9 million CAD) in Series B funding.<\/p>\n \u201cThe level of agility needed to be in this market is extreme and unlike ever before.\u201d<\/p>\n Scott Stevenson, Spellbook<\/p>\n The all-equity round was led by one of Silicon Valley\u2019s most notable venture capital firms, Khosla Ventures, under the direction of managing director Keith Rabois, who is joining Spellbook\u2019s board. The round also saw participation from Threshold Ventures and returning investors Inovia Capital, Bling Capital, Moxxie Ventures, Path Ventures, and former Shopify CTO Jean-Michel Lemieux.<\/p>\n The new funding will help expand Spellbook\u2019s tool beyond contract review and scale its go-to-market team, the company said in a statement. Spellbook CEO Scott Stevenson told BetaKit that Spellbook will grow its team from 115 to 230 employees over the next one to two years. He added that the company will likely raise debt for acquisitions in the future as it anticipates industry consolidation.<\/p>\n Spellbook claimed its platform has reviewed more than 10 million contracts from nearly 4,000 customers across 80 countries, including Nestl\u00e9, eBay, and Kennedys Law. The company claimed it\u2019s on pace to triple revenue this year, but Stevenson did not provide a specific figure.\u00a0<\/p>\n \u201cSpellbook is using technology to make law faster, better, and more transparent,\u201d Rabois said in a statement. \u201cIt\u2019s the Shopify and Square democratization story for lawyers.\u201d<\/p>\n The fresh capital brings Spellbook up to a $350 million USD post-money valuation. Spellbook has raised over $80 million USD to date. The startup last raised $20 million USD ($27 million CAD) in Series A funding<\/a>, led by Inovia, in January 2024.\u00a0<\/p>\n RELATED: Spellbook secures $27-million CAD Series A to scale \u201cAI copilot for lawyers\u201d<\/a><\/p>\n Founded as Rally out of St. John\u2019s, NL in 2018, Spellbook\u2019s self-described \u201cAI co-pilot for lawyers\u201d (or \u201cCursor for contracts\u201d) helps legal practitioners review and draft contracts through a Microsoft Word integration. Spellbook claims its platform provides \u201crelevant and substantive suggestions\u201d grounded in real-time data rather than so-called \u201cAI slop.\u201d Hundreds of lawyers<\/a> have been caught using AI tools after false legal cases showed up in their work.<\/p>\n Spellbook has frequently updated its features, such as a new AI agent to automate workflows. Stevenson said Spellbook aims to be the world\u2019s first \u201chigh-frequency software,\u201d likening the effect AI has on software to the stock market moving from slow floor trading, to electronic trading, to high-frequency hedge funds making thousands of trades per day.<\/p>\n \u201cEvery six months, we can do new things that we couldn\u2019t do before. It\u2019s a completely different mindset,\u201d Stevenson said. \u201cThe level of agility needed to be in this market is extreme and unlike ever before.\u201d<\/p>\n Feature image courtesy Spellbook.<\/p>\n","protected":false},"excerpt":{"rendered":"St. John\u2019s-founded legaltech company hits $350 million USD valuation.
Toronto-based legaltech startup Spellbook, which provides an artificial…\n","protected":false},"author":2,"featured_media":78146,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[365,60659,138,336,738,60658,60662,60655,60656,60660,111,139,69,280,60661,8204,60663,60654,60657,5130],"class_list":{"0":"post-78145","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entrepreneurship","8":"tag-ai","9":"tag-bling-capital","10":"tag-business","11":"tag-entrepreneurship","12":"tag-funding","13":"tag-inovia-capital","14":"tag-jean-michel-lemieux","15":"tag-keith-rabois","16":"tag-khosla-ventures","17":"tag-moxxie-ventures","18":"tag-new-zealand","19":"tag-newzealand","20":"tag-nz","21":"tag-ontario","22":"tag-path-ventures","23":"tag-saas","24":"tag-scott-stevenson","25":"tag-spellbook","26":"tag-threshold-ventures","27":"tag-toronto"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/78145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=78145"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/78145\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/78146"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=78145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=78145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=78145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}