eDiscovery vendor Everlaw today (2 November) announced $202 million in Series D funding, bringing the company to an overall valuation of over $2bn after a year of 80% YoY growth. It joins legal tech companies including Ironclad, Clio, and Verbit.ai that have recently achieved unicorn status with a valuation in excess of $1bn.
TPG Growth led the Everlaw round with additional participation from H.I.G. Growth Partners and existing investors CapitalG, Menlo Ventures, Andreessen Horowitz and K9 Ventures. Mike Zappert, a TPG partner, will join Everlaw’s board of directors.
Everlaw is used by 91 of the Am Law 200, as well as the attorneys general in all 50 U.S. states.
We’re told that total cases on Everlaw’s platform have more than doubled since the company’s Series C fundraise in March 2020. New customer contracts include the Colorado State Attorney General and corporations like Lime, Snowflake and Coca-Cola Europe. During that same period, Everlaw says that it saw case volumes grow more than 4x at Am Law 100 firms.
Earlier this year, the company became one of the first eDiscovery platforms to achieve FedRAMP moderate certification delivered on Amazon Web Services GovCloud (U.S.), with sponsorship from the U.S. Department of Justice.
“The legal industry has undergone a decade’s worth of technological change in just 18 months. Legal professionals need tools that can keep up with the pace of change without sacrificing security,” said Everlaw CEO and Founder AJ Shankar. “We’re proud of what we’ve accomplished, but we’re not resting on our laurels. This investment is part of a thoughtful and well-paced strategy for global growth, enabling us to support our customers, people and programs, including go-to-market efforts, channel partnerships and product innovation.”