Legal data analytics company Legalcomplex.com has launched a ‘legal prospects’ deal forecasting offering, which founder Raymond Blijd tells Legal IT Insider can project when a company will raise money, based on data from past transactions.
One of the companies predicted to raise money in January was TaxBit, which on 3 January raised $15.6m.
Blijd told Legal IT Insider: “We projected 33 deals this January based on calculations of company runways. For instance, Taxbit was projected to raise in January and they did. We project April and August will have some major announcements.”
He added: “Our algorithms are getting smarter at calculating what companies are most likely to raise in the future based on past funding cycles.”
Legalcomplex data shared with Legal IT Insider and out today shows that the number of venture capital-funded deals in January dropped to its lowest level in years and was significantly outpaced by M&A. Last month there were just 17 venture capital deals – a drop of 50% on January last year. That compares with 28 M&A deals across the month – albeit M&A is also down by 22% on January 2022.
You can read that story in full here:
The top five legal tech fundraises in January revealed as VC funding “fell off a cliff”