Gen AI contract drafting and review assistant Spellbook raises $20m Series A Funding

Spellbook, the legal contract drafting and review tool powered by both OpenAI and Anthropic large language models, has raised a $20M Series A funding round led by Montreal-based venture capital firm Inovia Capital. 

Also participating in the round were Thomson Reuters Ventures, The Legaltech Fund, Bling Capital, Moxxie Ventures, Concrete Ventures, Path Ventures, N49P and Good News Ventures. This brings Spellbook’s total funding to more than $30M, after the Toronto-founded company raised $10.9m in May last year, involving many of the same players.  

“We’ve been amazed by the explosive usage growth our platform has experienced, since launching Spellbook as the first generative AI contract drafting tool in 2022,” said Scott Stevenson, CEO and co-founder of Spellbook. “This raise marks a major milestone for our team, and is indicative of the market traction we saw in 2023. With the new capital, we’ll continue innovating within the legal AI sector, partnering with the most law firms of any generative AI that we know of –and more importantly, to continue delivering new value to our customers.” 

Over the last seven months, since announcing its seed funding, Spellbook says that its customer base has grown nearly 300%, and the team is now working with over 1,700 law firms and legal teams. In November last year, UK top 20 law firm Addleshaw Goddard announced that it had invested in a suite of generative AI tools, which included Spellbook.  

With this new funding, the Spellbook team says that it plans to scale and introduce AI that can automate a lawyer’s full end-to-end workflow, starting with a client email.

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