LinkSquares this week announced a $100m Series C financing, led by G Squared, with participation from new investor G2 Venture Partners, as well as existing investors such Xerox Ventures, which made its second investment in the AI-powered contract management platform.
LinkSquares raised $40m Series B in July 2021 and this investment brings the company’s total funding to $161.4 million, at a current valuation of $800 million.
Chief legal officers and general counsel at companies such as Wayfair, DraftKings, Drift and TechData are using LinkSquares’ contract management tools to better understand their business commitments, which were previously buried in thousands of contracts.
“LinkSquares has enabled our team of over 165 legal professionals to easily find the contacts and legal information they need,” said Clay Davis, director of global legal operations at TechData.
According to LinkSquares CEO Vishal Sunak, the investment marks a new phase in the company’s growth. He said: “Having worked with hundreds of the top CLOs and GCs in the country, we know that legal leaders are ready to take their seat at the table. But, they need insightful analysis extracted from data-driven tools to get there. CLM was the natural place to start. Over time, we aim to help legal leaders finally shed their reliance on single-point products, spreadsheets and email, all while continuing to surface the hidden data that is required to make informed decisions at the executive level.”
This is up there among the largest raises seen in the legal tech sector, which last year topped $1bn in funding. Here are some of the biggest we’ve seen in the past 12 months:
Verbit $250m Series E in November 2021;
Rocket Lawyer $223m venture round in April 2021;
Ontra (formerly InCloudCounsel) $200m Series B in October 2021;
Everlaw $202m Series D in November 2021;
Ironclad $150m Series E in January 2022;
Notarize $130m Series D in March 2021;
Clio raises a $110m Series E in April 2021.
The contract management and automation space continues to attract investment in particular. While not of this magnitude, January this year saw three legaltech companies raise $198m in two weeks.
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Three legal tech companies unveil fund raises of $198m in two weeks