Breaking news: DISCO raises $60m in equity financing
eDiscovery leader DISCO today (15 October) announced a $60 million equity financing, valuing the company at $785 million. Georgian Partners led the financing. Existing investors Bessemer Venture Partners, LiveOak Venture Partners, and The Stephens Group all participated, and new investor Breyer Capital also invested.
This latest funding brings total investment in DISCO to $195 million, confirms the company’s status as the leader in enterprise legal technology, and establishes the company as a disruptor in the broader cloud computing industry. With products and services that cover the entire investigation and litigation lifecycle and the market-leader position in cloud ediscovery in an ediscovery market predicted to exceed $20 billion by 2024, DISCO has established itself as a trusted partner for the largest legal departments, law firms, and government agencies in the world.
“We are building the enterprise software system of record for the legal function. Every major company has a legal department and spends money on legal services, but there is very little software built to help legal professionals do their work,” said DISCO Founder and Chief Executive Officer Kiwi Camara. “We want to change that. Legal is a critical business function just like sales or marketing or finance. We believe that software can transform the legal function just as it has transformed every other business function. DISCO is positioned to build for legal the kind of horizontal platform that Salesforce built for sales.”
DISCO says it will use this investment to aggressively expand its go-to-market team, doubling sales capacity in North America over the next 12-15 months, expanding its dedicated enterprise sales team, and growing its presence in the EMEA and APAC regions. The company will also expand its strategic channel program, working with service providers who resell DISCO, including a growing number of the largest global service providers. DISCO will continue to invest in its cloud technology platform, software products like DISCO Ediscovery and DISCO Case Builder, and productized legal services like its fast-growing AI-powered DISCO Managed Review offering.
More to follow.