LawGeex Closes $20 Million Driven by Growing Demand for Legal Continuity12th May 2020
Investment by Corner Ventures cements LawGeex as de facto standard for legal teams looking to do more with less during uncertain business times
NEW YORK, NY. — LawGeex announced today that it has closed a $20 million round of financing. LawGeex is the pioneer and leader in automating the review of contracts to accelerate deal closure, and ensure contracts are future-proofed in light of business uncertainty. Corner Ventures, a Palo Alto, CA based venture capital fund focused on investments in leading growth stage technology companies led the round, with participation from La Maison and the continued support of existing investors Aleph, lool Ventures and former Thomson Reuters CEO, Tom Glocer.
“We saw in LawGeex a rare opportunity to invest in a company with an exceptional customer roster at the cusp of stellar growth,” said Marvin Tien, Managing Director at Corner Ventures. “LawGeex is seeing high demand for its solution and even further acceleration due to the flexibility, cost efficiencies, and safety-net afforded by digital automation during this challenging time.”
“Contract Review Automation is fundamentally changing how we work, helping us be more impactful,”
Cory Sumsion, Director, Commercial Counsel at eBay.
Over the last 12 months, LawGeex has achieved several significant milestones. These have included:
- Best of Breed leadership by introducing full-redlining features across 10 contract categories, including sell-side contracts to help companies accelerate revenue.
- Frictionless Contracting features to ensure the legal function and institutional knowledge remain available despite tightening budgets and headcount uncertainty.
- Zero Change Management to ensure contract acceleration can be deployed rapidly and contribute to the current quarter bottom line.
“Contracts are the lifeblood of any business and we are using AI to transform legal, allowing lawyers to help accelerate deal closure and focus on more impactful work,” said LawGeex CEO and Co-Founder, Noory Bechor. “We’re thrilled to be partnering with Corner Ventures to fuel this vision and continue building the greatest legal technology company in the world.”
LawGeex tripled its growth in the last year and counts over forty Global 2000 companies as customers, including HP and GE, as well as leading law firms such as White & Case. Many Fortune 500 companies, including three of the top five insurance companies, have standardized on LawGeex for pre-signature contract review.
This round of funding will be used to support the strong demand for the LawGeex solution by increasing its customer success team. In addition, LawGeex plans to grow its product offering via additional use cases, accelerate growth in various markets by widening the company’s sales footprint, and identify potential partnership opportunities.
“Our latest investment demonstrates our belief in the value that LawGeex brings to its customers,” said Eden Shochat, Partner, Aleph Ventures. “With its proven, best-in-class solution, we believe the company is uniquely positioned to extend its leadership, and we’re excited to be a part of this growth.”
LawGeex has now raised a total of $45 million in funding, making it one of the most well-funded Legal AI companies in the world.
The LawGeex AI-powered platform reduces cost and accelerates deal closure by automating the complex legal work of pre-signature reviewing, redlining, and negotiating contracts. Legal teams can offload routine work to refocus their efforts on strategic issues and reduce risk and cost. LawGeex has been recognized by Gartner and HBO as a leading force in bringing powerful innovation and technology to the legal world. Dozens of Fortune 500 and Global 2000 companies—including HP, eBay, and GE Power—trust LawGeex.