Tracxn - Legal Tech Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - May 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on May 5, 2018.
Legal Tech Feed Summary
4
Legal Tech > Feed Summary
Technology solutions for Law firms and Corporate Legal Departments
• Inclusions: Legal Practice Management, eDiscovery,
Lawyers' Marketplace, Dispute resolution platforms, legal
contract management, legal research, and Intellectual
Property Management
• Exclusions: Legal firms and Managed Service Providers
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$3B
Funding
16
Mega
Companies
4161874
FundedCovered on
Tracxn
5
Unicorns
11
Soonicorns
83
Minicorns
5
IPO’d Cos
131
Late Stage Cos
38
22
Acquisitions
155
DeadPooled
83
Acquihired
Series A+ Cos
Wolters Kluwer
(1836, The Hague, Public)
LexisNexis
(1973, Albany, Acq.)
Thomson Reuters
(1800, New York City, Public)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Legal Tech
5
$50M - Series D
Icertis (2009, Seattle, $96M)
$25M - Series B
Logikcull (2004, San Francisco, $43M)
$38M - Series C
Mark43 (2012, New York City, $78M)
$20.5M - PE
Mitratech (1987, Austin, $21M)
$27M - Series B
Mark43 (2012, New York City, $78M)
$20M - Series C
Disco (2012, Houston, $51M)
$25M - Series E
SpringCM (2005, Chicago, $113M)
$20M - Series B
Forensic Logic (2003, Walnut Creek, $22M)
$25M - Series C
$18.9M - Series B
Notarize (2015, Virginia, $29M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Legal Tech > Feed Summary > Investment Trend Summary
Seed
Seedcamp (#4), Crosslink Capital (#3), Right Side Capital
Management (#3)
Series A/B Foundry Group (#2), Khosla Ventures (#2), 8VC (#1)
Series C+
Bessemer Venture Partners (#2), HgCapital (#2), 645 Ventures
(#1)
Incubators 500 Startups (#16) Y Combinator(#12) Techstars (#6)
Other Notable
Investors
Nextlaw Labs (#7), Kima Ventures (#4), The Carlyle Group (#3)
Debt Investors
The North West Fund (#2), Wellington Financial(#2), Enterprise
Ventures (#1)
Most Active InvestorsRecent Investments
183
240
367
226
65
1
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded 75 65 83 84 74 24
$163M
$363M
$789M
$224M $244M $238M
2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
$2.7B
$105M
$25.2M
$24.1M
$20.6M
US
Europe
Israel
Canada
Channel
Islands
$ Funding

Summary of exit outlook in Legal Tech
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
KPCB 3
DocuSign (2003, San Francisco, $522M)
LegalZoom (2001, Glendale, $266M)
Intel Capital 2
Relativity Technologies (1997, Raleigh,
$136M)
Iconiq Capital 2
$136M)
Sapphire Ventures 2
Recommind (2000, San Francisco, $24M)
In-Q-Tel 1 Stratify (1999, Mountain View)
May 2018 RPX Corporation Acq by HGGC for $555M
Oct 2016 Kroll Ontrack Acq by LDiscovery for $410M
Jul 2016 Epiq Systems Acq by Omers for $1.0B
Jun 2016 Recommind Acq by OpenText for $163M
Apr 2015 Iris Acq by Epiq Systems for $134M
Jan 2012 CPA Global Acq by Cinven for $1.5B
Oct 2011 NetNames Acq by HgCapital for $237M
Legal Tech > Feed Summary > Exit Outlook Summary
IBM 2 PSS Systems (Oct 2010), StoredIQ (Dec 2012)
Epiq Systems 2
Iris (Apr 2015, $134M), Encore Discovery Solutions (Apr
2011, $100M)
Cinven 1 CPA Global (Jan 2012, $1.4B)
OpenText 1 Recommind (Jun 2016, $163M)
Insight Venture
Partners
1 Anaqua (Jul 2013)
Recent IPOs Top Acquisitions
Wolters Kluwer
Suites for Legal office management and ac…
IPO MCap: - Current MCap: -
Stratify
eDiscovery document review
Thomson Reuters Jun 2002
Enterprise solutions for financial, risk,…
FTI Technology May 1996
FTI Technology: Software & Solutions for…
IPO MCap: - Current MCap: $1.8B
LegalZoom
Legal Document Services

For any Feedback and Query reach out to MyAnalyst@tracxn.com.Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
FACTSHEET
Feed Report - Legal Tech - May 20187 Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
FACTSHEET
Overview
Companies 1874
Funded 416 Series A+ 131
Funding $3B Last 2 yrs $465M
Most Active Investors
Seed Seedcamp (4)
Series A/B Foundry Group (2)
Series C+ Bessemer Venture Partners (2)
Others Nextlaw Labs (7)
Incubators 500 startups (14)
Top Cities
Bay Area 135 Cos $990M
Seattle 15 Cos $294M
Feed in Numbers
Unicorns 5 Soonicorns 11
Minicorns 83 Editor Picks 149
Acquihired 83 Deadpooled 155
Top Companies
Thomson Reuters (1800, New York City, Public)
Wolters Kluwer (1836, The Hague, Public)
LexisNexis (1973, Albany, Acq)
Exits
IPOs 5 RPX Corporation, Thomson
Reuters
Acquisitions 22 CPA Global, Kroll Ontrack
Top Acquirers IBM, Epiq Systems
Marketmap: Legal Tech
PRACTICE & CONTRACT LITIGATION
SUITE
LEGAL DOCUMENTS/FORMS
SUITE
AFTER-LIFE PLANNING
PRACTICE MANAGEMENT
CONTRACT MANAGEMENT
CASE & MATTER MANAGEMENT
BILLING & SPEND ANALYTICS
CREATION
ANALYSIS
INTELLECTUAL PROPERTY
SUITE
BRAND PROTECTION &
ANTI-COUNTERFEIT
PATENT ANALYTICS
RESEARCH
eDISCOVERY
SEARCH ENGINE
ANALYTICS
LEGAL RESEARCH ASSISTANT*
MARKETPLACE
Legal Tech > Feed Summary > BlueBox

Key Sub Sectors in Legal Tech Sector
Summary of Key Markets
8
Other Notable Markets
# Cos on
Platform
Last 2 Years
$ Invested # Round
Lawyer's Marketplace >
Consultation 70 $571k 3
Lawyer's Marketplace > Listing & Booking >
Listing 82 $0 1
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Legal Contract Management >
Contract Analytics & Due Dilligence 47 $47.3M 11
Contract Lifecycle Management 71 $123M 8
Intellectual Property (IP) Management >
Brand Protection & Anti-Counterfeit 49 $43M 9
Legal Contract Management > Contract
Creation >
e-Signature
53 $29.7M 11
eDiscovery > SaaS >
Review & Analytics 43 $53.3M 8
Contract Creation 63 $21.3M 7
Legal Research >
Analytics 67 $13.8M 8
eDiscovery >
SaaS 12 $42.7M 4
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Legal Contract Management
Companies offering contract lifecycle management
platform which spans across contract...
240 70 $951M
eDiscovery
Companies offering a platform to manage emails,
documents, and media files for litigation...
130 52 $658M
Legal Documents/Forms
Companies offering online DIY legal form services for
individuals, SMBs, and Enterprises...
179 43 $377M
Intellectual Property (IP) Management
Companies offering solutions for IP management
including filing, tracking, analytics,...
174 59 $349M
Lawyer's Marketplace
Companies offering legal services marketplace for
connecting consumers, businesses, attorneys...
357 58 $203M
Law Enforcement
Companies offering law enforcement software for law
enforcement agencies
23 6 $130M
Legal Practice Management
Companies offering legal practice management
platform for end to end client intake to...
431 52 $101M
Legal Tech > Feed Summary > Summary of Key Markets

List of Notable Companies in Legal Tech
Notable Companies in the Sector
9
Note: *(Founded Year, Location, Total Funding)
Legal Tech > Feed Summary > Notable Companies in the Sector
Public
LegalZoom
(2001, Glendale, $266M)*
Thomson Reuters
(1800, New York City)
Wolters Kluwer
(1836, The Hague)
FTI Technology
(1982, Washington D.C.)
Stratify
(1999, Mountain View)
Acquired
CPA Global
(1969, Saint Helier, $20.6M)
Epiq Systems
(1988, Kansas City)
RPX Corporation
(2008, San Francisco)
Kroll Ontrack
(1985, Minneapolis)
NetNames
(1995, London)
Recommind
(2000, San Francisco, $24M)
Iris
(2007, Olathe)
Encore Discovery
Solutions
(2003, Phoenix)
Unicorns
DocuSign
Relativity Technologies
(1997, Raleigh, $136M)
LexisNexis
(1973, Albany)

List of Notable Companies by Market in Legal Tech
Notable Companies by Market (1/4)
11
Legal Tech > Feed Summary > Notable Companies by Market
Enterprise Legal Management(Suite)
Mitratech (1987, Austin, $20.5M)
Enterprise Legal Management solution
Soonicorn. Stage: Acquired
HgCapital, Vista Equity Partners, TA Associates
Management
LexisNexis (1973, Albany)
Enterprise Legal Management.
Unicorn. Stage: Acquired
Wolters Kluwer (1836, The Hague)
Suites for Legal office management and accounting
firms.
Unicorn. Stage: Public
MMF Capital
Thomson Reuters (1800, New York City)
Enterprise solutions for financial, risk, legal, tax and
accounting
Editor's Pick. Stage: Public
One Equity Partners
Suite
Clio (2008, Burnaby, $27M)
Cloud-based legal practice management solutions
for SMBs
Bessemer Venture Partners, Acton Capital Partners,
Point Nine Capital and 1 Other Investors
eDiscovery
MSP + SaaS
Lighthouse eDiscovery (1995, Seattle,
$36.8M)
eDiscovery services and technology
Soonicorn. Stage: Series A
CIT, Spire Capital, Columbia Pacific Advisors
SaaS based Legal hold software for ediscovery
Stage: Acquired
Sapphire Ventures, Kennet Partners, Silicon Valley
Bank and 3 Other Investors
AccessData (1987, Lindon, $20M)
Digital forensics and e-discovery solutions.
Ron Mika, Matt Marsh, Sorenson Capital and 1
Other Investors
Encore Discovery Solutions (2003, Phoenix)
Encore Discovery Solutions
Stage: Acquired
Baird Capital

12
eDiscovery
MSP + SaaS
Epiq Systems (1988, Kansas City)
eDiscovery Services and Suite
Stage: Acquired
VantEdge Partners, ValueAct Capital
FTI Technology (1982, Washington D.C.)
FTI Technology: Software & Solutions for E-
discovery
Stage: Public
Iris (2007, Olathe)
Legal Services
Stage: Acquired
Kroll Ontrack (1985, Minneapolis)
Data recovery and discovery management
Stage: Acquired
TA Associates Management
Stratify (1999, Mountain View)
Stage: Public
In-Q-Tel, Mobius Venture Capital
SaaS
Relativity Technologies(1997, Raleigh,
$136M)
eDiscovery ERDM process management
Iconiq Capital, Intel Capital, Tall Oaks Capital
Partners and 4 Other Investors
Contract Lifecycle Management
Cloud Enterprise Content and Contract Mangement
Soonicorn. Stage: Series E
Crestline Investors, Foundation Capital, North
Bridge and 9 Other Investors
Cloud based contract management solutions
Soonicorn. Stage: Series D
Meritech Capital Partners, Cross Creek Advisors, B
Capital Group and 5 Other Investors

13
Contract Creation
Digital Transaction Management Tool
Unicorn. Stage: Series F
Hercules Capital, Intel Capital, Dell Technologies
and 53 Other Investors
Suite
Anaqua (2004, Boston, $125M)
Asset management (IAM) software solution
Bessemer Venture Partners, The Cambria Group,
Lead Edge Capital
CPA Global (1969, Saint Helier, $20.6M)
IP Management
Epiris, ICG, Electra Private Equity
Patent Analytics & Management
PatSnap (2007, Singapore, $13.6M)
Provides a search platform for patents
Soonicorn. Stage: Series C
Sequoia Capital, Shunwei Capital, Qualgro GP and 3
Other Investors
RPX Corporation (2008, San Francisco)
Patent Risk Solutions
Stage: Acquired
Index Ventures, Charles River Ventures, KPCB

14
Brand Protection & Anti-Counterfeit
NetNames (1995, London)
Online brand protection & domain name
management
Stage: Acquired
HgCapital
Suite
LegalZoom (2001, Glendale, $266M)
Soonicorn. Stage: Public
Permira investment, KPCB, IVP and 5 Other
Investors
Rocket Lawyer (2008, San Francisco, $53.4M)
Online legal services
Industry Ventures, August Capital, Investor and 6
Other Investors
Consultation
Avvo (2006, Seattle, $132M)
Legal marketplace, lawyer's directory, Q&A forum
and legal marketing
Technology Crossover Ventures, Coatue
Management, Vulcan Capital and 3 Other Investors

Recent News in Legal Tech Sector
Recent News
15
Legal Tech > Feed Summary > Recent News
May 2018
Strategic agreement with Japanese fintech firm NRI builds out
international post-trade processing capabilities on Thomson
Reuters BETA wealth management platform, PressReleasePoint
May 2018
Peppermint Technology appoints Tony Cox as Chief Sales Officer to
drive their next phase of growth, Legal IT Professionals
May 2018
Prosperoware Announces Next Generation CAM Platform:
Managing Content Systems in the Cloud, Legal IT Professionals
May 2018
Tikit announces expansion of marketing application portfolio with
Introhive’s integration with InterAction and Signature Scraper, Legal
IT Professionals
May 2018
Ontario Systems Acquires Justice Systems to Expand Enterprise
Workflow and Payments Solutions to Government Sector, Business
Wire
May 2018
HGGC agrees $555m take-private of patent risk, management
business RPX Corporation, AltAssets
May 2018
Thomson Reuters Provides Information Related to Its Future
Financial Reporting and Outlook, PressReleasePoint
May 2018
Modus Announces Industry Partnership with The Gnoêsis Group,
PRWeb
May 2018
Startup Image Protect Starts Blockchain Transformation of the
Digital Content Industry, Coinspeaker
May 2018
Legal Tech Startup Wonder.Legal Launches in India, BW
Businessworld
May 2018 RPX Announces First Quarter 2018 Financial Results, PR Newswire
Key Recent News Key Recent News
May 2018
BRIEF-RPX Corp To Be Acquired By HGGC For $10.50 Per Share,
Reuters
May 2018
Bermans sign 10-year contract with Peppermint, Legal IT
Professionals
May 2018
Precise, Inc. Signs on as a Value-Added Reseller of Powerful Voir
Dire App, Voltaire, PRWeb
May 2018 Reynolds Parry Jones signs up to SOS Connect, Legal IT Professionals
May 2018
In-House Legal Spend Is On the Rise, While Outside Legal Spend Is
Decreasing, Legal IT Professionals
May 2018 The Tikit P4W User Group continues to grow, Legal IT Professionals
Apr 2018 DocuSign raises $629 million after pricing IPO, TechCrunch
Apr 2018
Legal Tech Firm Cicayda Announces That Bill Carlson Joins as Vice
President of Sales for West Coast: Opens San Francisco Office,
GlobeNewswire
Apr 2018
Luminance extends AI platform to regulatory compliance work,
Global Legal Post
Apr 2018
Invisible.io and Litify Announce Partnership around SmartCloud
Connect to Bring Litify’s Products Suite into Outlook and Gmail,
Business Wire
Apr 2018
Thomson Reuters ONESOURCE Achieves SAP-Certified Integration
with Cloud Solutions from SAP, PR Newswire
Apr 2018
Hotdocs Wins Prestigious Queen's Award For Enterprise For
International Trade, Financial IT

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
16
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
Livestock
Apr 2018
Business Intelligence
Apr 2018
Enterprise Networking
Apr 2018

$101M
$193M
$163M
$363M
$789M
$224M $244M $238M
0
10
20
30
40
50
60
70
80
90
$0k
$100M
$200M
$300M
$400M
$500M
$600M
$700M
$800M
$900M
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
3 Year CAGR
6 Year CAGR
Investments ($M) and number of rounds in Legal Tech; 2011-2018
Global Funding Trends (1/2)
18
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Legal Tech > Investment Trends > Global Funding Trends
#Rounds
$Funding
16% $ Funding
12% $ Funding
21% # of Rounds
4% # of Rounds

15 19 49 37 49 51 46 6
8
11
15
23
21 23
23
14
1 5 11 5
13
10 5 4
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
24 24
Total # of Rounds
$5M $16M $19M $18M $31M $30M $38M $18M
$78M
$94M
$39M $70M $87M
$129M
$135M
$112M
$19M $83M $105M $276M $671M $65M $71M $108M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
$66M
$114M
$45M
$258M
$619M
$27M
$91M
$133M
0
1
2
3
4
5
6
7
0
100000000
200000000
300000000
400000000
500000000
600000000
700000000
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding # of Rounds
19
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Legal Tech; 2011-2018
Legal Tech > Investment Trends > Global Funding Trends
36
33
33
44
39
32 217
$4.1M
$1.4M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
$4.0M
$4.5M
0
50
100
150
200
250
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
1 3 2 3 6 1 4 4 $4.1M $0.6M $1.5M $1.1M $1.1M $1M - $1.4M
$101M
$238M
Total $ Invested

Legal Tech > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Legal Tech
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 990M 120
Seattle 294M 24
Glendale 266M 2
Austin 179M 25
New York City 141M 48
Chicago 139M 22
Raleigh 136M 4
Houston 86.9M 12
Washington D.C. 50.2M 10
Boston 38.5M 8
Total Funding
200
100
8
9
2
14
15
11
# Rounds
$2.7B
$105M
$25.2M
$24.1M
$20.6M
$18.3M
$8M
$3M
US
Europe
Israel
Canada
Channel
Islands
SEA
India
Australia
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.4
$0.9
$0.5
$0.6
$0.9 $0.9
$1.0
2011 2012 2013 2014 2015 2016 2017
$2.2
$4.6
$3.2 $2.9
$5.6 $5.0 $4.7
$23.2 $20.8
$0.0
$5.9
$10.0
$18.0
$11.9
$18.5 $20.7
$10.5
$68.9
$61.0
$10.8
$23.5
Legal Tech > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Legal Tech; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$177* $5M
$21K $15M
$1.5M $66M
$395K $233M
$17.8M
$12M
$3.3M
$538K
Series C+
Series B
Series A
Seed
Stage

Note: 192 companies with undisclosed funding amount are not included
22
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
84
90
48
5
6
No. of Companies
Legal Tech > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Legal Tech; as of May 2018
Distribution of companies by Funding Range
$31M
$321M
$989M
$330M
$1.3B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
22%
7%
3%
2%
23
Note: Numbers in the brackets show the count of companies
Time to raise
next round
38
63
131
416
1874
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
22% 1%
(19)
1%
(13)
5%
(97)
8%
(155)
64%
(1206)
31% 4%
(18)
3%
(12)
15%
(61)
6%
(23)
48%
(201)
48% 8%
(10)
3%
(4)
27%
(36)
1%
(1)
24%
(31)
60% 16%
(10)
6%
(4)
40%
(25)
2%
(1)
-2%
(-1)
- 24%
(9)
8%
(3)
42%
(16)
- -5%
(-2)
Legal Tech > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Legal Tech
Funding Funnel
19 Months
24 Months
42 Months
Investment backedBootstrapped
11
5
21
5
1
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Legal Tech > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Legal Tech; May 2016-May 2018
Notable Investments in last 24 months (1/5)
LATE STAGE
$50M - Series D Feb 2018
Capital Group, Ignition Partners, Greycroft Partners,
Eight Roads Ventures, PSP Partners
$38M - Series C Mar 2018
Mark43 (2012, New York City, $77.8M)
Law enforcement platform
General Catalyst Partners, Jim Breyer, Spark Capital,
Sound Ventures, Bezos Expeditions, Goldman Sachs,
David Petraeus, Ashton Kutcher, Sheel Tyle,
Innovation Endeavors, Govtech Fund, SV Angel
$25M - Series E Feb 2017
Crestline Investors
LATE STAGE
$25M - Series C Mar 2017
B Capital Group, Ignition Partners, Greycroft
Partners, Eight Roads Ventures, E.ventures
$20.5M - PE Apr 2017
HgCapital
$20M - Series C Jan 2018
Disco (2012, Houston, $50.6M)
SaaS based eDiscovery for litigation boutiques and
AmLaw 200
Bessemer Venture Partners, LiveOak Venture
Partners, The Stephens Group
$18.6M - Series C Aug 2016
SaaS based eDiscovery for litigation boutiques and
AmLaw 200
The Stephens Group, Bessemer Venture Partners,
LiveOak Venture Partners
LATE STAGE
$17.5M - Series D Jun 2016
Foundation Capital, North Bridge, Bluestem Capital,
Square 1 Bank, Panorama Point Partners,
Wellington Financial
$8.3M - Series C Oct 2016
Onit (2009, Houston, $21.4M)
Business productivity and project management Apps
Level Equity, Austin Ventures, Texas Halo Fund
$6M - Series F Jun 2016
Digital Transaction Management Tool
Hercules Capital
Series C May 2017
Zapproved (2008, Portland, $17.2M)
SaaS based Ediscovery
Vista Equity Partners

LATE STAGE
Series C Oct 2016
Brainspace (2005, Dallas, $16M)
Discovery and collective intelligence tools for
Enterprise
In-Q-Tel
Series C Nov 2016
PatSnap (2007, Singapore, $13.6M)
Provides a search platform for patents
Sequoia Capital, Shunwei Capital, Qualgro GP
EARLY STAGE
$25M - Series B Jan 2018
Logikcull (2004, San Francisco, $42.5M)
eDiscovery
New Enterprise Associates, OpenView, Storm
Ventures
$20M - Series B Oct 2017
Forensic Logic (2003, Walnut Creek, $21.6M)
Search Engine for Law Enforcement and Homeland
Security
Mainsail Partners
$18.9M - Series B Apr 2018
Notarize (2015, Virginia, $29.4M)
Online Notary service
$14M - Series A Oct 2016
4iQ (2016, San Francisco, $14M)
Big data analytics & machine learning based threat
intelligence platform
Trident Capital Cybersecurity, Adara Ventures,
Telefónica Open Future, Armat Group
EARLY STAGE
$12M - Series B Apr 2018
LawGeex (2014, Tel Aviv, $22.3M)
Automated Contract analyzer
Aleph Venture Capital, Lool Ventures
$12M - Series B Mar 2017
Casetext (2013, Palo Alto, $20.8M)
AI-based legal research assistant
Canvas Ventures, Union Square Ventures, 8VC, Red
Sea Ventures
$12M - Series B Aug 2016
Airhelp (2013, New York City, $17.1M)
Claim management legal services for airlines in
Europe
Khosla Ventures, Galvanize, U-Start
$12M - Series B Mar 2018
UpCounsel (2012, San Francisco, $26M)
Online workplace for legal services
$10M - Series A Aug 2016
Logikcull (2004, San Francisco, $42.5M)
eDiscovery
OpenView, Storm Ventures

EARLY STAGE
$10M - Series A Jan 2018
Concord (2015, San Francisco, $23.5M)
e-signature and contract management solution
Charles River Ventures, Alven
$10M - Series A Nov 2017
Luminance AI (2015, Cambridge, $13M)
AI for legal due diligence
Talis Capital, Invoke Capital, Slaughter and May
$8.7M - Series A Oct 2017
ROSS Intelligence (2014, San Francisco, $8.8M)
Legal Research technology
Inovia Capital, Comcast Ventures Catalyst, Y
Combinator, Real Ventures, Nextlaw Labs, Nicolas
Pinto, Continuity Capital Partners
$8M - Series A Jun 2016
Polaris Partners, Founders Fund, Ludlow Ventures
EARLY STAGE
$7M - Series A Mar 2017
LionBird, Lool Ventures, Recruit Holdings
$6.4M - Series A Jun 2016
Everplans (2012, New York City, $10.8M)
After-Life planning
Transamerica Ventures, RGAx
$6.3M - Series A Dec 2016
$5M - Series A Jun 2016
Litify (2016, New York City, $7.5M)
Law firm practice managaement
Fortress Investment
$5M - Series A May 2017
LegalRaasta (2015, Delhi, $6M)
Online legal services provider
Impanix Capital
EARLY STAGE
$4M - Series A Jan 2018
CloudLex (2015, New York City, $7.7M)
Project and case management for Trial Lawyers and
Law firms
Aligned Partners Venture Services, Axis Capital
Partners
$3.7M - Series A May 2017
Alven, Streamlined Ventures, Cota Capital, Tien Tzuo
$3.7M - Series A Oct 2016
CloudLex (2015, New York City, $7.7M)
Project and case management for Trial Lawyers and
Law firms
Aligned Partners Venture Services
$3.5M - Series B Oct 2017
TrademarkNow (2012, Helsinki, $7.7M)
Trademark search and Analytics
Karma Ventures, Balderton Capital

EARLY STAGE
$3.2M - Series A Jun 2017
MUSO (2009, London, $3.2M)
Online Anti Piracy Platform
Harwell Capital
$3M - Series A Sep 2016
Invoke Capital
$3M - Series A Oct 2017
NexLP (2013, Chicago, $5.1M)
Insights from unstructured data using NLP and
Machine Learning
, Dundee Venture Capital
$2.5M - Series A Apr 2018
Litify (2016, New York City, $7.5M)
Law firm practice managaement
Esquire Bank
$1.9M - Series A Nov 2017
LegalSifter (2013, Pittsburgh, $4.9M)
ML to read legal docs
EARLY STAGE
$84.9k - Series A Jul 2017
Seal Software (2010, San Francisco, $4.1M)
Contract analysis: Clause extraction and review
Tern
Series A Oct 2017
National Association of Realtors
Series A Dec 2016
Talis Capital
Series A Nov 2016
Hire An Esquire (2011, New York City, $350k)
Just in time attorney resources
Nextlaw Labs
SEED STAGE
$2.8M - Seed Sep 2016
Birchmere Labs
$2.4M - Seed Dec 2017
Heretik (2017, Chicago, $2.4M)
Legal contracts reviewing platform
Corazon Capital, Chicago Ventures
$2.3M - Seed Sep 2016
Doxly (2016, Indianapolis, $3.3M)
Legal transaction management platform
Nextlaw Labs, High Alpha, Hyde Park Venture
Partners
$2.2M - Seed Oct 2016
Doctrine.fr (2016, Paris, $2.2M)
Big Data for legal research analytics
Kima Ventures, The Family, Otium
$543k - Seed Jul 2017

SEED STAGE
$500k - Seed Jul 2016
$500k - Seed Jul 2016
Lawcadia (2015, Brisbane, $500k)
B2B marketplace for legal procurement services
between SMB's and big law firms
ACAC Innovation
$400k - Seed Jun 2016
Seegnature (2015, Tel Aviv, $400k)
Cloud based digital signature + ID verification
$345k - Seed Jun 2017
Kopjra (2014, Bologna, $164k)
digital rights management
Casalini Zambon,
$310k - Seed Nov 2016
LawRato (2012, Delhi, $410k)
Online open marketplace for lawyers
Indian Angel Network, BVC
SEED STAGE
$300k - Seed Jan 2017
Seed Aug 2016
LawAdvisor (2014, Melbourne, $590k)
Standard Legal Services
Seed Dec 2016
Beagle (2014, Toronto)
AI using NLP for Contract Automation
Nextlaw Labs
Angel Sep 2016
ThreadKM (2014, Atlanta)
Project management tool for lawyers

Legal Tech > Investment Trends > Notable Investments in last 24 months in China
Notable Investments in last 24 months in China
LATE STAGE
Series C Feb 2017
Kuaifawu (2014, Beijing, $10M)
Online marketplace to avail legal services like
taxation, patent and trademark registration to
Chinese start-ups.
Tencent

Most Active Investors (VC, PE) by Stage in Legal Tech; Last 5 years (May 2013-May 2018)
Most Active VC & PE Investors
30
Legal Tech > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Seedcamp(4 Investments)
Juro, Apperio, Libryo
1
Crosslink Capital (3 Investments)
UpCounsel, Casetext, Fairclaim
2
Right Side Capital Management(3
Investments)
Vector Legal Method, Paladin, LitiMetrics
3
Seed Capital(3 Investments)
Swiftcourt, LegalDesk, Archii
4
SV Angel (3 Investments)
Mark43, UpCounsel, Casetext
5
AGO Partners (2 Investments)
Fairclaim, ArbiClaims
6
Collaborative Fund (2 Investments)
UpCounsel, HelloSign
7
Draper Associates (2 Investments)
LawTrades, Stampery
8
Foley Ventures(2 Investments)
Page Vault, Esquify
9
Founders Fund (2 Investments)
ZenBusiness, LawPal
10
EARLY STAGE
Foundry Group (2 Investments)
HelloSign, Modria
1
Khosla Ventures(2 Investments)
Judicata, Airhelp
2
8VC
Casetext
3
Andreessen Horowitz
Everlaw
4
Accel Partners
Ironclad
5
Adara Ventures
4iQ
6
Aleph Venture Capital
LawGeex
7
Aligned Partners Venture Services
CloudLex
8
Alven
Concord
9
AME Cloud Ventures
FiscalNote
10
LATE STAGE
Bessemer Venture Partners (2
Investments)
Anaqua, Clio
1
HgCapital(2 Investments)
Mitratech, STP Informationstechnologie
2
645 Ventures
FiscalNote
3
Acton Capital Partners
Clio
4
ATP Private Equity Partners
Consilio
5
Bain Capital Ventures
DocuSign
6
BBVA Ventures
DocuSign
7
B Capital Group
Icertis
8
Bluestem Capital
SpringCM
9
Bridge Investments
QDiscovery
10

Legal Tech > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Legal Tech; Last 5 years (May 2013-May 2018)
Most Active Ecosystem Investors
INCUBATOR
500 Startups(16 Investments)
Wevorce, LawTrades, Ironclad
1
Y Combinator(12 Investments)
HelloSign, Casetext, SimpleLegal
2
Techstars(6 Investments)
Wevorce, NexLP, Vector Legal Method
3
NDRC(4 Investments)
Brightflag, Oathello, Vizlegal
4
Plug and Play Tech Center(4 Investments)
FiscalNote, Tomorrow, Bouju
5
Boost VC(3 Investments)
Stampery, Visabot, Bitproof
6
Startupbootcamp(3 Investments)
Signaturit, Seal Agreements, ProofofYou
7
UpWest Labs(2 Investments)
Seegnature, ModusP
8
Acceleprise
PactSafe
9
AngelPad
UpCounsel
10
OTHER NOTABLE INVESTORS
Nextlaw Labs(7 Investments)
ROSS Intelligence, Doxly, Apperio
1
Kima Ventures(4 Investments)
Modria, Doctrine.fr, LawPal
2
The Carlyle Group(3 Investments)
DTI, KLDiscovery, LDiscovery
3
Iconiq Capital(2 Investments)
DocuSign, Relativity Technologies
4
Mainsail Partners(2 Investments)
Forensic Logic, Ncontracts
5
Recruit Holdings(2 Investments)
DocuSign, LawGeex
6
Vista Equity Partners(2 Investments)
Zapproved, Mitratech
7
37 Angels
Hire An Esquire
8
Acacia
Iamip
9
AfterDox
BrandShield
10
DEBT INVESTORS
The North West Fund(2 Investments)
Datalaw, Rekoop
1
Wellington Financial(2 Investments)
SpringCM, Exari
2
Enterprise Ventures
Datalaw
3
Hercules Capital
DocuSign
4
Silicon Valley Bank
Recommind
5

Legal Tech > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/2)

Legal Tech > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (2/2)

Legal Tech > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
35
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Market Deep Dive

Some more Sector Reports you might want to check out
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Apr 2018
HRTech
Apr 2018
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Apr 2018

For any Feedback and Query reach out to MyAnalyst@tracxn.com.Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
Feed Report - Legal Tech - May 201837 Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
Marketmap: Legal Tech Legal Tech > Market Details > BlueBox

Key Sub Sectors (1/2)
38
Key Sub Sectors in Legal Tech
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Companies offering contract lifecycle management platform which spans across contract
creation, review, tracking and management
Nextance (2000, Austin, Acquired)
240 70 $951M
eDiscovery
Companies offering a platform to manage emails, documents, and media files for litigation
process throughout Electronic Discovery Reference Model (EDRM)...
Acquired)
130 52 $658M
Companies offering online DIY legal form services for individuals, SMBs, and Enterprises
LegalZoom (2001, Glendale, Public)
Rocket Lawyer (2008, San Francisco,
$53.4M)
179 43 $377M
Companies offering solutions for IP management including filing, tracking, analytics, anti-
counterfeit management etc.
Anaqua (2004, Boston, Acquired)
Red Points (2011, Barcelona, $14.2M)
174 59 $349M
Companies offering legal services marketplace for connecting consumers, businesses,
attorneys and lawyers
Avvo (2006, Seattle, Acquired)
357 58 $203M
Law Enforcement
Companies offering law enforcement software for law enforcement agencies
Mark43 (2012, New York City, $77.8M)
FiscalNote (2013, Washington D.C., $28.2M)
23 6 $130M
Companies offering legal practice management platform for end to end client intake to
invoicing with features to manage cases, clients, documents, bills,...
Clio (2008, Burnaby, Acquired)
SimpleLegal (2013, San Francisco, $11.7M)
431 52 $101M
Legal Research
Companies offering legal database resources & analytics to help lawyers to make data-driven
decisions about case strategy and tactics for analyzing a...
Lex Machina (2009, Menlo Park, Acquired)
Casetext (2013, Palo Alto, $20.8M)
160 35 $84.1M
Legal Tech > Market Details > Key Sub Sectors

Key Sub Sectors (2/2)
39
Key Sub Sectors in Legal Tech
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Companies offering legal suite solutions for end-to-end enterprise legal practice management,
contract management, eDiscovery, contract, Intellectual...
Mitratech (1987, Austin, Acquired)
Onit (2009, Houston, $21.4M)
22 6 $56.9M
Dispute Resolution/Claims Management
Companies offering out-of-court dispute resolution platform for small claim cases
Modria (2011, San Jose, Acquired)
Airhelp (2013, New York City, $17.1M)
78 22 $48.6M
Legal Tech > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/7)
40
Legal Tech > Market Details > Detailed Sector Taxonomy

41

42

43

44

45

46

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(+4)
Legal Contract Management > Contract Analytics & Due Dilligence
Companies offering an AI based platform for reviewing, parsing and tagging documents
(Companies covered 47 | Funded 16 | Total Funding $71.1M)
$47.3M
(+$36.9M)
11
(+4)
LawGeex
(2014, Tel Aviv, $22.3M)
2
(+1)
Legal Contract Management > Contract Lifecycle Management
Companies offering an end-to-end contract management platform
(Companies covered 71 | Funded 17 | Total Funding $286M)
$123M
(+$89.3M)
8
(-)
Icertis
(2009, Seattle, $96M)
3
(+6)
Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit
Companies offering brand protection & anti-counterfeit management solutions related to core IP
$43M
(+$40.9M)
9
(+3)
4iQ
4
(-3)
Legal Contract Management > Contract Creation > e-Signature
Companies offering contract digital signature management solutions to convert them into legally
binding documents
$29.7M
(-$372M)
11
(+2)
HelloSign
5
(-2)
eDiscovery > SaaS > Review & Analytics
Companies offering SaaS based eDiscovery review & analytics platform
$53.3M
(-$100M)
8
(+1)
Disco
(2012, Houston, $50.6M)
6
(-)
Legal Contract Management > Contract Creation
Companies designing templates for creating contract forms
$21.3M
(+$16.6M)
7
(-)
Concord
(2015, San Francisco, $23.5M)
7
(+1)
Legal Research > Analytics
Companies developing platform for analytics on lawyers, judges etc
$13.8M
(+$10M)
8
(+3)
ROSS Intelligence
47
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/2)
Top Markets by Funding in Legal Tech in last 2 years (May 2016 - April 2018)
Legal Tech > Market Details > Top Markets of Investment Activity

Top Markets of Investment Activity (2/2)
Legal Tech > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
eDiscovery > SaaS
Companies offering SaaS based eDiscovery solutions
(Companies created 12 | Funded 5 | Total Funding $62.4M )
1 Logikcull (2004, San Francisco, $42.5M)
2
Legal Contract Management > Contract Creation > e-Signature
Companies offering contract digital signature management solutions to convert them into legally binding
documents
(Companies created 53 | Funded 18 | Total Funding $565M )
1 HelloSign (2011, San Francisco, $16M)
3
Dispute Resolution/Claims Management > Air Tickets
Companies offering dispute resolution platform for air ticket claims
1 Airhelp (2013, New York City, $17.1M)
4
Lawyer's Marketplace > Listing & Booking > Listing > Online Notary
Companies offering an electronic notarization system
1 Notarize (2015, Virginia, $29.4M)
5
Legal Contract Management > Contract Analytics & Due Dilligence
Companies offering an AI based platform for reviewing, parsing and tagging documents
1 Ironclad (2014, San Francisco, $13.3M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
49
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (May 2016 - April 2018)
Legal Tech > Market Details > Top Markets of Early Stage Investors

Rank Market
Last 2 Years
# of Comp Founded $ Invested # Round Top Funded Company
1
Lawyer's Marketplace > Consultation
Companies offering an online legal consultation platform
24 $571k
(+$571k)
3
(+3)
Edicted
(2014, Bremen, $221k)
2
Lawyer's Marketplace > Listing & Booking > Listing
Companies offering a pure-play lawyer listing platform
28 $0
(0)
1
(+1)
Lexdir
(2014, Espana, $420k)
50
Other Notable Markets with high Entrepreneurial Activity in Legal Tech in last 2 years (May 2016 - April 2018)
Legal Tech > Market Details > Other Notable Markets

Incubators Y Combinator (#1)
Seed Lool Ventures (#1), LionBird (#1)
Series A/B Foundry Group (#1), Aleph Venture Capital (#1)
Series C+
None
$12M - Series B
$2.4M - Seed
$10M - Series A
Luminance AI (2015, Cambridge,
$13M)
$1.9M - Series A
$8M - Series A
Ironclad (2014, San Francisco, $13.3M)
$7M - Series A
$300k - Seed
Series A
Luminance AI (2015, Cambridge,
$13M)
Seed
$2.8M - Seed
Apr 2018
Luminance extends AI platform to regulatory compliance
work, Global Legal Post
Apr 2018
Legal SaaS AI Platform LawGeex Raises $12 Million in New
Funding, PR Newswire
Mar 2018
Lawyaw uses AI to help lawyers draft documents faster,
Technology Thrill
Mar 2018
Thomson Reuters collaborate with eBrevia for AI-driven
contract remediation, Finextra
Mar 2018
AI Faster and More Accurate at Analyzing Contracts Than
Top Lawyers, Disruptor Daily
Jan 2018
NetDocuments Announces AI Marketplace with Kira Systems
Participation, Legal IT Professionals
Dec 2017 Heretik attracts $2.4 mln seed, PE Hub
Nov 2017
Talis leads $10m series-A for AI legal firm Luminance,
Unquote
Oct 2017
Ironclad Looks to Expand Following $8 Million Series A
Round, Legaltech News
Sep 2017
ThoughtRiver's AI contract analysis technology aims to
disrupt how business contracts are reviewed, RealWire
May 2017
$1m fundraise for regtech leader ThoughtRiver, UK Business
Angels Association
May 2017 ONE Discovery Partners With ayfie, Citybizlist
Jan 2017
Cyril Amarchand Mangaldas in pact with software solutions
firm Kira Systems, Livemint
Dec 2016 Luminance Secures Funding from Talis Capital, FinSMEs
News
0
1
2
3
4
5
6
7
$0k
$5M
$10M
$15M
$20M
$25M
$30M
$35M
2014 2015 2016 2017 2018
YoY Funding Rounds
-
2
6
16
47
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Legal Contract Management > Contract Analytics & Due Dilligence: Market Factsheet
Market: Contract Analytics & Due Dilligence
51
Exits
Recent Investments
YoY Funding and Rounds
Companies offering an AI based
platform for reviewing, parsing
and tagging documents
LawGeex
(2014, Tel Aviv, $22.3M)
Ironclad
Luminance AI
(2015, Cambridge, $13M)
Brightleaf
(2006, Westwood, $6.9M)
Leverton
(2012, Berlin, $5.5M)
Top Companies
#1 Top Markets of Investment Activity
Legal Tech > Market Details > Market: Contract Analytics & Due Dilligence
Companies Created 47 | Funded 16 | Total Funding $71.1M

Legal Contract Management > Contract Analytics & Due Dilligence: Top Companies
Analyst’s Pick
Minicorn. Stage: Series B
Aleph Venture Capital, Lool Ventures, LionBird,
Recruit Holdings
Ironclad (2014, San Francisco, $13.3M)
Automated legal paperwork
Editor's Pick. Stage: Series A
Accel Partners, Y Combinator, 500 Startups and 4
Other Investors
Minicorn. Stage: Series A
Talis Capital, Invoke Capital, Slaughter and May
Leverton (2012, Berlin, $5.5M)
Intelligent Information Extraction
Birchmere Labs, Carnegie Mellon University,
Birchmere Ventures
Analyst’s Pick
Legal contracts reviewing platform
Minicorn. Stage: Seed
Corazon Capital, Chicago Ventures
eBrevia (2011, Stamford, $2M)
Machine learning to automate contract review in
due diligence, lease abstraction, contract mgmt, &
doc drafting.
Connecticut Innovations, Rothenberg Ventures
Counselytics (2013, New York City, $850k)
contract review using Machine Learning
Minicorn. Stage: Acquired
Great Oaks Venture Capital, Compound
Nextlaw Labs, GTAN, Creative Destruction Lab,
Seedcamp
Crux IQ (2016, Chennai)
Intelligent contract analytics
Minicorn. Stage: Unfunded
Analyst’s Pick
Kira Systems (2011, Toronto)
Contract automation
Legal Robot (2015, San Francisco)
AI for contract review
Seedcamp
Ayfie (2016, New York City)
Text analytics and enterprise search platform
Editor's Pick. Stage: Unfunded
doXai (2015, Tel Aviv)
Legal Document Analysis
Lawyaw (2016, San Francisco)
AI enbaled solutions for legal document drafting
LexaTexer (2013, Berlin)
Predictive analytics solutions for multiple
industries

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
53
Legal Contract Management > Contract Analytics & Due Dilligence: Leaderboard
Better than Market Average
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Ironclad 2014
San
Francisco
Series A $13M - - - 4 3 1.1M 128 - - 456k 87% - - 41 44%
4.9 Kira Systems 2011 Toronto Unfunded - - - - 4 9 666k 3.1k - - 9k 1% - - 359 14%
4.8 reDock 2016 Ottawa Funded - - - - 4 - 8M 190 - - 4M 67% - - 61 47%
4.7 Heretik 2017 Chicago Seed $2M - - - 4 1 8.3M 165 - - -3.2M -27% - - 91 124%
4.5 Luminance AI 2015 Cambridge Series A $13M - - - - 16 1.4M 1.2k - - 279k 26% - - 397 52%
4.4 Lawyaw 2016
San
Francisco
Unfunded - - - - 4 1 939k 1.4k - - -1.4M -59% - - 45 3%
4.3 LawGeex 2014 Tel Aviv Series B $22M - - - - 4 516k 1.7k - - -757k -59% - - 435 35%
4.2 eBrevia 2011 Stamford Seed $2M - - - - 1 3.6M 1.4k - - 439k 15% - - 64 5%
4.1 LegalSifter 2013 Pittsburgh Series A $5M - - - - 3 3.5M 652 - - -2.6M -43% - - 100 18%
4.0 Lawgarithm 2017 Paris Unfunded - - - - 4 - - 5 - - - - - - 3 150%
3.9 Leverton 2012 Berlin Series A $6M - - - - 1 5.5M - - - 82M
7315
%
- - - -
3.8 Legal Robot 2015
San
Francisco
Seed - - - - - - 2.3M 3 - - 634k 42% - - 1 50%
3.6 Ayfie 2016
New York
City
Unfunded - - - - 3 9 4.5M 693 - - -3.4M -66% - - 42 6%
3.5
Contract
Wrangler
2016 San Mateo Unfunded - - - - 4 - 7.4M 18 - - 2M 17% - - - -

Incubators CyLon (#1), Start-Up Chile (#1)
Seed Point Nine Capital (#1), Seedcamp (#1)
Series A/B Foundation Capital (#1), North Bridge (#1)
Series C+ Crestline Investors (#1), Bluestem Capital (#1)
Nextance Sep - 2007
Acq by Versata
$3.6M - Series A
Parley Pro (2014, Menlo Park, $3.6M)
$2M - Seed
Juro (2016, London, $2M)
$50M - Series D
$84.9k - Series A
Seal Software (2010, San Francisco,
$4.1M)
$25M - Series C
$25M - Series E
$18.5k - Seed
MyDocSafe (2013, Bedford, $235k)
$17.5M - Series D
$4.3M - Series D
$14.9M - Series B
$217k - Angel
MyDocSafe (2013, Bedford, $235k)
Apr 2018 Juro grabs $2M to take the hassle out of contracts, TechCrunch
Feb 2018 Icertis Secures $50 Million In Series D Funding, Reuters
Jan 2018
ContractSafe announces GDPR-compliant contract
management tool for SMB market, PRWeb
Jan 2018
SpringCM Releases New Study That Examines Contract
Management Usage and Challenges, PR Newswire
Dec 2017
Seal Software and State of Flux Parner to tackle GDPR
regulations, ReadITQuik
Sep 2017
Pramata and ContractRoom Announce Strategic Partnership
and Integrated Solution to Fill Void in Contract Management
Space, GlobeNewswire
Aug 2017
Icertis Selected By Sanofi (SNY) To Digitally Transform Its
Contracting Foundation, BioSpace
Jun 2017
Wellington Financial LP Provides US$24 Million Debt
Financing Commitment to Contract ..., Business Wire
May 2017
Icertis may expand operations in Europe, Asia-Pacific,
Indiatimes
May 2017
Susquehanna Growth Equity-backed iContracts Acquires
PolicyStat, Citybizlist
May 2017 iContracts buys PolicyStat, PE Hub
Apr 2017
Seal Software Appoints Industry Leader to Drive Customer
Success, Bobsguide
Apr 2017
Seal Software Announces Partnership with Coin Sciences,
Legal IT Professionals
Mar 2017 Icertis Secures $25M in Series C, VC News Daily
News
0
1
2
3
4
5
6
$0k
$10M
$20M
$30M
$40M
$50M
$60M
2014 2015 2016 2017 2018
YoY Funding Rounds
1
4
9
17
71
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Legal Contract Management > Contract Lifecycle Management: Market Factsheet
Market: Contract Lifecycle Management
54
Exits
Recent Investments
Companies offering an end-to-end
contract management platform
SpringCM
(2005, Chicago, $113M)
Icertis
(2009, Seattle, $96M)
Nextance
(2000, Austin, $52.4M)
Exari
(2000, Boston, $10M)
Seal Software
Top Companies
Legal Tech > Market Details > Market: Contract Lifecycle Management
Companies Created 71 | Funded 17 | Total Funding $286M

Legal Contract Management > Contract Lifecycle Management: Top Companies
Analyst’s Pick
Crestline Investors, Foundation Capital, North
Bridge and 9 Other Investors
Soonicorn. Stage: Series D
Capital Group and 5 Other Investors
Seal Software (2010, San Francisco, $4.1M)
Contract analysis: Clause extraction and review
Tern, Toba Capital, Kreos Capital
Juro (2016, London, $2M)
Contract management solutions
Editor's Pick. Stage: Seed
Point Nine Capital, Seedcamp

56
Legal Contract Management > Contract Lifecycle Management: Leaderboard
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0
Cobblestone
system
1995
Philadelphi
a
Unfunded - - 5 - - 1 1.5M 835 825 7 682k 87% - - 436 108%
4.9 SpringCM 2005 Chicago Series E $113M - 5 - - 10 177k 1.9k 750 21 -10k -5% - - 92 5%
4.8 Icertis 2009 Seattle Series D $96M - 5 - - 18 444k 802 825 16 -121k -21% - - 96 14%
4.8 Juro 2016 London Seed $2M - - - 3 1 1.9M 902 - - -208k -10% - - 139 18%
4.7
Advanced
Software
Concepts
1992 Ottawa Unfunded - - 4 - - - 4.8M - 750 4 2M 33% - - - -
4.6 Quickly Legal 2015 Chicago Unfunded - - 4 - - - 6.5M 18 8k 11 -3.6M -35% - - 3 16%
4.5 Seal Software 2010
San
Francisco
Series A $4M - - - - 6 1.1M 799 - - -93k -9% - - 126 19%
4.5 MyDocSafe 2013 Bedford Seed $235K - - - - - 1.6M 1.7k - - 451k 40% - - 92 6%
4.4 2Agree 2009 Nijmegen Unfunded - - - 2 2 - - 31 7 - - - - - - -
4.3 Contract Room 2012 San Mateo Seed $1M - - - - 1 2.2M 1.5k - - 119k 6% - - 17 1%
4.2 Exari 2000 Boston Series A $10M - - - - 4 1.5M 1.3k - - -214k -13% - - 38 3%
4.2 Lexigone 2016 Toulouse Unfunded - - - - 4 - 10M 202 - - - - - - 49 31%
4.1 Legisway 1990
La
Garenne-
colombes
Unfunded - - - - 3 - 3.9M 242 - - 2M 57% - - -2 -1%
4.0 Parley Pro 2014 Menlo Park Series A $4M - - - - - 9.1M 104 - - 13M 172% - - - -

Incubators Mistletoe (#1), Y Combinator (#1)
Seed Trident Capital (#1), Asahi Shimbun (#1)
Series A/B Focus Ventures (#1), Foundation Capital (#1)
Series C+
NetNames Oct - 2011
Acq by HgCapital for $237M
$12M - Series B
$1.1M - Series A
BrandShield (2010, Ramat Hasharon,
$2.5M)
$3.2M - Series A
$345k - Seed
$950k - Seed
Binded (2016, San Francisco, $1.5M)
$5.5M - Series A
AppDetex (2011, Boise, $11.6M)
$3.7M - Series A
AppDetex (2011, Boise, $11.6M)
$14M - Series A
$2.2M - Series A
Series A
DomainSkate (2012, New York City)
$164k - Seed
May 2018
Startup Image Protect Starts Blockchain Transformation of
the Digital Content Industry, Coinspeaker
Jan 2018 Red Points takes $12M to help brands beat fakes, TechCrunch
Dec 2017
Image Protect Inc. Achieves 300% Efficiency Increase in
Infringement Case Settlement Time; Core software
engineering breakthrough expedites average case settlement
time to 46 Days, GlobeNewswire
Dec 2017
Blenheim Natural Resources Buys BrandShield Stake Amid
Blockchain Deal, London South East
Dec 2017
Security company discovers database of 1.4B user
credentials on the dark web, SiliconAngle
Dec 2017
Red Points is helping brands win the war against
counterfeiters, Silicon Republic
Dec 2017
Image Protect Inc. Announces Historic Rise in Current Active
Infringement Cases, NewMediaWire
Nov 2017 Barmak Meftah Joins 4iQ Board of Directors, PR Newswire
Nov 2017
NAFCU Services Selects BrandProtect as Preferred Partner
for Cyber Threat Intelligence and Brand Protection, Citybizlist
Oct 2017
Capital Art (CAPA) Selects Image Protect (IMTL) to Monitor
its Distinguished Collection of Iconic Celebrity Imagery,
Marketwired
Jul 2017
Mumbai Based Startup IPHawk Raises Funding At TiE
Mumbai SmashUp 7.0, Inc42
Jul 2017
AppDetex Expands in Boise with a New Location, Website
and Revamped Logo, Press Release Rocket
Jun 2017 MUSO Raises GBP2.5m in Series A round, Private Equity Wire
News
0
1
2
3
4
5
6
$0k
$5M
$10M
$15M
$20M
$25M
2014 2015 2016 2017 2018
YoY Funding Rounds
1
-
10
21
49
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit: Market Factsheet
Market: Brand Protection & Anti-Counterfeit
57
Exits
Recent Investments
Companies offering brand
protection & anti-counterfeit
management solutions related to
core IP
Red Points
(2011, Barcelona, $14.2M)
4iQ
Cyveillance
(1997, Reston, $14M)
MarkMonitor
AppDetex
(2011, Boise, $11.6M)
Top Companies
Legal Tech > Market Details > Market: Brand Protection & Anti-Counterfeit

Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit: Top Companies
Analyst’s Pick
Brand protection and anti piracy solution
Editor's Pick. Stage: Series B
Northzone, Mangrove Capital Partners, Banc
Sabadell
Big data analytics & machine learning based threat
intelligence platform
Trident Capital Cybersecurity, Adara Ventures,
Telefónica Open Future and 2 Other Investors
MarkMonitor (1999, San Francisco, $12M)
Online brand & reputation monitoring & protection
for enterprise
Editor's Pick. Stage: Acquired
Focus Ventures, Foundation Capital, IVP and 2
Other Investors
Online Anti Piracy Platform
Harwell Capital
Analyst’s Pick
digital rights management
Casalini Zambon, TIM Ventures, Club Italia
Investimenti 2, Custodi di Successo
Adversarial (2014, San Francisco)
Enterprise threat protection platform
Bouju (2012, Los Angeles)
Enterprise brand protection
Minicorn. Stage: Funded
BAM Ventures, Plug and Play Tech Center
Counterfeit.Technology (2014, Trevose)
Software for copyrights protection
Protect.ly (2015, Edinburgh)
Anti-piracy DMCA service to protect products from
online piracy!
ImageProtect (2013, San Clemente)
Online Image tracking
Analyst’s Pick
IPHawk (2017, Thane)
Cloud-hosted AI-enabled IP protection platform
Editor's Pick. Stage: Funded
TiE Mumbai's SmashUp 7.0

59
Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit: Leaderboard
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Copyrobo 2014
Ho Chi
Minh City
Unfunded - - 4 - - 1 3.5M 621 3k 24 3M 333% - - 715 244%
4.9 Red Points 2011 Barcelona Series B $14M - - - 5 3 251k 2.4k - - -21k -8% - - 561 31%
4.8 Binded 2016
San
Francisco
Seed $2M - - - 5 1 620k 2.1k - - 83k 16% - - 3 -
4.7 MarkMonitor 1999
San
Francisco
Acquired $12M - - - - 1 108k 3k 300 - 18k 20% - - 137 5%
4.6 MUSO 2009 London Series A $3M - - - - 2 705k 1.1k - - 138k 25% - - 17 2%
4.5 Cyveillance 1997 Reston Acquired $14M - - - - - 8.8M 7 - - 4M 53% - - 3 61%
4.4 BrandShield 2010
Ramat
Hasharon
Series A $3M - - - - 1 2M 176 - - -85k -4% - - 95 114%
4.3 QuickDMCA 2015 Longwood Unfunded - - 3 4 4 - 10M - 7 1 -2.5M -12% - - - -
4.1 Kopjra 2014 Bologna Seed $164K - - - - 1 10M 221 - - 8M 156% - - 5 2%
4.0 Topple Track 2011 Asheville Acquired $500K - - - - 1 10M 260 - - 11M 242% - - -10 -4%
3.9 Blockverify 2014 London Seed - - - - - - 2.3M 4k - - 387k 22% - - 1.9k 91%
3.8 Copypants 2015 Vancouver Unfunded - - - - 4 - 2.6M 122 - - 384k 20% - - 1 -
3.7 AppDetex 2011 Boise Series A $12M - - - - 3 937k 128 - - -798k -44% - - 10 8%
3.6 BrandProtect 2001 Toronto Funded - - - - - 2 6.3M 982 - - 5M 404% - - 18 2%
3.5 NetNames 1995 London Acquired - - - - - - 436k 1.9k - - 157k 61% - - -16 -1%

Market: e-Signature
60
Legal Tech > Market Details > Market: e-Signature

Market: e-Signature

Market: Review & Analytics
63
Legal Tech > Market Details > Market: Review & Analytics

Market: Contract Creation
66
Legal Tech > Market Details > Market: Contract Creation

Market: Analytics
69
Legal Tech > Market Details > Market: Analytics

Market: Analytics

Market: SaaS
72
Legal Tech > Market Details > Market: SaaS

Market: SaaS

Market: Patent Analytics & Management
75
Legal Tech > Market Details > Market: Patent Analytics & Management

Market: Legal Research Assistant
78
Legal Tech > Market Details > Market: Legal Research Assistant

Market: Suite
81
Legal Tech > Market Details > Market: Suite

Market: Suite

Market: Air Tickets
84
#3 Top Markets of Early Stage Investors
Legal Tech > Market Details > Market: Air Tickets

Market: Air Tickets

Market: Online Notary
87
Legal Tech > Market Details > Market: Online Notary

Market: Consultation
90
#1 Other Notable Markets
Legal Tech > Market Details > Market: Consultation

Market: Listing
93
Legal Tech > Market Details > Market: Listing

Market: Listing

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
96
Notable Acquisitions
Top Acquirers
Acqui-hires

Public companies
98
Performance indicators of public companies in Legal Tech
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Jun 2002
Thomson Reuters (1800, New York City)
Enterprise solutions for financial, risk, legal, tax and accounting
$11.2B NYSE:TRI
May 1996
FTI Technology (1982, Washington D.C.)
FTI Technology: Software & Solutions for E-discovery
$1.8B 29.91 FCN
LegalZoom (2001, Glendale)
WSE:LGZ
Wolters Kluwer (1836, The Hague)
Suites for Legal office management and accounting firms.
WKL
Stratify (1999, Mountain View)
Legal Tech > Exit Outlook > Public Companies

Notable Acquisitions (1/4)
99
Notable Acquisitions in Legal Tech
Legal Tech > Exit Outlook > Notable Acquisitions
2018 YTD
Acquirer: HGGC Deal: $555M
RPX Corporation (2008, San Francisco)
Patent Risk Solutions
Acquirer: CloudNine
LexisNexis (1973, Albany)
Enterprise Legal Management.
Acquirer: Internet Brands
Avvo (2006, Seattle, $132M)
Legal marketplace, lawyer's directory, Q&A forum
and legal marketing
2017
Acquirer: Anaqua
Lecorpio (2006, Fremont, $25M)
IP Management
2016
Acquirer: Strait Lane Capital Partners
File & Serve Xpress (2012, Irving, $28.3M)
Online document exchange services and payment
solutions for legal professionals
Acquirer: LDiscovery Deal: $410M
Kroll Ontrack (1985, Minneapolis)
Data recovery and discovery management
Acquirer: Omers Deal: $1.0B
Epiq Systems(1988, Kansas City)
eDiscovery Services and Suite
Acquirer: OpenText Deal: $163M
SaaS based Legal hold software for ediscovery

100
2015
Acquirer: TA Associates Management
Acquirer: Epiq Systems Deal: $134M
Iris (2007, Olathe)
Legal Services
2014
Acquirer: KLDiscovery Deal: $70M
RenewData (2001, Austin, $41.4M)
eDiscovery service provider
2013
Acquirer: Insight Venture Partners
Anaqua (2004, Boston, $125M)
Asset management (IAM) software solution

101
2012
Acquirer: IBM
StoredIQ (2001, Austin, $41.8M)
eDiscovery and Information Management
Acquirer: TransPerfect
Digital Reef (2003, Boxborough, $20M)
Early case assessment for eDiscovery solutions
Acquirer: Cinven Deal: $1.5B
CPA Global (1969, Saint Helier, $20.6M)
IP Management
2011
Acquirer: HgCapital Deal: $237M
NetNames (1995, London)
Online brand protection & domain name
management
Acquirer: Epiq Systems Deal: $100M
Encore Discovery Solutions (2003, Phoenix)
Encore Discovery Solutions
2010
Acquirer: IBM
PSS Systems(2004, Mountain View, $47M)
legal holds and retention practices

102
2009
Acquirer: Broadridge Financial Solutions
AccessData (1987, Lindon, $20M)
Digital forensics and e-discovery solutions.
Before 2008
Acquirer: Micro Focus Deal: $10M
$136M)
eDiscovery ERDM process management
Acquirer: Versata
Nextance (2000, Austin, $52.4M)
Enterprise contract management software
Acquirer: Cantaro
Clio (2008, Burnaby, $27M)
Cloud-based legal practice management solutions
for SMBs

Most Active Acquirers
103
Legal Tech > Exit Outlook > Most Active Acquirers

Date Target
Dec-15 Cyveillance Acq by LookingGlass
Dec-15
Proven Legal Technologies Acq by
Consilio
Nov-15 Innography Acq by CPA Global
Nov-15 Lex Machina Acq by LexisNexis
Oct-15 PacerMonitor Acq by Covenant Review
Oct-15
Business Integrity Acq by Thomson
Reuters
Sep-15 Loislaw Acq by Fastcase
Sep-15 CliXLEX Acq by Riverview Law
Aug-15 CaseTrack Acq by Mitratech
Aug-15
Consilio Acq by Shamrock Capital
Advisors
Jul-15 Effacts B.V. Acq by Wolters Kluwer
Jul-15 Bridgeway Software Acq by Mitratech
Jun-15
Topple Track Acq by Symphonic
Distribution
Apr-15 Shake Acq by LegalShield
Acqui-hires (1/2)
104
List of Acqui-hires in Legal Tech
Excludes all details for Chinese companies
Date Target
Apr-18 TotalDiscovery Acq by Catalyst
Apr-18 Counselytics Acq by Conga
Mar-18 AlphaTrust Acq by iPipeline
Mar-18 Advanced Discovery Acq by GI Partners
Jan-18 Docket Alarm Acq by Fastcase
Nov-17 ThreadKM Acq by NetDocuments
Nov-17 Allegory Acq by Integreon
Nov-17 HotDocs Acq by AbacusNext
Oct-17 NuLegal Acq by DTI
Jul-17 TrialWorks Acq by Ridge Road Partners
Jun-17 Ravellaw Acq by LexisNexis
May-17 Modria Acq by Tyler Tech
Jan-17 Omtool Acq by Upland Software
Sep-16
Microsystems Acq by K1 Investment
Management
Date Target
Jun-16 Fixed Acq by y LAWGIX INC
May-16 Lawin1 Acq by MyeCA
Apr-16 Norwel Acq by Civica
Apr-16 Novatus Acq by Conga
Apr-16 AcclaimiP Acq by Anaqua
Mar-16 Content Analyst Acq by kCura
Mar-16 Viewabill Acq by Mitratech
Mar-16 Clearpath Acq by L1bre
Feb-16 LawFarm Acq by Lawr.co
Feb-16 CMA Contiki Acq by Exari
Jan-16 Rekoop Acq by Intapp
Jan-16
Orange Legal Technologies Acq by Xact
Data Discovery
Jan-16 Contractual Acq by Coupa
Jan-16 LDiscovery Acq by The Carlyle Group
Legal Tech > Exit Outlook > Acqui-hires

Date Target
Oct-10 Serengeti Law Acq by Thomson Reuters
Jul-10 Veritext Acq by Investcorp
Jun-10
Liquid Machines Acq by Check Point
Software
Oct-09 Sophoi Acq by Oracle
Jul-08 Discovery Mining Acq by Interwoven
Jun-08 Attenex Acq by FTI Consulting
Jun-06 MiCase Acq by Business & Decision
Jun-05 Aderant Acq by Francisco Partners
May-04 Verilaw Technologies Acq by LexisNexis
Ipro Tech Acq by ParkerGale
E-STET Acq by Ernst and Young
Acqui-hires (2/2)
105
List of Acqui-hires in Legal Tech
Excludes all details for Chinese companies
Date Target
Apr-15 Prodagio Acq by Gimmal
Feb-15 Total Attorneys Acq by Internet Brands
Feb-15 FreelanceLaw Acq by Montage Legal
Jan-15 Equivio Acq by Microsoft
Jan-15
Sky Analytics Acq by Huron Consulting
Group
Sep-14 Smartlaw Acq by Wolters Kluwer
Sep-14 Eclipse Legal Acq by Capita
Aug-14 Quolaw Acq by vLex
Aug-14 AttorneyFee Acq by LegalZoom
Jul-14 PatentCore Acq by Reed Tech
May-14 TyMetrix Acq by Wolters Kluwer
Apr-14 Web IP Acq by NetNames
Apr-14 Datacert Acq by Wolters Kluwer
Oct-13 Pantros IP Acq by IP.com
Date Target
Sep-13 CitizenHawk Acq by Wolters Kluwer
Sep-13 Corsearch Acq by Wolters Kluwer
May-13 CudaSign Acq by Barracuda
Feb-13 FirstToFile Acq by CPA Global
Jan-13 LawPivot Acq by Rocket Lawyer
Jul-12 MarkMonitor Acq by Thomson Reuters
Jul-12 LeteralData Acq by Xerox
Jun-12 RealPractice Acq by ReachLocal
Apr-12
Driven Acq by Conversion Venture
Capital
Mar-12 Ivize eDiscovery Acq by Modus
Feb-12 CaseCentral Acq by Guidance Software
Dec-11 DTI Acq by Harvest Partners
Oct-11 BayTSP Acq by Irdeto
May-11 Nolo Acq by Internet Brands
Legal Tech > Exit Outlook > Acqui-hires
View all 81 Acqui-hired companies on Tracxn Platform

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
106
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

Legal Tech > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in Legal Tech; Last 5 years (May 2013 - Apr 2018)
Index of Most Active VC & PE Investors
SEED STAGE
Seedcamp (4 Investments)
SV Angel (3 Investments)
Crosslink Capital (3 Investments)
Seed Capital (3 Investments)
Right Side Capital Management (3 Investments)
Greycroft Partners (2 Investments)
Founders Fund (2 Investments)
Slow Ventures (2 Investments)
Foley Ventures (2 Investments)
Draper Associates (2 Investments)
Collaborative Fund (2 Investments)
Structure Capital (2 Investments)
Ulu Ventures (2 Investments)
AGO Partners (2 Investments)
General Catalyst Partners
EARLY STAGE
Foundry Group (2 Investments)
Khosla Ventures (2 Investments)
Ignition Partners
Accel Partners
Greycroft Partners
Eight Roads Ventures
Bessemer Venture Partners
Govtech Fund
Sound Ventures
New Enterprise Associates
LiveOak Venture Partners
Innovation Endeavors
OpenView
Visionnaire Ventures
M2O
LATE STAGE
Bessemer Venture Partners (2 Investments)
HgCapital (2 Investments)
Sapphire Ventures
GV
Bain Capital Ventures
Founders Circle Capital
Sands Capital Ventures
Permira investment
BBVA Ventures
Jackson Square Ventures
B Capital Group
Vulcan Capital
Cross Creek Advisors
Meritech Capital Partners
PSP Partners

Seedcamp
109
Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter
Legal Tech > Investors > Seedcamp
People
Investments
[Minicorn] Legal Robot (2015, San Francisco, Seed)
AI for contract review
[Minicorn] Beagle (2014, Toronto, Seed)
[Editor's Pick] Juro (2016, London, $2M, Seed)
Contract management solutions
Legal Tech Notable Portfolio
[Unicorn] TransferWise (2010, London, $397M, Series E)
International money transmitter based on currency swaps
[Unicorn] Revolut (2014, London, $340M, Series C)
Cloud money app for currency exchange.
[Unicorn] UiPath (2005, Bucharest, $150M, Series B)
Robotic process automation software
[Soonicorn] Wefox (2014, Zurich, $33.5M, Series B)
Insurance policy management platform
[Soonicorn] Property Partner (2014, London, $32.6M, Series
B)
Equity based crowdfunding platform for real estate investments
[Minicorn] FishBrain (2010, Gothenburg, $28.5M, Series B)
Mobile social network for fishers
[Minicorn] Poq (2011, London, $23M, Series B)
App commerce platform that enable retailers to create customized
apps
[Minicorn] Cymmetria (2014, Tel Aviv, $10.6M, Series A)
Honeypot based threat detection & deception solution
[Minicorn] BridgeU (2013, London, $8.2M, Series A)
Data-driven admission counselling through predictive analytics
Other Notable Portfolio
Top Exits
Recent News on Fund & Portfolio
Reshma Sohoni
Co-Founder &
Managing Partner
Geographical Spread Stage of Entry
Apr 2018
Juro grabs $2M to take the hassle out of contracts,
TechCrunch
Feb 2018
Apperio finalist for the 'Analytics Project of the Year'
Award at The National Technology Awards, Legal IT
Professionals
Nov 2017
SA legaltech startup Libryo to partner with Swiss regtech
startup Apiax, Ventureburn
Oct 2017
Libryo Secures $1Million Seed Round For Expansion ,
FundingSMEs
Sep 2017
Startup Libryo secures seed-round money for global
companies to understand legal operations, Bdaily
Jul 2017
Two African Startups Make The Digital Switzerland
Kickstart Accelerator, Innovation-village
None
11 1 1 1
2013 2014 2015 2016 2017 2018
Follow On New Investments
1
-
-
-
4
Undisclosed
Series C+
Series B
Series A
Seed2
1
1
1
-
Europe
South Africa
US
Canada

SV Angel
110
Legal Tech > Investors > SV Angel
People
Investments
[Minicorn] UpCounsel (2012, San Francisco, $26M, Series B)
[Minicorn] Casetext (2013, Palo Alto, $20.8M, Series B)
[Unicorn] Snapchat (2011, Los Angeles, $2.6B, Public)
Real-time ephemeral messaging service with a timer
[Unicorn] Pinterest (2009, San Francisco, $1.5B, Series G)
Visual social bookmarking service
[Unicorn] Instacart (2012, San Francisco, $1B, Series E)
Marketplace for same-day grocery delivery
[Unicorn] Zenefits (2013, San Francisco, $584M, Series C)
SaaS HR Platform for SMBs
[Unicorn] Stripe (2010, San Francisco, $511M, Series D)
Web & Mobile Payments for Developers
[Unicorn] Kabbage (2009, Atlanta, $491M, Series F)
Working capital financing for small businesses.
[Unicorn] TransferWise (2010, London, $397M, Series E)
International money transmitter based on currency swaps
[Unicorn] Credit Karma (2007, San Francisco, $370M, Series D)
Aggregator of various consumer financial products.
[Unicorn] Opendoor (2014, San Francisco, $356M, Series D)
Residential re-selling solution provider.
[Unicorn] Warby Parker (2010, New York City, $300M, Series E)
Internet-first brand of eyewear
[Unicorn] Twilio (2007, San Francisco, $240M, Public)
Cloud Communications API provider
Top Exits
Ron Conway
Founder & Co-
Managing Partner
Apr 2018
This NYC Startup Raised $38M to Help The Police Fight
Crime With Software, AlleyWatch
Jul 2017
Casetext Names Andrea Austin as Vice President of Sales,
Business Wire
Jul 2017
Casetext Names Jeroen Plink to Board of Directors,
Business Wire
Mar 2017
Palo Alto startup raises $12M to give lawyers an AI
assistant, The Business Journals
Jul 2015
UpCounsel Raises $10 Million in Series A Funding Led by
Menlo Ventures, PR Newswire
Feb 2015
Casetext Announces $7 Million Series A Round Funding,
PRWeb
Dec 2014
UpCounsel Raises $2.4 Million in Additional Funding Led
by Metamorphic Ventures, Crosslink Capital, PR Newswire
Oct 2013
Online Attorney Marketplace UpCounsel Raises $1.5
Million, Opens Its Patent Practice To All – TechCrunch,
TechCrunch
Jul 2013
Crime-fighting nerds raise $1.95M to bring law
enforcement into modern era, VentureBeat
None
1 1
3
2013 2014 2015 2016 2017 2018
-
-
-
-
3
Undisclosed
Series C+
Series B
Series A
Seed3
-
-
-
-
US

Crosslink Capital
111
Legal Tech > Investors > Crosslink Capital
People
Investments
[Minicorn] UpCounsel (2012, San Francisco, $26M, Series B)
[Minicorn] Casetext (2013, Palo Alto, $20.8M, Series B)
[Unicorn] Casper (2014, New York City, $240M, Series C)
Online direct-to-consumer mattress brand
[Unicorn] Coupa (2006, San Mateo, $169M, Public)
Cloud spend management software
[Soonicorn] Prosper (2005, San Francisco, $410M, Series G)
P2P Lending Marketplace
[Soonicorn] Postmates (2011, San Francisco, $280M, Series E)
On Demand Delivery through Mobile App
[Soonicorn] Personal Capital (2009, Redwood City, $217M,
Series E)
Technology-augmented human advice platform
[Soonicorn] DataStax (2010, Santa Clara, $190M, Series E)
Database Platform built on Apache Cassandra
[Soonicorn] Ayla Networks (2010, Sunnyvale, $124M, Series D)
A platform for hosting connected devices
[Soonicorn] Hired (2012, San Francisco, $103M, Series C)
Marketplace for pre-assessed candidates
[Soonicorn] RichRelevance (2006, San Francisco, $80.6M, Series
F)
Omnichannel Personalisation for Ecommerce
[Soonicorn] ProtectWise (2013, Denver, $73.4M, Series B)
Deep packet inspection & automated retrospection based threat
detection
Top Exits
Sy Kaufman
Founder
Michael Stark
Founder & Partner
Jul 2017
Casetext Names Andrea Austin as Vice President of Sales,
Business Wire
Jul 2017
Casetext Names Jeroen Plink to Board of Directors,
Business Wire
Jul 2017 FairClaims seals $1.8 mln, PE Hub
Mar 2017
Palo Alto startup raises $12M to give lawyers an AI
assistant, The Business Journals
Jul 2015
UpCounsel Raises $10 Million in Series A Funding Led by
Menlo Ventures, PR Newswire
Feb 2015
Casetext Announces $7 Million Series A Round Funding,
PRWeb
Dec 2014
UpCounsel Raises $2.4 Million in Additional Funding Led
by Metamorphic Ventures, Crosslink Capital, PR Newswire
Oct 2013
Online Attorney Marketplace UpCounsel Raises $1.5
Million, Opens Its Patent Practice To All – TechCrunch,
TechCrunch
None
1 1 1
2013 2014 2015 2016 2017 2018
-
-
-
-
3
Undisclosed
Series C+
Series B
Series A
Seed3
-
-
-
-
US

Seed Capital
112
Legal Tech > Investors > Seed Capital

Right Side Capital Management
113
Legal Tech > Investors > Right Side Capital Management

Greycroft Partners
114
Legal Tech > Investors > Greycroft Partners

Founders Fund
115
Legal Tech > Investors > Founders Fund

Slow Ventures
116
Legal Tech > Investors > Slow Ventures

Draper Associates
117
Legal Tech > Investors > Draper Associates

Collaborative Fund
118
Legal Tech > Investors > Collaborative Fund

Structure Capital
119
Legal Tech > Investors > Structure Capital

Ulu Ventures
120
Legal Tech > Investors > Ulu Ventures

General Catalyst Partners
121
Legal Tech > Investors > General Catalyst Partners

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
122
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

Foundry Group
123
Legal Tech > Investors > Foundry Group

Khosla Ventures
124
Legal Tech > Investors > Khosla Ventures

Ignition Partners
125
Legal Tech > Investors > Ignition Partners

Tracxn - Legal Tech Startup Landscape

Tracxn - Legal Tech Startup Landscape

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