Discern, a software-first registered agent that automates state filings, has raised a $10 million Series A funding round led by Walkabout Ventures and Bungalow Capital. The round follows 4x ARR growth in 2025 and brings the company’s total funding to $17.5 million. Discern also powered foreign registrations and multi-state compliance for Stripe Atlas last year.
Discern offers a system of record for legal entity management that reduces time spent on state filings by more than 90%. The company has won the trust of more than 800 clients, including public companies, asset managers with more than $100 billion in assets, and regulated businesses across technology, finance, and healthcare. Discern more than doubled its customer base in the first five months of 2026 as demand grew among CFOs and general counsels responsible for entity compliance.
Vestwell, a retirement-services platform managing over $50 billion in savings, uses Discern to keep seven regulated entities compliant nationwide, cutting annual entity management to minutes. Accolade Partners, a multi-billion dollar venture capital fund of funds, switched to Discern after its legacy provider let entities quietly lapse, cutting its compliance project time by 80%.
In addition to its Registered Agent service, Discern includes an entity management system of record at no extra cost, a feature incumbents typically sell as a paid add-on. The company has digitized more than 10,000 US government filings across hundreds of jurisdictions and recently launched a single-toggle feature for filing Delaware franchise taxes across hundreds of entities at once. The platform is SOC 2 Type 2 certified with role-based controls, single sign-on support, and full audit logging.
The new funding will support high demand for the product, including expansion of Discern’s operations and engineering teams as it builds deeper features for its Registered Agent service.
KEY QUOTES:
“This is one of those markets everyone assumes is already solved, and it isn’t. What convinced us was the range of customers Discern won before raising much money at all. Public companies and hundred-billion-dollar asset managers do not switch infrastructure providers casually. We believe Discern will become essential infrastructure for finance and legal teams, so we led this round to help them get there faster.”
Josh Diamond, General Partner, Walkabout Ventures
“With Discern I know the status of all my state registrations in real time, and handle filings in two clicks.”
Dave Sheen, CFO, Vestwell
“There’s always a fear when you switch providers, because this has to work. The onboarding process with Discern was much easier than we ever imagined. There are a lot of stressful parts of our jobs, and now this isn’t one of them.”
Caitlin Mulligan, General Counsel, Accolade Partners
“The registered agent business has been built around law firms for decades, because that’s where the customer referrals come from. The in-house teams doing the work have always come second, but Discern exists to change that. We want the person managing fifty legal entities to open our software, see that everything is handled, and never dread another piece of mail again.”
Raj Patel, Co-Founder and CEO, Discern
