Filevine, a prominent leader in the legal technology field, has completed an all-equity financing round, raising $400 million. This substantial investment clearly demonstrates the strong confidence investors have in the rapidly expanding legal tech market and Filevine’s growing significance within it. Over a period of fifteen months, Filevine meticulously executed two distinct funding rounds. The initial round was led by Insight Partners in the investment efforts. This was then followed by a larger, subsequent round, where Accel and Halo Fund joined Insight Partners as co-leads, benefiting from the continued and unwavering support of existing investors, including Meritech, Stepstone, Run Ventures, and Album Ventures.
The newly acquired funding will be strategically allocated to enhance and expand Filevine’s existing product offerings, which are already experiencing considerable and sustained growth. A significant portion will also be dedicated to further developing its AI capabilities. Along with these product-focused initiatives, a part of these funds will be specifically designated for strengthening the company’s various go-to-market strategies, ensuring its innovative solutions reach even more legal professionals.
A diverse group of prominent software investors, all possessing extensive expertise and a deep understanding of the industry, readily recognized Filevine’s undeniable momentum in the product market. They were particularly impressed by the rapid adoption of its advanced AI solutions and the robust and sustainable business model that the company has carefully cultivated over the past decade.
This substantial investment firmly establishes Filevine as a truly category-defining legal technology platform. Its foundation is built upon sophisticated artificial intelligence, seamlessly integrated into the essential operating systems that legal teams rely on every single day to manage their complex workloads. While many fragmented tools often lead to scattered information and can provide either limited or even inaccurate insights, Filevine offers a unified, comprehensive AI platform. This powerful platform equips legal teams with the necessary scale, invaluable data, and crucial interconnectedness required to achieve genuine and measurable business impact, transforming how they operate and deliver legal services.
The company natively combines a wide array of critical information, including emails, text messages, important deadlines, contact information, essential documents, deposition videos with corresponding transcripts, detailed phone logs, internal notes, assigned tasks, comprehensive audit logs, initial intake notes, and calendars. Filevine expertly compiles and analyzes all of this data to deliver case-critical and highly reliable intelligence, a capability that truly sets it apart. Filevine’s distinct advantage lies in its unique combination of contextual understanding and its widespread adoption across the legal industry. Its AI is not merely an add-on as it is deeply embedded directly into the daily workflow of legal professionals, and it is already yielding impressive and quantifiable results. As a testament to the platform’s substantial scale and unwavering reliability, Filevine users consistently upload more than 20 million pages of documents every day, demonstrating their trust and reliance on the system.
Since its very beginning, the company has experienced remarkable and continuous growth, now proudly serving nearly 6,000 customers. This expansive customer base encompasses a vast network of over 100,000 legal professionals who actively utilize Filevine across a diverse range of sectors. These include specialized boutique law firms, various government agencies, and even large Fortune 500 enterprises, highlighting the platform’s versatility and broad applicability. Filevine’s long-standing and unwavering commitment to customer satisfaction is clearly reflected in its impressive gross retention rate of over 96% for Filevine Core, its foundational platform and flagship product. The company also boasts industry-leading customer retention figures and a Net Dollar Retention rate that comfortably exceeds 120%, further solidifying its strong market position and customer loyalty.
The substantial proceeds from this latest funding round will enable Filevine to solidify further its leadership position in effectively serving litigators across the country. Additionally, these funds will be instrumental in attracting top-tier talent to its growing team, ensuring the company continues to innovate and excel. A significant portion will be dedicated to deepening its crucial relationships with both enterprise and government customers, expanding its reach and impact.
KEY QUOTES:
“Some early versions of legal AI forced lawyers to work in two systems: their systems of record and their AI tools. But that framework isn’t what the market demands. Filevine embeds intelligence into the DNA of daily legal work, with the first true legal operating intelligence system. Every task a legal professional completes should be augmented with intelligence.”
Ryan Anderson, Founder & CEO of Filevine
“Filevine has proven its ability to sustain tremendous growth while simultaneously capturing new opportunities and markets. We at Insight are highly impressed with Ryan and team, and we’re excited to double down with Filevine as they continue scaling into this next chapter.”
Rebecca Liu-Doyle, Managing Director at Insight Partners
“Filevine is tackling a problem that others are missing by developing a system of record where AI is seamlessly woven into every function, and scalable for small firms to enterprise operations. The company’s track record speaks for itself: consistent revenue growth, exceptional client retention, and a product that legal teams desperately need. We’re excited to back Filevine as they lead the legal tech space.”
John Locke, Partner at Accel
“During diligence, we saw Filevine’s AI products have heavy daily usage, with over 20% week over week growth in their cross-platform AI-chat tool. With about 130% YoY AI revenue growth, users told us they are deriving real value from Filevine’s integrated AI products.”
Ryan Smith, Co-founder of Halo Fund
