Spellbook (see profile here) – an AI copilot for lawyers – announced today a $20 million Series A funding round led by Inovia Capital. Thomson Reuters Ventures, The Legaltech Fund, Bling Capital, Moxxie Ventures, Concrete Ventures, Path Ventures, N49P, and Good News Ventures also participated in the round, which now brings Spellbook’s total funding to over $30 million.
In the last seven months – since announcing seed funding – Spellbook’s customer base has grown nearly 300%, and the team is now working with over 1,700 law firms and legal teams. Company revenue also grew 10x from 2022 to 2023. And on the backend of the Spellbook platform, over 86,000 contracts are being opened by Spellbook each month, with this number growing quickly month over month.
With this new funding round, the Spellbook team plans to quickly scale into 30,000 law firms worldwide while continuing to lead the market with new functionality: AI that mimics the style of a lawyer, AI that can automate a lawyer’s full end-to-end workflow, starting with a client email, and AI that is 10x more accurate for contract work than anything else on the market.
KEY QUOTES:
“We’ve been amazed by the explosive usage growth our platform has experienced, since launching Spellbook as the first generative AI contract drafting tool in 2022. This raise marks a major milestone for our team, and is indicative of the market traction we saw in 2023. With the new capital, we’ll continue innovating within the legal AI sector, partnering with the most law firms of any generative AI that we know of –and more importantly, to continue delivering new value to our customers.”
– Scott Stevenson, CEO and co-founder of Spellbook
“We at Inovia are proud to support Scott, Matt and Dan and their exceptional team at Spellbook. The legal landscape is a prime example of value creation through the careful and appropriate use of Large Language Models. Spellbook demonstrates what can happen when one deeply integrates new capabilities into high-priority workflows and relentlessly experiments, measures and iterates to drive the most value. We are excited to continue working together and helping this team build the future of legal technology.”
– Steven Woods, Partner at Inovia Capital
“Every time I’m working on an agreement, I have Spellbook open. Using their technology saves me anywhere from 25-30% of my time.”
– Annie Haggar, Founder and Principal at Cyber GC
