Everlaw secures $202 mln,'unicorn' status with Series D round

U.S. one dollar banknotes are seen in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration
  • E-discovery software company backed by TPG, Andreessen Horowitz
  • Round brings total raised to $305 million

Nov 2 - Everlaw Inc, an e-discovery software provider, said on Tuesday it has raised $202 million in a Series D funding round led by TPG Growth, the growth investment arm of private equity firm TPG.

The Oakland, California-based legal technology company said the round brings its valuation to "over $2 billion." New investor HIG Growth Partners and existing backers Andreessen Horowitz, Alphabet's CapitalG, Menlo Ventures and K9 Ventures participated in the round, the company said.

Everlaw joins a small but growing number of legal tech companies to achieve "unicorn" status, meaning a startup valued at more than $1 billion.

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The company's e-discovery platform can be used in litigation, case preparation and internal investigations.

Everlaw markets to law firms, corporate legal departments and government agencies. The company has said it counts Hilton Worldwide Holdings Inc and Dick's Sporting Goods Inc as corporate customers, as well as many of the high grossing U.S. law firms and U.S. state attorneys general.

With the new round, Everlaw has raised $305 million in total, according to the company, which was founded in 2010.

CS Disco Inc, Exterro Inc, Relativity, Reveal Data Corp and Logikcull are among the other big e-discovery software providers competing for clients in the market. Disco hit a milestone when it went public over the summer.

Editor's note: The story has been updated to correct an error in TPG's name in the first paragraph

Read more:

As DISCO shares jump, CEO says 'software is coming' to legal sector

E-discovery market consolidation continues with 'nine-figure' Exterro acquisition

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Sara Merken reports on privacy and data security, as well as the business of law, including legal innovation and key players in the legal services industry. Reach her at sara.merken@thomsonreuters.com