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Tracxn - Legal Tech Startup Landscape

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Tracxn - Legal Tech Startup Landscape

  1. 1. JANUARY 2018 LEGAL TECH
  2. 2. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Contents Feed Summary Investment Trends Market Details Exit Outlook Investors News Appendix 2 TAKE SHARPER DECISIONS WITH TRACXN ✓ Analyst team Covering 250+ Sectors ✓ Proprietary Business Model tagging ✓ 6000+ On-demand Queries answered ✓ Sector Reports, Market Maps ✓ One-Click Connect with Founders Join 500+ Investors & Corporates to get the Tracxn Advantage
  3. 3. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 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
  4. 4. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on January 28, 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 $2.7B Funding 17 Mega Companies 3821800 FundedCovered on Tracxn 5 Unicorns 10 Soonicorns 86 Minicorns 6 IPO’d Cos 123 Late Stage Cos 38 15 Acquisitions 106 DeadPooled 69 Acquihired Series A+ Cos Wolters Kluwer (1836, The Hague) LexisNexis (1973, Albany) Thomson Reuters (1800, New York City, Public) Top Companies
  5. 5. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 178 239 359 215 53 2013 2014 2015 2016 2017 Y-o-Y # of Companies Founded $263M $360M $789M $224M $233M 2013 2014 2015 2016 2017 $ Funding # Rounds Investment Trend Summary Summary of Funding Activity in Legal Tech 5 $27M - Series B Mark43 (2012, New York City, $40M) $18.6M - Series C Disco (2012, Houston, $51M) $25M - Series E SpringCM (2005, Chicago, $113M) $17.5M - Series D SpringCM (2005, Chicago, $113M) $25M - Series C Icertis (2009, Seattle, $46M) $16.5M - Series C Disco (2012, Houston, $51M) $20.5M - PE Mitratech (1987, Austin, $21M) $14.9M - Series B Icertis (2009, Seattle, $46M) $20M - Series B Forensic Logic (2003, Walnut Creek, $22M) $14M - Series A 4iQ (2016, San Francisco, $14M) Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend Legal Tech > Feed Summary > Investment Trend Summary Seed Seedcamp (#5), Crosslink Capital (#3), SV Angel (#3) Series A/B Khosla Ventures (#2), 8VC (#1), Andreessen Horowitz (#1) Series C+ Bessemer Venture Partners (#2), 645 Ventures (#1), Acton Capital Partners (#1) Incubators 500 Startups (#13) Y Combinator (#11) NDRC (#4) Other Notable Investors Nextlaw Labs (#7), Plug and Play Tech Center (#4), Iconiq Capital (#2) Debt Investors Silicon Valley Bank (#2), The North West Fund (#2), Wellington Financial (#2) Most Active InvestorsRecent Investments 75 62 82 79 61 $2.6B $95.5M $24.1M $15.3M $13.2M US Europe Canada SEA Israel $ Funding
  6. 6. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 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 DocuSign (2003, San Francisco, $522M) Relativity Technologies (1997, Raleigh, $136M) Iconiq Capital 2 DocuSign (2003, San Francisco, $522M) Relativity Technologies (1997, Raleigh, $136M) Sapphire Ventures 2 DocuSign (2003, San Francisco, $522M) Recommind (2000, San Francisco, $24M) In-Q-Tel 1 Stratify (1999, Mountain View) Jul 2017 Guidance Software Acq by OpenText for $240M Oct 2016 Kroll Ontrack Acq by LDiscovery for $410M Jun 2016 Recommind Acq by OpenText for $163M May 2015 Iris Acq by Epiq Systems for $134M Jan 2012 CPA Global Acq by Cinven for $1.5B Sep 2011 NetNames Acq by HgCapital for $237M Legal Tech > Feed Summary > Exit Outlook Summary IBM 2 PSS Systems (Oct 2010), StoredIQ (Dec 2012) OpenText 2 Guidance Software (Jul 2017, $240M), Recommind (Jun 2016, $163M) Epiq Systems 2 Iris (May 2015, $134M), Encore Discovery Solutions (Apr 2011, $100M) Cinven 1 CPA Global (Jan 2012, $1.4B) HgCapital 1 NetNames (Sep 2011, $236M) Recent IPOs Top Acquisitions LegalZoom Legal Document Services IPO MCap: - Current MCap: - Stratify eDiscovery document review IPO MCap: - Current MCap: - RPX Corporation May 2011 Patent Risk Solutions IPO MCap: - Current MCap: $714M Primary Opinion Aug 2004 IP asset management in digital rights seg… IPO MCap: - Current MCap: $6.1M Thomson Reuters Jun 2002 Enterprise solutions for financial, risk,… IPO MCap: - Current MCap: - FTI Technology May 1996 FTI Technology: Software & Solutions for… IPO MCap: - Current MCap: -
  7. 7. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 January 2018Tracxn BlueBox – Legal Tech 1800 companies in the sector, 222 funded in last 5 years, $457M invested in last 2 Years Most Active Investors: Y Combinator, 500 Startups, Nextlaw Labs, Seedcamp, Ulu Ventures 0 80 160 240 320 400 2013 2014 2015 2016 2017 No of Companies Founded 0 90 180 270 360 450 2013 2014 2015 2016 2017 –YOY Funding Trend (in $M) ENTERPRISE LEGAL MGMT. (SUITE) Thomson Reuters (1800, New York City, IPO) $56.9MLEGAL PRACTICE MGMT. $96.7M Suite Clio (2007, Vancouver, $27M) Document Assembly & Automation Metajure (2007, Seattle, $2.88M) Case & Matter Mgmt. Boundless (2017, Seattle, $3.5M) Spend Analytics Apperio (2012, London, $2.45M) Internal Collaboration LawPal (2013, Menlo Park, $800K) CRM LawPanel (2015, London) INTELLECTUAL PROPERTY MGMT. $333M Suite Anaqua (2004, Boston, $125M) Patent Analytics & Mgmt. PatSnap (2007, Singapore, $13.6M) Trademark Analytics & Mgmt. TrademarkNow (2012, Helsinki, $8M) Brand Protection & Anti-Counterfeit 4iQ (2016, San Francisco, $14M) LAWYERS SOCIAL NETWORK (P2P) Foxwordy (2012, Palo Alto, $800K) $825K LAW ENFORCEMENT Mark43 (2012, New York City, $39.75M) $91.4M COURTROOM SOLUTIONS Animation Technologies (1999, Boston, $1.65M) $3M eDISCOVERY SaaSMSP + SaaS Collection & Processing StoredIQ (2001, Austin, $41.84M, Acq.) Review & Analytics PSS Systems (2004, Mountain View, $47M, Acq.) Collection & Processing Zapproved (2008, Portland, $17.24M) Review & Analytics Disco (2012, Houston, $35M) $636M LEGAL RESEARCH $76.6M Analytics Lex Machina (2009, Menlo Park, $10.02M, Acq.) Legal Search Engine vLex (1998, Barcelona, $5.2M) Q&A Forum Casetext (2013, Palo Alto, $20.8M) Legal Research Assistant LawTrades (2013, NY City, $4.5M) LEGAL DOCUMENTS/FORMS $365M Suite LegalZoom (2001, Glendale, IPO) After-Life Planning Everplans (2012, NY City, $10.81M) Divorce Wevorce (2012, Bothell, $5.32M) DISPUTE RESOLUTION $47.7M eCommerce Modria (2011, San Jose, $13.28M, Acq.) ParkingTickets Fixed (2014, San Francisco, $2.55M, Acq.) Air Tickets Airhelp (2013, New York City, $17.1M) CONTRACT MGMT. $298M Lifecycle Mgmt. SpringCM (2005, Chicago, $112.59M) Contract Analytics Brightleaf (2006, Westwood, $6.9M) Contract Creation Concord (2015, San Francisco, $13.46M) LAWYER'S MARKETPLACE $171M Listing & Booking Legal Reach (2012, San Francisco, $900K) Consultation Avvo (2006, Seattle, $132M) Recruitment Laterally (2014, San Francisco) Legal Tech > Feed Summary > BlueBox 7 Cumulative funding in the market
  8. 8. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 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 > Listing & Booking > Listing 70 $0 1 Top Markets of Investment Activity # Cos on Platform Last 2 Years $ Invested # Round Legal Contract Management > Contract Analytics & Due Dilligence 44 $37.8M 11 Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit 51 $43M 9 Legal Contract Management > Contract Lifecycle Management 69 $86.7M 7 Legal Contract Management > Contract Creation 62 $21.6M 10 eDiscovery > SaaS > Review & Analytics 42 $44.8M 7 Legal Research > Legal Research Assistant 14 $16.5M 4 Legal Research > Analytics 66 $12M 4 Legal Practice Management > Spend Analytics 14 $13.6M 3 Legal Practice Management > Suite 173 $12.7M 3 Sub Sectors # Cos Tracked # Funded Total Funding Legal Contract Management Companies offering contract lifecycle management platform which spans across contract... 208 56 $848M eDiscovery Companies offering a platform to manage emails, documents, and media files for litigation... 128 49 $636M Legal Documents/Forms Companies offering online DIY legal form services for individuals, SMBs, and Enterprises... 172 41 $365M Intellectual Property (IP) Management Companies offering solutions for IP management including filing, tracking, analytics,... 166 58 $333M Lawyer's Marketplace Companies offering legal services marketplace for connecting consumers, businesses, attorneys... 339 53 $171M Legal Practice Management Companies offering legal practice management platform for end to end client intake to... 426 48 $96.7M Law Enforcement Companies offering law enforcement software for law enforcement agencies 25 6 $91.4M Legal Tech > Feed Summary > Summary of Key Markets
  9. 9. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 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 RPX Corporation (2008, San Francisco)* Primary Opinion (2000, Guildford) LegalZoom (2001, Glendale, $266M) Thomson Reuters (1800, New York City) FTI Technology (1982, Washington D.C.) Stratify (1999, Mountain View) Acquired CPA Global (1969, Saint Helier) Kroll Ontrack (1985, Minneapolis) Guidance Software (1997, Pasadena, $7.5M) NetNames (1995, London) Recommind (2000, San Francisco, $24M) Iris (2007, Olathe) Encore Discovery Solutions (2003, Phoenix) Unicorns DocuSign (2003, San Francisco, $522M) Relativity Technologies (1997, Raleigh, $136M) LexisNexis (1973, Albany) Wolters Kluwer (1836, The Hague)
  10. 10. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 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) Enterprise Legal Management(Suite) Mitratech (1987, Austin, $20.5M) Enterprise Legal Management solution Soonicorn. Stage: Funded HgCapital, Vista Equity Partners, TA Associates Management LexisNexis (1973, Albany) Enterprise Legal Management. Unicorn. Stage: Funded Wolters Kluwer (1836, The Hague) Suites for Legal office management and accounting firms. Unicorn. Stage: Funded 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 Legal Practice Management Suite Clio (2008, Burnaby, $27M) Cloud-based legal practice management solutions for SMBs Soonicorn. Stage: Series C 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 Recommind (2000, San Francisco, $24M) 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. Soonicorn. Stage: Seed Ron Mika, Matt Marsh, Sorenson Capital and 1 Other Investors Guidance Software (1997, Pasadena, $7.5M) eDiscovery software and services Stage: Acquired
  11. 11. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 List of Notable Companies by Market in Legal Tech Notable Companies by Market (2/4) 12 Legal Tech > Feed Summary > Notable Companies by Market eDiscovery MSP + SaaS Encore Discovery Solutions (2003, Phoenix) Encore Discovery Solutions Stage: Acquired Baird 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) eDiscovery document review Stage: Public In-Q-Tel, Mobius Venture Capital SaaS Relativity Technologies (1997, Raleigh, $136M) eDiscovery ERDM process management Unicorn. Stage: Acquired Iconiq Capital, Intel Capital, Tall Oaks Capital Partners and 4 Other Investors Legal Contract Management Contract Lifecycle Management SpringCM (2005, Chicago, $113M) Cloud Enterprise Content and Contract Mangement Soonicorn. Stage: Series E Crestline Investors, Foundation Capital, North Bridge and 9 Other Investors
  12. 12. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 List of Notable Companies by Market in Legal Tech Notable Companies by Market (3/4) 13 Legal Tech > Feed Summary > Notable Companies by Market Legal Contract Management Contract Creation DocuSign (2003, San Francisco, $522M) Digital Transaction Management Tool Unicorn. Stage: Series F Hercules Capital, Intel Capital, Dell Technologies and 52 Other Investors Intellectual Property (IP) Management Suite Anaqua (2004, Boston, $125M) Asset management (IAM) software solution Soonicorn. Stage: Funded Bessemer Venture Partners, Insight Venture Partners, Lead Edge Capital CPA Global (1969, Saint Helier) IP Management Unicorn. Stage: Acquired ICG, Electra Partners, Electra Private Equity Primary Opinion (2000, Guildford) IP asset management in digital rights segment Stage: Public 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: Public Index Ventures, Charles River Ventures, KPCB
  13. 13. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 List of Notable Companies by Market in Legal Tech Notable Companies by Market (4/4) 14 Legal Tech > Feed Summary > Notable Companies by Market Intellectual Property (IP) Management Brand Protection & Anti-Counterfeit NetNames (1995, London) Online brand protection & domain name management Stage: Acquired HgCapital Legal Documents/Forms Suite LegalZoom (2001, Glendale, $266M) Legal Document Services Soonicorn. Stage: Public Permira investment, KPCB, IVP and 5 Other Investors Rocket Lawyer (2008, San Francisco, $53.3M) Online legal services Soonicorn. Stage: Series E Industry Ventures, August Capital, Investor and 6 Other Investors Lawyer's Marketplace Consultation Avvo (2006, Seattle, $132M) Legal marketplace, lawyer's directory, Q&A forum and legal marketing Soonicorn. Stage: Acquired Technology Crossover Ventures, Coatue Management, Vulcan Capital and 3 Other Investors
  14. 14. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Recent News in Legal Tech Sector Recent News 15 Legal Tech > Feed Summary > Recent News Jan 2018 Thomson Reuters launches comprehensive ‘Private Company Data’ app in Eikon to facilitate business growth and effective risk management for its customers, Core Sector Communique Jan 2018 Wolters Kluwer Legal & Regulatory U.S. Products Named to "Top 25 Products of 2017" by TechnoLawyer, Citybizlist Jan 2018 Advanced Discovery Expands Riskcovery®’s Predictive Analytics Taxonomies to Identify and Mitigate Risk from Sexual Harassment in the Workplace, GlobeNewswire Jan 2018 Barcelona legal tech startup Onna raises $5 million, Tech.eu Jan 2018 Leading Canadian Firm Minden Gross to Transition from Enterprise to 3E and ProLaw in Multi-product Deal, Legal IT Professionals Jan 2018 Corsearch Names Diane Plaut as Global General Counsel and Head of HR, Business Wire Jan 2018 Catalyst Names E-Discovery Veteran Eric Willis Head of Enterprise Solutions, PR Newswire Jan 2018 Epiq Systems and DTI Rebrand as Epiq, GlobeNewswire Jan 2018 Coodes and Herrington Carmichael choose Tikit to supply practice and case management solutions, Legal IT Professionals Jan 2018 DISCO Appoints New CRO and CFO and Promotes Etheridge to CMO, Business Wire Jan 2018 Venio Systems to Introduce New Team Member and VenioOne Innovations During Legalweek New York, PRWeb Key Recent News Key Recent News Jan 2018 Notarize Is The World’s First Notary Public App For Android, Android Headlines Jan 2018 RPX to Report Fourth Quarter 2017 Financial Results on February 21, 2018, PR Newswire Jan 2018 Manzama Unveils AI-Powered Business Development Tool, PR Newswire Jan 2018 Zapproved Adds E-Discovery Veteran Aaron Laliberte as VP of Product, PRWeb Jan 2018 Thomson Reuters Names the World's Top 100 Technology Companies, PR Newswire Jan 2018 Advanced Discovery® Introduces Advanced Message Review℠; Patent-pending Automation and Integration for Defensible Mobile Data eDiscovery , GlobeNewswire Jan 2018 Reed Tech® Introduces Reed Tech SingleSource™ for Medical Devices, Advancing the Ability to Manage and Share Device Product Data, PRWeb Jan 2018 LegalShield Law Index and its Application to Investment Models to Be Featured at Quandl's Alternative Data Conference, Business Wire Jan 2018 SpringCM Releases New Study That Examines Contract Management Usage and Challenges, PR Newswire Jan 2018 Zylpha Launches New Document Bundling Integration For Peppermint’s Latest CX 2018 System, RealWire Jan 2018 Veritext Acquires David Feldman Worldwide Court Reporting, GlobeNewswire
  15. 15. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 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
  16. 16. Some more Sector Reports you might want to check out Join 4000+ people taking sharper decisions with Tracxn Healthcare IT Jan 2018 FoodTech Dec 2017 Online Video Dec 2017
  17. 17. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 $105M $201M $263M $360M $789M $224M $233M 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 $ Funding 3 Year CAGR 6 Year CAGR Investments ($M) and number of rounds in Legal Tech; 2011-2017 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 14% $ Funding 13% $ Funding 17% # of Rounds 1% # of Rounds
  18. 18. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 14 18 47 36 47 47 33 7 10 15 21 22 23 22 3 8 13 5 13 9 6 2011 2012 2013 2014 2015 2016 2017 Seed Early Stage Late Stage 24 61 Total # of Rounds $4M $14M $19M $18M $30M $30M $28M $78M $92M $39M $67M $88M $129M $118M $23M $96M $205M $276M $671M $65M $87M 2011 2012 2013 2014 2015 2016 2017 Seed Early Stage Late Stage $66M $114M $145M $258M $619M $27M $91M 0 1 2 3 4 5 6 7 0 100000000 200000000 300000000 400000000 500000000 600000000 700000000 2011 2012 2013 2014 2015 2016 2017 $ 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; 2011-2017 Legal Tech > Investment Trends > Global Funding Trends 15 19 32 31 44 39 26 206 $4.8M $2.2M $0.0M $1.0M $2.0M $3.0M $4.0M $5.0M $6.0M 0 50 100 150 200 250 2001-2011 2012 2013 2014 2015 2016 2017 Total Entrants in Funding Club Avg. Ticket Size 1 3 3 3 6 1 4 $4.8M $4.6M $0.6M $1.6M $1.2M $1.1M $1.1M $2.2M $105M $233M Total $ Invested
  19. 19. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201820 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 926M 113 Glendale 266M 2 Seattle 235M 21 Austin 172M 22 Chicago 139M 21 Boston 138M 9 Raleigh 136M 4 New York City 100M 44 Houston 83.4M 11 Washington D.C. 50.2M 10 Total Funding 180 90 9 11 7 9 11 5 # Rounds $2.6B $95.5M $24.1M $15.3M $13.2M $6.8M $3M $2.5M US Europe Canada SEA Israel India Australia Latam Note: Excludes funding information of China companies
  20. 20. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201821 Trend of Average Deal Size ($M) $0.4 $0.8 $0.5 $0.7 $0.9 $1.0 $1.0 2011 2012 2013 2014 2015 2016 2017 $2.2 $4.9 $3.2 $2.9 $5.6 $5.4 $4.7 $23.2 $20.8 $0.0 $5.9 $10.0 $18.0 $10.8 $11.3 $13.7 $18.7 $68.9 $61.0 $10.8 $21.8 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 $5K* $11M $50K $31M $92K $80M $50K $1B $22M $7M $2.8M $0.3M Series C+ Series B Series A Seed Stage
  21. 21. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Note: 174 companies with undisclosed funding amount are not included 22 <$1M $1-10M $10-50M $50-100M $100M+ Funding Range 77 80 49 3 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 Jan 2018 Distribution of companies by Funding Range $28M $271M $979M $157M $1.3B $ Investment
  22. 22. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Stage No. of Companies Funding Funnel 100% 21% 7% 3% 2% 23 Note: Numbers in the brackets show the count of companies Time to raise next round 38 58 123 382 1800 Series C+ Series B Series A Funded Founded Next Round 100M+ Valuation Exits Acqui- Hired Dead Pooled Others 21% 1% (24) 1% (13) 4% (77) 6% (106) 69% (1235) 32% 6% (23) 3% (12) 13% (49) 4% (15) 51% (195) 47% 11% (14) 4% (5) 23% (28) 1% (1) 29% (36) 66% 24% (14) 9% (5) 29% (17) 2% (1) 3% (2) - 34% (13) 11% (4) 26% (10) - 11% (4) Legal Tech > Investment Trends > Funding Funnel Number of companies progressing to subsequent funding stages in Legal Tech Funding Funnel 19 Months 24 Months 44 Months Investment backedBootstrapped 10 5 14 6 1 Soonicorns Unicorns Acquisitions IPOs
  23. 23. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201824 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; Jan 2016-Jan 2018 Notable Investments in last 24 months (1/5) LATE STAGE $25M - Series E Feb 2017 SpringCM (2005, Chicago, $113M) Cloud Enterprise Content and Contract Mangement Crestline Investors $25M - Series C Mar 2017 Icertis (2009, Seattle, $46M) Cloud based contract management solutions B Capital Group, Ignition Partners, Greycroft Partners, Eight Roads Ventures, E.ventures $20.5M - PE Apr 2017 Mitratech (1987, Austin, $20.5M) Enterprise Legal Management solution HgCapital $18.6M - Series C Aug 2016 Disco (2012, Houston, $51.5M) 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 SpringCM (2005, Chicago, $113M) Cloud Enterprise Content and Contract Mangement Foundation Capital, North Bridge, Bluestem Capital, Square 1 Bank, Panorama Point Partners, Wellington Financial $16.5M - Series C Dec 2017 Disco (2012, Houston, $51.5M) SaaS based eDiscovery for litigation boutiques and AmLaw 200 $10M - Series C Feb 2016 FiscalNote (2013, Washington D.C., $28.2M) Real-Time Government Regulations Analysis Platform Green Visor Capital, New Enterprise Associates, 645 Ventures, Plug and Play Tech Center, SF Capital Group, Conversion Capital, Perle Ventures, Vestor.In Partners, Jerry Yang, Visionnaire Ventures, Renren $8.3M - Series C Oct 2016 Onit (2009, Houston, $21.4M) Business productivity and project management Apps Level Equity, Austin Ventures, Texas Halo Fund LATE STAGE $6M - Series F Jun 2016 DocuSign (2003, San Francisco, $522M) Digital Transaction Management Tool Hercules Capital $4.3M - Series D Mar 2016 SpringCM (2005, Chicago, $113M) Cloud Enterprise Content and Contract Mangement Series C May 2017 Zapproved (2008, Portland, $17.2M) SaaS based Ediscovery Vista Equity Partners 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
  24. 24. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201825 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; Jan 2016-Jan 2018 Notable Investments in last 24 months (2/5) EARLY STAGE $27M - Series B Apr 2016 Mark43 (2012, New York City, $39.8M) Law enforcement platform General Catalyst Partners, Spark Capital, Lowercase Capital, Govtech Fund, SV Angel, Sound Ventures, Goldman Sachs $20M - Series B Oct 2017 Forensic Logic (2003, Walnut Creek, $21.6M) Search Engine for Law Enforcement and Homeland Security Mainsail Partners $14.9M - Series B Mar 2016 Icertis (2009, Seattle, $46M) Cloud based contract management solutions Greycroft Partners, Ignition Partners, Eight Roads Ventures EARLY STAGE $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 $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 $10M - Series A Jan 2018 Concord (2015, San Francisco, $23.5M) e-signature and contract management solution Charles River Ventures, Alven EARLY STAGE $10M - Series A Aug 2016 Logikcull (2004, San Francisco, $17.5M) eDiscovery OpenView, Storm Ventures $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 $7M - Series A Mar 2017 LawGeex (2014, Tel Aviv, $10.3M) Automated Contract analyzer LionBird, Lool Ventures, Recruit Holdings
  25. 25. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201826 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; Jan 2016-Jan 2018 Notable Investments in last 24 months (3/5) EARLY STAGE $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 Concord (2015, San Francisco, $23.5M) e-signature and contract management solution $5M - Series A Jun 2016 Litify (2016, New York City, $5M) Law firm practice managaement Fortress Investment $5M - Series A May 2017 LegalRaasta (2015, Delhi, $6M) Online legal services provider Impanix Capital $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 EARLY STAGE $3.7M - Series A May 2017 Concord (2015, San Francisco, $23.5M) e-signature and contract management solution 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 $3.2M - Series A Jun 2017 MUSO (2009, London, $3.2M) Online Anti Piracy Platform Harwell Capital EARLY STAGE $3M - Series A Sep 2016 Luminance AI (2015, Cambridge, $13M) AI for legal due diligence Invoke Capital $3M - Series A Oct 2017 NexLP (2013, Chicago, $5.1M) Insights from unstructured data using NLP and Machine Learning , Dundee Venture Capital $1.9M - Series A Nov 2017 LegalSifter (2013, Pittsburgh, $4.9M) ML to read legal docs $84.9k - Series A Jul 2017 Seal Software (2010, San Francisco, $4.1M) Contract analysis: Clause extraction and review Tern Series A Feb 2016 Concord (2015, San Francisco, $23.5M) e-signature and contract management solution Thibault Poutrel, Orrick, Herrington & Sutcliffe
  26. 26. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201827 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; Jan 2016-Jan 2018 Notable Investments in last 24 months (4/5) EARLY STAGE Series A Dec 2016 Luminance AI (2015, Cambridge, $13M) AI for legal due diligence 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 LegalSifter (2013, Pittsburgh, $4.9M) ML to read legal docs Birchmere Labs $2.5M - Seed Apr 2016 LawGeex (2014, Tel Aviv, $10.3M) Automated Contract analyzer Lool Ventures, LionBird $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 $1M - Angel Mar 2016 LegalRaasta (2015, Delhi, $6M) Online legal services provider SEED STAGE $750k - Seed Jan 2017 Juro (2015, London, $750k) Legal contracts platform for small businesses and freelancers Point Nine Capital, Michael Pennington, Paul Forster, Seedcamp $543k - Seed Jul 2017 Doxly (2016, Indianapolis, $3.3M) Legal transaction management platform $500k - Seed Jul 2016 Doxly (2016, Indianapolis, $3.3M) Legal transaction management platform $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
  27. 27. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201828 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; Jan 2016-Jan 2018 Notable Investments in last 24 months (5/5) SEED STAGE $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 $300k - Seed Jan 2017 LegalSifter (2013, Pittsburgh, $4.9M) ML to read legal docs Seed Jun 2016 Juro (2015, London, $750k) Legal contracts platform for small businesses and freelancers Seedcamp Seed Aug 2016 LawAdvisor (2014, Melbourne, $590k) Standard Legal Services SEED STAGE 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
  28. 28. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201829 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 in China Major funding rounds by Stage in Legal Tech; Jan 2016-Jan 2018 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
  29. 29. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Most Active Investors (VC, PE) by Stage in Legal Tech; Last 5 years (Jan 2013-Jan 2018) Most Active VC & PE Investors 30 Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE) Legal Tech > Investment Trends > Most Active VC & PE Investors SEED STAGE Seedcamp(5 Investments) Apperio, Libryo, Juro 1 Crosslink Capital (3 Investments) Casetext, UpCounsel, Fairclaim 2 SV Angel (3 Investments) Mark43, Casetext, UpCounsel 3 AGO Partners (2 Investments) Fairclaim, ArbiClaims 4 Draper Associates (2 Investments) LawTrades, Stampery 5 Foley Ventures(2 Investments) Page Vault, Esquify 6 Seed Capital(2 Investments) Swiftcourt, LegalDesk 7 Structure Capital (2 Investments) Fixed, Fixed 8 Ulu Ventures (2 Investments) Bridge US, Hire An Esquire 9 645 Ventures Hire An Esquire 10 EARLY STAGE Khosla Ventures(2 Investments) Judicata, Airhelp 1 8VC Casetext 2 Andreessen Horowitz Everlaw 3 Accel Partners Ironclad 4 Adara Ventures 4iQ 5 Aligned Partners Venture Services CloudLex 6 Alven Concord 7 AME Cloud Ventures FiscalNote 8 Armat Group 4iQ 9 Axis Capital Partners CloudLex 10 LATE STAGE Bessemer Venture Partners (2 Investments) Anaqua, Clio 1 645 Ventures FiscalNote 2 Acton Capital Partners Clio 3 ATP Private Equity Partners Consilio 4 Bain Capital Ventures DocuSign 5 BBVA Ventures DocuSign 6 B Capital Group Icertis 7 Bluestem Capital SpringCM 8 Bridge Investments QDiscovery 9 Vulcan Capital Avvo 10
  30. 30. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201831 Legal Tech > Investment Trends > Most Active Ecosystem Investors Top Ecosystem Investors in Legal Tech; Last 5 years (Jan 2013-Jan 2018) Most Active Ecosystem Investors INCUBATOR 500 Startups(13 Investments) Wevorce, LawTrades, Ironclad 1 Y Combinator(11 Investments) Casetext, SimpleLegal, Wevorce 2 NDRC(4 Investments) Brightflag, Vizlegal, Oathello 3 Boost VC(3 Investments) Stampery, Visabot, Bitproof 4 Techstars(3 Investments) Wevorce, NexLP, LitiMetrics 5 UpWest Labs(2 Investments) Seegnature, ModusP 6 Acceleprise PactSafe 7 AngelPad UpCounsel 8 Arch Grants Juristat 9 Capital Innovators Juristat 10 OTHER NOTABLE INVESTORS Nextlaw Labs(7 Investments) ROSS Intelligence, Doxly, Apperio 1 Plug and Play Tech Center(4 Investments) FiscalNote, Tomorrow, Bouju 2 Iconiq Capital(2 Investments) DocuSign, Relativity Technologies 3 Mainsail Partners(2 Investments) Forensic Logic, Ncontracts 4 Recruit Holdings(2 Investments) DocuSign, LawGeex 5 Startupbootcamp(2 Investments) Seal Agreements, ProofofYou 6 Vista Equity Partners(2 Investments) Zapproved, Mitratech 7 37 Angels Hire An Esquire 8 AfterDox BrandShield 9 Allen & Company Mark43 10 DEBT INVESTORS Silicon Valley Bank(2 Investments) AccessData, Recommind 1 The North West Fund(2 Investments) Datalaw, Rekoop 2 Wellington Financial(2 Investments) SpringCM, Exari 3 Enterprise Ventures Datalaw 4 Hercules Capital DocuSign 5
  31. 31. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201832 Legal Tech > Investment Trends > Investors in Unicorn club Investors in Unicorn Club (1/2)
  32. 32. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201833 Legal Tech > Investment Trends > Investors in Unicorn club Investors in Unicorn Club (2/2)
  33. 33. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201834 Legal Tech > Investment Trends > Unicorn Investors in the Sector Unicorn Investors in the Sector
  34. 34. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 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 Other Notable Markets Market Deep Dive
  35. 35. Some more Sector Reports you might want to check out Join 4000+ people taking sharper decisions with Tracxn HRTech Jan 2018 Finance & Accounting Jan 2018 Business Intelligence Jan 2018
  36. 36. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 January 2018Tracxn BlueBox – Legal Tech Legal Tech > Market Details > BlueBox 37
  37. 37. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Key Sub Sectors (1/2) 38 Key Sub Sectors in Legal Tech Market Top Companies # Cos Tracked # Funded Total Funding Legal Contract Management Companies offering contract lifecycle management platform which spans across contract creation, review, tracking and management Nextance (2000, Austin, Acquired) DocuSign (2003, San Francisco, $522M) 208 56 $848M eDiscovery Companies offering a platform to manage emails, documents, and media files for litigation process throughout Electronic Discovery Reference Model (EDRM)... Relativity Technologies (1997, Raleigh, Acquired) Disco (2012, Houston, $51.5M) 128 49 $636M Legal Documents/Forms Companies offering online DIY legal form services for individuals, SMBs, and Enterprises LegalZoom (2001, Glendale, Public) Rocket Lawyer (2008, San Francisco, $53.3M) 172 41 $365M Intellectual Property (IP) Management Companies offering solutions for IP management including filing, tracking, analytics, anti- counterfeit management etc. File & Serve Xpress (2012, Irving, Acquired) Anaqua (2004, Boston, $125M) 166 58 $333M Lawyer's Marketplace Companies offering legal services marketplace for connecting consumers, businesses, attorneys and lawyers Avvo (2006, Seattle, Acquired) UpCounsel (2012, San Francisco, $14M) 339 53 $171M Legal Practice Management Companies offering legal practice management platform for end to end client intake to invoicing with features to manage cases, clients, documents, bills,... Total Attorneys (2002, Chicago, Acquired) Clio (2008, Burnaby, $27M) 426 48 $96.7M Law Enforcement Companies offering law enforcement software for law enforcement agencies Mark43 (2012, New York City, $39.8M) FiscalNote (2013, Washington D.C., $28.2M) 25 6 $91.4M 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) 157 31 $76.6M Legal Tech > Market Details > Key Sub Sectors
  38. 38. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Key Sub Sectors (2/2) 39 Key Sub Sectors in Legal Tech Market Top Companies # Cos Tracked # Funded Total Funding Enterprise Legal Management(Suite) Companies offering legal suite solutions for end-to-end enterprise legal practice management, contract management, eDiscovery, contract, Intellectual... Thomson Reuters (1800, New York City, Public) Onit (2009, Houston, $21.4M) 23 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 21 $47.7M Legal Tech > Market Details > Key Sub Sectors
  39. 39. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Detailed Sector Taxonomy (1/7) 40 Legal Tech > Market Details > Detailed Sector Taxonomy
  40. 40. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Detailed Sector Taxonomy (2/7) 41 Legal Tech > Market Details > Detailed Sector Taxonomy
  41. 41. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Detailed Sector Taxonomy (3/7) 42 Legal Tech > Market Details > Detailed Sector Taxonomy
  42. 42. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Detailed Sector Taxonomy (4/7) 43 Legal Tech > Market Details > Detailed Sector Taxonomy
  43. 43. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Detailed Sector Taxonomy (5/7) 44 Legal Tech > Market Details > Detailed Sector Taxonomy
  44. 44. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Detailed Sector Taxonomy (6/7) 45 Legal Tech > Market Details > Detailed Sector Taxonomy
  45. 45. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Detailed Sector Taxonomy (7/7) 46 Legal Tech > Market Details > Detailed Sector Taxonomy
  46. 46. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 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 44 | Funded 14 | Total Funding $57M) $37.8M (+$29.9M) 11 (+5) Luminance AI (2015, Cambridge, $13M) 2 (+4) Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit Companies offering brand protection & anti-counterfeit management solutions related to core IP (Companies covered 51 | Funded 22 | Total Funding $89.5M) $43M (+$39.3M) 9 (+1) 4iQ (2016, San Francisco, $14M) 3 (-1) Legal Contract Management > Contract Lifecycle Management Companies offering an end-to-end contract management platform (Companies covered 69 | Funded 14 | Total Funding $231M) $86.7M (+$53.4M) 7 (-) SpringCM (2005, Chicago, $113M) 4 (+3) Legal Contract Management > Contract Creation Companies designing templates for creating contract forms (Companies covered 62 | Funded 14 | Total Funding $28.3M) $21.6M (+$16.9M) 10 (+5) Concord (2015, San Francisco, $23.5M) 5 (-4) eDiscovery > SaaS > Review & Analytics Companies offering SaaS based eDiscovery review & analytics platform (Companies covered 42 | Funded 14 | Total Funding $234M) $44.8M (-$112M) 7 (-1) Disco (2012, Houston, $51.5M) 6 (+3) Legal Research > Legal Research Assistant Companies offering an AI based legal research assistant platform (Companies covered 14 | Funded 3 | Total Funding $25.3M) $16.5M (+$9.5M) 4 (+3) Casetext (2013, Palo Alto, $20.8M) 7 (-3) Legal Research > Analytics Companies developing platform for analytics on lawyers, judges etc (Companies covered 66 | Funded 17 | Total Funding $42.9M) $12M (+$132k) 4 (-2) ROSS Intelligence (2014, San Francisco, $8.8M) 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 (January 2016 - December 2017) Legal Tech > Market Details > Top Markets of Investment Activity
  47. 47. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201848 Top Markets of Investment Activity (2/2) Legal Tech > Market Details > Top Markets of Investment Activity
  48. 48. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Rank Market # Investments Key Investments 1 Dispute Resolution/Claims Management > Air Tickets Companies offering dispute resolution platform for air ticket claims (Companies created 26 | Funded 5 | Total Funding $17.9M ) 1 Airhelp (2013, New York City, $17.1M) 2 eDiscovery > SaaS > Review & Analytics Companies offering SaaS based eDiscovery review & analytics platform (Companies created 42 | Funded 14 | Total Funding $234M ) 1 Everlaw (2010, Berkeley, $9.6M) 3 Lawyer's Marketplace > Listing & Booking > Listing > Online Notary Companies offering an electronic notarization system (Companies created 10 | Funded 3 | Total Funding $10.5M ) 1 Notarize (2015, Virginia, $10.5M) 4 Legal Contract Management > Contract Analytics & Due Dilligence Companies offering an AI based platform for reviewing, parsing and tagging documents (Companies created 44 | Funded 14 | Total Funding $57M ) 1 Ironclad (2014, San Francisco, $11.2M) 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 (January 2016 - December 2017) Legal Tech > Market Details > Top Markets of Early Stage Investors
  49. 49. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Rank Market Last 2 Years # of Comp Founded $ Invested # Round Top Funded Company 1 Lawyer's Marketplace > Listing & Booking > Listing Companies offering a pure-play lawyer listing platform (Companies covered 70 | Funded 9 | Total Funding $1.9M) 23 $0 (0) 1 (+1) Lexdir (2014, Espana, $420k) 50 Other Notable Markets Other Notable Markets with high Entrepreneurial Activity in Legal Tech in last 2 years (January 2016 - December 2017) Legal Tech > Market Details > Other Notable Markets
  50. 50. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Incubators Y Combinator (#1) Seed Connecticut Innovations (#1), Lool Ventures (#1) Series A/B Foundry Group (#1), Accel Partners (#1) Series C+ None $2.4M - Seed Heretik (2017, Chicago, $2.4M) $10M - Series A Luminance AI (2015, Cambridge, $13M) $1.9M - Series A LegalSifter (2013, Pittsburgh, $4.9M) $8M - Series A Ironclad (2014, San Francisco, $11.2M) $7M - Series A LawGeex (2014, Tel Aviv, $10.3M) $300k - Seed LegalSifter (2013, Pittsburgh, $4.9M) Series A Luminance AI (2015, Cambridge, $13M) Seed Beagle (2014, Toronto) $2.8M - Seed LegalSifter (2013, Pittsburgh, $4.9M) $3M - Series A Luminance AI (2015, Cambridge, $13M) Jan 2018 ayfie and iCONECT Sign an Integration Agreement, PR Newswire Dec 2017 Luminance closes $10m Series A funding, FundingSMEs Dec 2017 Araoz & Rueda selects Luminance’s artificial intelligence technology for M&A, Legal IT Professionals Dec 2017 Heretik attracts $2.4 mln seed, PE Hub Sep 2017 ThoughtRiver's AI contract analysis technology aims to disrupt how business contracts are reviewed, RealWire Aug 2017 Ironclad Scores $8 Million Series A, Silicon Valley Daily 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 Dec 2016 Nextlaw Labs expands portfolio with investment in Canadian legal tech startup Beagle, Dentons Sep 2016 Mike Lynch, Autonomy Founder and now VC, will appear at Disrupt London, TechCrunch Sep 2016 TECH Why Hire a Lawyer When a Robot Will Do?, Bloomberg Apr 2016 Online Contract Review Platform LawGeex Now No, PRWeb Jun 2015 LEVERTON raises €5 million growth financing from DAH Beteiligungs GmbH, Leverton 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 14 44 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 Most Active Investors Recent Investments YoY Funding and Rounds Companies offering an AI based platform for reviewing, parsing and tagging documents Luminance AI (2015, Cambridge, $13M) Ironclad (2014, San Francisco, $11.2M) LawGeex (2014, Tel Aviv, $10.3M) 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 44 | Funded 14 | Total Funding $57M
  51. 51. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201852 Legal Contract Management > Contract Analytics & Due Dilligence: Top Companies Market: Contract Analytics & Due Dilligence Legal Tech > Market Details > Market: Contract Analytics & Due Dilligence #1 Top Markets of Investment Activity Analyst’s Pick Luminance AI (2015, Cambridge, $13M) AI for legal due diligence Minicorn. Stage: Series A Talis Capital, Invoke Capital, Slaughter and May Ironclad (2014, San Francisco, $11.2M) Automated legal paperwork Editor's Pick. Stage: Series A Accel Partners, Y Combinator, 500 Startups and 4 Other Investors LawGeex (2014, Tel Aviv, $10.3M) Automated Contract analyzer Minicorn. Stage: Series A LionBird, Lool Ventures, Recruit Holdings Leverton (2012, Berlin, $5.5M) Intelligent Information Extraction Minicorn. Stage: Series A LegalSifter (2013, Pittsburgh, $4.9M) ML to read legal docs Minicorn. Stage: Series A Birchmere Labs, Carnegie Mellon University, Birchmere Ventures Analyst’s Pick eBrevia (2011, Stamford, $2M) Machine learning to automate contract review in due diligence, lease abstraction, contract mgmt, & doc drafting. Minicorn. Stage: Seed Connecticut Innovations, Rothenberg Ventures Counselytics (2013, New York City, $850k) contract review using Machine Learning Minicorn. Stage: Seed Great Oaks Venture Capital, Compound Beagle (2014, Toronto) AI using NLP for Contract Automation Minicorn. Stage: Seed Nextlaw Labs, Creative Destruction Lab, GTAN, Seedcamp Crux IQ (2016, Chennai) Intelligent contract analytics Minicorn. Stage: Unfunded Kira Systems (2011, Toronto) Contract automation Minicorn. Stage: Unfunded Analyst’s Pick Legal Robot (2015, San Francisco) AI for contract review Minicorn. Stage: Seed Seedcamp Ayfie (2016, New York City) Text analytics and enterprise search platform Editor's Pick. Stage: Unfunded doXai (2015, Tel Aviv) Legal Document Analysis Editor's Pick. Stage: Unfunded
  52. 52. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 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 Market: Contract Analytics & Due Dilligence Legal Tech > Market Details > Market: Contract Analytics & Due Dilligence #1 Top Markets of Investment Activity 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 $11M - - - 4 4 541k 97 - - - - - - 46 76% 4.9 Heretik 2017 Chicago Seed $2M - - - 4 1 3.8M 98 - - - - - - 104 274% 4.8 LawGeex 2014 Tel Aviv Series A $10M - - - - 2 1.6M 1.4k - - 465k 41% - - 246 22% 4.6 Lawyaw 2016 San Francisco Unfunded - - - - 4 - 1.9M 1.4k - - - - - - 41 3% 4.5 Luminance AI 2015 Cambridge Series A $13M - - - - 15 2M 814 - - - - - - 251 39% 4.4 reDock 2016 Ottawa Unfunded - - - - 4 - 7M 157 - - - - - - 74 83% 4.3 eBrevia 2011 Stamford Seed $2M - - - - - 2.6M 1.3k - - -263k -9% - - 51 4% 4.1 Counselytics 2013 New York City Seed $850K - - - - - 10M 966 - - 8M 102% - - -69 -7% 4.0 Olawgram 2017 Paris Unfunded - - - - 2 - - 104 - - - - - - 3 2% 3.9 Kira Systems 2011 Toronto Unfunded - - - - - 8 785k 2.8k - - 3k - - - 342 14% 3.8 LegalSifter 2013 Pittsburgh Series A $5M - - - - 3 3.8M 554 - - -1.9M -32% - - 33 6% 3.7 Ayfie 2016 New York City Unfunded - - - - 3 6 8.2M 678 - - - - - - 37 6% 3.5 Legal Robot 2015 San Francisco Seed - - - - - - 1.8M 2 - - 323k 23% - - -679 - 100% 3.4 Lawgarithm 2017 Paris Unfunded - - - - 4 - - 2 - - - - - - - - 3.3 LinkSquares 2015 Somerville Unfunded - - - - - - 2.1M 299 - - - - - - 11 4%
  53. 53. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 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 Sep - 2011 Acq by HgCapital for $237M $12M - Series B Red Points (2011, Barcelona, $14.2M) $1.1M - Series A BrandShield (2010, Ramat Hasharon, $2.5M) $3.2M - Series A MUSO (2009, London, $3.2M) $345k - Seed Kopjra (2014, Bologna, $164k) $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 4iQ (2016, San Francisco, $14M) $2.2M - Series A Red Points (2011, Barcelona, $14.2M) Series A DomainSkate (2012, New York City) $164k - Seed Kopjra (2014, Bologna, $164k) 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, LSE Spreads Dec 2017 Security company discovers database of 1.4B user credentials on the dark web, SiliconAngle Dec 2017 Image Protect Inc. Announces Historic Rise in Current Active Infringement Cases, NewMediaWire Dec 2017 Red Points is helping brands win the war against counterfeiters, Silicon Republic 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 Jun 2017 Kopjra Srl raises $345.5k in Funding , FundingSMEs May 2017 UK Tech Startup Offers A New Approach To Digital Piracy, Forbes News 0 1 2 3 4 5 6 $0k $5M $10M $15M $20M $25M 2014 2015 2016 2017 2018 YoY Funding Rounds 1 1 11 22 51 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 54 Exits Most Active Investors Recent Investments YoY Funding and Rounds Companies offering brand protection & anti-counterfeit management solutions related to core IP Red Points (2011, Barcelona, $14.2M) 4iQ (2016, San Francisco, $14M) Cyveillance (1997, Reston, $14M) MarkMonitor (1999, San Francisco, $12M) AppDetex (2011, Boise, $11.6M) Top Companies #2 Top Markets of Investment Activity Legal Tech > Market Details > Market: Brand Protection & Anti-Counterfeit Companies Created 51 | Funded 22 | Total Funding $89.5M
  54. 54. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201855 Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit: Top Companies Market: Brand Protection & Anti-Counterfeit Legal Tech > Market Details > Market: Brand Protection & Anti-Counterfeit #2 Top Markets of Investment Activity Analyst’s Pick Red Points (2011, Barcelona, $14.2M) Brand protection and anti piracy solution Editor's Pick. Stage: Series B Northzone, Mangrove Capital Partners, Banc Sabadell 4iQ (2016, San Francisco, $14M) Big data analytics & machine learning based threat intelligence platform Minicorn. Stage: Series A 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 MUSO (2009, London, $3.2M) Online Anti Piracy Platform Minicorn. Stage: Series A Harwell Capital Analyst’s Pick Kopjra (2014, Bologna, $164k) digital rights management Minicorn. Stage: Seed Casalini Zambon, TIM Ventures, Club Italia Investimenti 2, Custodi di Successo Adversarial (2014, San Francisco) Enterprise threat protection platform Minicorn. Stage: Unfunded 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 Minicorn. Stage: Unfunded Global IP Action (2015, Pfaeffikon) Reputation monitoring and anti fraud solution to protect domain Minicorn. Stage: Seed Swisscom Analyst’s Pick IP Shark (2014, Los Angeles) Online brand protection Minicorn. Stage: Unfunded Protect.ly (2015, Edinburgh) Anti-piracy DMCA service to protect products from online piracy! Minicorn. Stage: Unfunded ImageProtect (2013, San Clemente) Online Image tracking Editor's Pick. Stage: Unfunded IPHawk (2017, Thane) Cloud-hosted AI-enabled IP protection platform Editor's Pick. Stage: Funded TiE Mumbai's SmashUp 7.0
  55. 55. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics 56 Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit: Leaderboard Market: Brand Protection & Anti-Counterfeit Legal Tech > Market Details > Market: Brand Protection & Anti-Counterfeit #2 Top Markets of Investment Activity 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 Copyrobo 2014 Ho Chi Minh City Unfunded - - 4 - - 1 1.3M 341 3k 23 - - 8 49% 260 157% 4.9 Red Points 2011 Barcelona Series B $14M - - - 5 3 229k 1.9k - - -61k -21% - - 51 3% 4.8 Binded 2016 San Francisco Seed $2M - - - 5 1 773k 2.1k - - - - - - 118 6% 4.7 MarkMonitor 1999 San Francisco Acquired $12M - - - - 1 97k 2.9k 300 - 5k 5% - - 199 7% 4.6 MUSO 2009 London Series A $3M - - - - 2 1.2M 1.1k - - 356k 47% - - 4 - 4.5 BrandShield 2010 Ramat Hasharon Series A $3M - - - - 1 2.6M 94 - - 578k 31% - - 20 25% 4.4 AppDetex 2011 Boise Series A $12M - - - - 3 1.8M 124 - - -66k -4% - - 49 59% 4.3 Topple Track 2011 Asheville Acquired $500K - - - - 1 10M 268 - - 14M 552% - - -4 -2% 4.2 Copypants 2015 Vancouver Unfunded - - - - 4 - 2.8M 122 - - - - - - 5 4% 4.1 Cyveillance 1997 Reston Acquired $14M - - - - - 4.6M 4 - - -4.5M -51% - - 1 33% 4.0 BrandProtect 2001 Toronto Funded - - - - - 2 2.7M 958 - - 2M 200% - - 9 1% 3.9 Kopjra 2014 Bologna Seed $164K - - - - 1 6.2M 220 - - - - - - 19 9% 3.8 Web IP 2009 Melbourne Acquired - - - - - - 10M 447 - - 20M 131% - - - - 3.7 DomainSkate 2012 New York City Series A - - - - - - 10M 2.2k - - 7M 76% - - -65 -3%
  56. 56. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Incubators CyLon (#1), Start-Up Chile (#1) Seed Bootup Labs (#1) Series A/B Foundation Capital (#1), North Bridge (#1) Series C+ Crestline Investors (#1), Bluestem Capital (#1) Nextance Sep - 2007 Acq by Versata $84.9k - Series A Seal Software (2010, San Francisco, $4.1M) $25M - Series C Icertis (2009, Seattle, $46M) $25M - Series E SpringCM (2005, Chicago, $113M) $18.5k - Seed MyDocSafe (2013, Bedford, $235k) $17.5M - Series D SpringCM (2005, Chicago, $113M) $4.3M - Series D SpringCM (2005, Chicago, $113M) $14.9M - Series B Icertis (2009, Seattle, $46M) $217k - Angel MyDocSafe (2013, Bedford, $235k) Series A iContracts (2007, Raritan, $4M) Series A Ncontracts (2009, Brentwood) $6.5M - Series A Icertis (2009, Seattle, $46M) Jan 2018 SpringCM Releases New Study That Examines Contract Management Usage and Challenges, PR Newswire Jan 2018 CobbleStone Software Releases Contract Management Mobile App for iOS and Android , PRWeb 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 Jun 2017 Wellington Financial LP Provides US$24 Million Debt Financing Commitment to Contract ..., Business Wire May 2017 Susquehanna Growth Equity-backed iContracts Acquires PolicyStat, Citybizlist May 2017 iContracts buys PolicyStat, PE Hub May 2017 Icertis may expand operations in Europe, Asia-Pacific, Indiatimes 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 Feb 2017 Exari Appoints Scott Mars Group Vice President, Technology Marketing Corporation Mar 2016 Contract management software maker Icertis raises $15M Series B, TechCrunch 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 8 14 69 M&A/IPO Series C+ Series A+ Funded Companies Covered Funding Funnel Legal Contract Management > Contract Lifecycle Management: Market Factsheet Market: Contract Lifecycle Management 57 Exits Most Active Investors Recent Investments YoY Funding and Rounds Companies offering an end-to-end contract management platform SpringCM (2005, Chicago, $113M) Nextance (2000, Austin, $52.4M) Icertis (2009, Seattle, $46M) Exari (2000, Boston, $10M) Seal Software (2010, San Francisco, $4.1M) Top Companies #3 Top Markets of Investment Activity Legal Tech > Market Details > Market: Contract Lifecycle Management Companies Created 69 | Funded 14 | Total Funding $231M
  57. 57. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201858 Legal Contract Management > Contract Lifecycle Management: Top Companies Market: Contract Lifecycle Management Legal Tech > Market Details > Market: Contract Lifecycle Management #3 Top Markets of Investment Activity Analyst’s Pick SpringCM (2005, Chicago, $113M) Cloud Enterprise Content and Contract Mangement Soonicorn. Stage: Series E Crestline Investors, Foundation Capital, North Bridge and 9 Other Investors Icertis (2009, Seattle, $46M) Cloud based contract management solutions Minicorn. Stage: Series C B Capital Group, Ignition Partners, Greycroft Partners and 2 Other Investors Seal Software (2010, San Francisco, $4.1M) Contract analysis: Clause extraction and review Minicorn. Stage: Series A Tern, Toba Capital, Kreos Capital
  58. 58. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics 59 Legal Contract Management > Contract Lifecycle Management: Leaderboard Market: Contract Lifecycle Management Legal Tech > Market Details > Market: Contract Lifecycle Management #3 Top Markets of Investment Activity 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 SpringCM 2005 Chicago Series E $113M - 5 - - 11 260k 1.8k 750 21 90k 53% - - 191 11% 4.9 Icertis 2009 Seattle Series C $46M - 5 - - 16 569k 713 825 16 18k 3% 3 27% 64 10% 4.8 Cobblestone system 1995 Philadelphi a Unfunded - - 5 - - 1 677k 2.9k 750 5 -136k -17% - - 3.1k 1886 % 4.8 Quickly Legal 2015 Chicago Unfunded - - 4 - - - 10M 18 8k 11 - - 4 57% 8 53% 4.7 Advanced Software Concepts 1992 Ottawa Unfunded - - 4 - - - 4.6M - 750 3 487k 12% - - - - 4.6 Seal Software 2010 San Francisco Series A $4M - - - - 6 1.3M 682 - - 274k 28% - - 78 12% 4.5 Juro 2016 London Unfunded - - - - 3 - 2.5M 796 - - - - - - 205 31% 4.5 Exari 2000 Boston Series A $10M - - - - 4 1.7M 1.2k - - 91k 6% - - 26 2% 4.4 MyDocSafe 2013 Bedford Seed $235K - - - - - 1.3M 1.7k - - - - - - 773 89% 4.3 2Agree 2009 Nijmegen Unfunded - - - 2 2 - - 32 7 - - - - - - - 4.2 Contractual 2009 Vancouver Acquired $46K - - - - 2 4M 811 - - 2M 88% - - -2 - 4.2 Legisway 1990 La Garenne- colombes Unfunded - - - - 3 - 6M 246 - - - - - - 7 3% 4.1 Lexigone 2016 Toulouse Unfunded - - - - 4 - 10M 175 - - - - - - 30 20% 4.0 Contract Room 2012 San Mateo Seed $1M - - - - 1 2.1M 1.4k - - -193k -9% - - 34 2%
  59. 59. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Market: Contract Creation 60 #4 Top Markets of Investment Activity Legal Tech > Market Details > Market: Contract Creation Companies Created 62 | Funded 14 | Total Funding $28.3M
  60. 60. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201861 Market: Contract Creation Legal Tech > Market Details > Market: Contract Creation #4 Top Markets of Investment Activity
  61. 61. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201862 Market: Contract Creation Legal Tech > Market Details > Market: Contract Creation #4 Top Markets of Investment Activity Better than Market Average
  62. 62. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Market: Review & Analytics 63 #5 Top Markets of Investment Activity Legal Tech > Market Details > Market: Review & Analytics Companies Created 42 | Funded 14 | Total Funding $234M
  63. 63. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201864 Market: Review & Analytics Legal Tech > Market Details > Market: Review & Analytics #5 Top Markets of Investment Activity
  64. 64. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201865 Market: Review & Analytics Legal Tech > Market Details > Market: Review & Analytics #5 Top Markets of Investment Activity Better than Market Average
  65. 65. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Market: Legal Research Assistant 66 #6 Top Markets of Investment Activity Legal Tech > Market Details > Market: Legal Research Assistant Companies Created 14 | Funded 3 | Total Funding $25.3M
  66. 66. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201867 Market: Legal Research Assistant Legal Tech > Market Details > Market: Legal Research Assistant #6 Top Markets of Investment Activity
  67. 67. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201868 Market: Legal Research Assistant Legal Tech > Market Details > Market: Legal Research Assistant #6 Top Markets of Investment Activity Better than Market Average
  68. 68. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Market: Analytics 69 #7 Top Markets of Investment Activity Legal Tech > Market Details > Market: Analytics Companies Created 66 | Funded 17 | Total Funding $42.9M
  69. 69. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201870 Market: Analytics Legal Tech > Market Details > Market: Analytics #7 Top Markets of Investment Activity
  70. 70. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201871 Market: Analytics Legal Tech > Market Details > Market: Analytics #7 Top Markets of Investment Activity Better than Market Average
  71. 71. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Market: Spend Analytics 72 #8 Top Markets of Investment Activity Legal Tech > Market Details > Market: Spend Analytics Companies Created 14 | Funded 6 | Total Funding $16.7M
  72. 72. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201873 Market: Spend Analytics Legal Tech > Market Details > Market: Spend Analytics #8 Top Markets of Investment Activity Better than Market Average
  73. 73. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Market: Suite 74 #9 Top Markets of Investment Activity Legal Tech > Market Details > Market: Suite Companies Created 173 | Funded 13 | Total Funding $66.2M
  74. 74. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201875 Market: Suite Legal Tech > Market Details > Market: Suite #9 Top Markets of Investment Activity
  75. 75. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201876 Market: Suite Legal Tech > Market Details > Market: Suite #9 Top Markets of Investment Activity Better than Market Average
  76. 76. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Market: Air Tickets 77 #1 Top Markets of Early Stage Investors Legal Tech > Market Details > Market: Air Tickets Companies Created 26 | Funded 5 | Total Funding $17.9M
  77. 77. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201878 Market: Air Tickets Legal Tech > Market Details > Market: Air Tickets #1 Top Markets of Early Stage Investors
  78. 78. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201879 Market: Air Tickets Legal Tech > Market Details > Market: Air Tickets #1 Top Markets of Early Stage Investors Better than Market Average
  79. 79. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Market: Online Notary 80 #3 Top Markets of Early Stage Investors Legal Tech > Market Details > Market: Online Notary Companies Created 10 | Funded 3 | Total Funding $10.5M
  80. 80. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201881 Market: Online Notary Legal Tech > Market Details > Market: Online Notary #3 Top Markets of Early Stage Investors
  81. 81. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201882 Market: Online Notary Legal Tech > Market Details > Market: Online Notary #3 Top Markets of Early Stage Investors Better than Market Average
  82. 82. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Market: Listing 83 #1 Other Notable Markets Legal Tech > Market Details > Market: Listing Companies Created 70 | Funded 9 | Total Funding $1.9M
  83. 83. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201884 Market: Listing Legal Tech > Market Details > Market: Listing #1 Other Notable Markets
  84. 84. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201885 Market: Listing Legal Tech > Market Details > Market: Listing #1 Other Notable Markets Better than Market Average
  85. 85. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Public Companies Contents Feed Summary Investment Trend Market Details Exit Outlook Investors News Appendix 86 Notable Acquisitions Top Acquirers Acqui-hires
  86. 86. Some more Sector Reports you might want to check out Join 4000+ people taking sharper decisions with Tracxn Healthcare IT Jan 2018 FoodTech Dec 2017 Online Video Dec 2017
  87. 87. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Public companies 88 Performance indicators of public companies in Legal Tech IPO Date Company Current MCap IPO Mcap Revenue P/E Exchange Ticker May 2011 RPX Corporation (2008, San Francisco) Patent Risk Solutions $714M RPXC Aug 2004 Primary Opinion (2000, Guildford) IP asset management in digital rights segment $6.1M POP Jun 2002 Thomson Reuters (1800, New York City) Enterprise solutions for financial, risk, legal, tax and accounting TRI May 1996 FTI Technology (1982, Washington D.C.) FTI Technology: Software & Solutions for E-discovery FCN LegalZoom (2001, Glendale) Legal Document Services LGZ Stratify (1999, Mountain View) eDiscovery document review Legal Tech > Exit Outlook > Public Companies
  88. 88. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Notable Acquisitions (1/3) 89 Notable Acquisitions in Legal Tech Legal Tech > Exit Outlook > Notable Acquisitions 2018 YTD 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 Acquirer: OpenText Deal: $240M Guidance Software (1997, Pasadena, $7.5M) eDiscovery software and services 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: OpenText Deal: $163M Recommind (2000, San Francisco, $24M) SaaS based Legal hold software for ediscovery
  89. 89. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Notable Acquisitions (2/3) 90 Notable Acquisitions in Legal Tech Legal Tech > Exit Outlook > Notable Acquisitions 2015 Acquirer: Epiq Systems Deal: $134M Iris (2007, Olathe) Legal Services 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) 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
  90. 90. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Notable Acquisitions (3/3) 91 Notable Acquisitions in Legal Tech Legal Tech > Exit Outlook > Notable Acquisitions 2010 Acquirer: IBM PSS Systems (2004, Mountain View, $47M) legal holds and retention practices 2009 Acquirer: Micro Focus Deal: $10M Relativity Technologies (1997, Raleigh, $136M) eDiscovery ERDM process management Before 2008 Acquirer: Versata Nextance (2000, Austin, $52.4M) Enterprise contract management software
  91. 91. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Most Active Acquirers 92 Legal Tech > Exit Outlook > Most Active Acquirers
  92. 92. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Date Target 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 Jun-15 Ivize eDiscovery Acq by Modus May-15 Topple Track Acq by Symphonic Distribution Apr-15 Shake Acq by LegalShield 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 Acqui-hires (1/2) 93 List of Acqui-hires in Legal Tech Excludes all details for Chinese companies Date Target 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 Jun-17 Ravellaw Acq by LexisNexis May-17 Modria Acq by Tyler Tech Feb-17 TrialWorks Acq by Ridge Road Partners Jan-17 Omtool Acq by Upland Software Jul-16 Epiq Systems Acq by Omers 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 Date Target Mar-16 Content Analyst Acq by kCura Mar-16 Viewabill Acq by Mitratech Feb-16 LawFarm Acq by Lawr.co Feb-16 CMA Contiki Acq by Exari Feb-16 Veritext Acq by Pamplona Capital Management 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 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 Legal Tech > Exit Outlook > Acqui-hires
  93. 93. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Acqui-hires (2/2) 94 List of Acqui-hires in Legal Tech Excludes all details for Chinese companies Date Target Aug-14 Quolaw Acq by vLex Jul-14 PatentCore Acq by Reed Tech Jun-14 AttorneyFee Acq by LegalZoom Apr-14 Web IP Acq by NetNames Sep-13 CitizenHawk Acq by Wolters Kluwer Sep-13 Corsearch Acq by Wolters Kluwer Jun-13 Inventus Acq by Clearlake Capital 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 Feb-12 CaseCentral Acq by Guidance Software Oct-11 BayTSP Acq by Irdeto May-11 Nolo Acq by Internet Brands Date Target Jan-11 LegalShield Acq by MidOcean Partners 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-07 Serengeti Law Acq by Thomson Reuters Jun-06 MiCase Acq by Business & Decision Jun-05 Aderant Acq by Francisco Partners May-04 Verilaw Technologies Acq by LexisNexis Jun-98 Reed Tech Acq by LexisNexis Clearpath Acq by L1bre Legal Tech > Exit Outlook > Acqui-hires View all 69 Acqui-hired companies on Tracxn Platform
  94. 94. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Contents Feed Summary Investment Trend Market Details Exit Outlook Investors News Appendix 95 Details on VC & PE Investors Seed Stage Early Stage Late Stage Details on Top Ecosystem Players
  95. 95. Some more Sector Reports you might want to check out Join 4000+ people taking sharper decisions with Tracxn HRTech Jan 2018 Finance & Accounting Jan 2018 Business Intelligence Jan 2018
  96. 96. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 201897 Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE) Legal Tech > Investors > Index of Most Active VC & PE Investors Index of Top Investors (VC, PE) by Stage in Legal Tech; Last 5 years (Jan 2013 - Dec 2017) Index of Most Active VC & PE Investors SEED STAGE Seedcamp (5 Investments) SV Angel (3 Investments) Crosslink Capital (3 Investments) Foley Ventures (2 Investments) Draper Associates (2 Investments) Structure Capital (2 Investments) Ulu Ventures (2 Investments) Seed Capital (2 Investments) AGO Partners (2 Investments) Greycroft Partners General Catalyst Partners Lowercase Capital Spark Capital Foundation Capital New Enterprise Associates EARLY STAGE Khosla Ventures (2 Investments) Ignition Partners Accel Partners Bessemer Venture Partners Greycroft Partners Eight Roads Ventures Govtech Fund LiveOak Venture Partners Sound Ventures Visionnaire Ventures M2O Union Square Ventures Green Visor Capital Alven Mangrove Capital Partners LATE STAGE Bessemer Venture Partners (2 Investments) Sapphire Ventures GV Bain Capital Ventures Founders Circle Capital Sands Capital Ventures Permira investment BBVA Ventures Jackson Square Ventures Insight Venture Partners Vulcan Capital Intel Capital Spire Capital B Capital Group E.ventures
  97. 97. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Contents Feed Summary Investment Trend Market Details Exit Outlook Investors News Appendix 98 Details on VC & PE Investors Seed Stage Early Stage Late Stage Details on Top Ecosystem Players
  98. 98. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Seedcamp 99 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Seedcamp People Investments [Minicorn] Juro (2015, London, $750k, Seed) Legal contracts platform for small businesses and freelancers [Minicorn] Legal Robot (2015, San Francisco, Seed) AI for contract review [Minicorn] Beagle (2014, Toronto, Seed) AI using NLP for Contract Automation Legal Tech Notable Portfolio [Soonicorn] Revolut (2014, London, $88.3M, Series B) Cloud money app for currency exchange. [Soonicorn] Wefox (2014, Berlin, $33.5M, Series A) Insurance policy management platform [Soonicorn] FinanceFox (2014, Zurich, $33.5M, Series A) Personal insurance advisor [Soonicorn] Property Partner (2014, London, $32.6M, Series B) Equity based crowdfunding platform for real estate investments [Minicorn] Cymmetria (2014, Tel Aviv, $10.6M, Series A) Honeypot based threat detection & deception solution [Minicorn] Poq (2011, London, $9M, Series B) App commerce platform that enable retailers to create customized apps [Minicorn] BridgeU (2013, London, $8.2M, Series A) Data-driven admission counselling through predictive analytics [Minicorn] Patients Know Best (2008, Cambridge, $8.1M, Series B) Patient Controlled EMR Solution [Minicorn] Try.com (2012, San Francisco, $7.8M, Series A) Try and buy for online fashion Other Notable Portfolio Top Exits Recent News on Fund & Portfolio Reshma Sohoni Co-Founder & Managing Partner Geographical Spread Stage of Entry 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 Jan 2017 Juro gets $750k to optimize sales contract workflow, TechCrunch Dec 2016 Nextlaw Labs expands portfolio with investment in Canadian legal tech startup Beagle, Dentons None 2 1 1 3 2013 2014 2015 2016 2017 2018 Follow On New Investments 1 - - - 5 Undisclosed Series C+ Series B Series A Seed2 2 1 1 - Europe US South Africa Canada
  99. 99. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 SV Angel 100 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > SV Angel People Investments [Minicorn] Casetext (2013, Palo Alto, $20.8M, Series B) AI-based legal research assistant [Minicorn] UpCounsel (2012, San Francisco, $14M, Series A) Online workplace for legal services Legal Tech Notable Portfolio [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, $675M, Series D) Marketplace for same-day grocery delivery [Unicorn] Zenefits (2013, San Francisco, $584M, Series C) SaaS HR Platform for SMBs [Unicorn] Kabbage (2009, Atlanta, $491M, Series F) Working capital financing for small businesses. [Unicorn] Stripe (2010, San Francisco, $473M, Series D) Web & Mobile Payments for Developers [Unicorn] Credit Karma (2007, San Francisco, $370M, Series D) Aggregator of various consumer financial products. [Unicorn] Opendoor (2014, San Francisco, $321M, Series D) Residential re-selling solution provider. [Unicorn] Flatiron Health (2012, New York City, $314M, Series C) Cloud-based oncology platform offering analytics, billing and EHR [Unicorn] Twilio (2007, San Francisco, $240M, Public) Cloud Communications API provider Other Notable Portfolio Top Exits Recent News on Fund & Portfolio Ron Conway Founder & Co- Managing Partner Geographical Spread Stage of Entry 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 $10 Million For UpCounsel Means Small Businesses Can Hire BigLaw Attorneys, TechCrunch 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 Jul 2013 Crime-fighting nerds raise $1.95M to bring law enforcement into modern era, VentureBeat None 1 3 2013 2014 2015 2016 2017 2018 Follow On New Investments - - - - 3 Undisclosed Series C+ Series B Series A Seed3 - - - - US
  100. 100. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Crosslink Capital 101 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Crosslink Capital People Investments [Minicorn] Casetext (2013, Palo Alto, $20.8M, Series B) AI-based legal research assistant [Minicorn] UpCounsel (2012, San Francisco, $14M, Series A) Online workplace for legal services Legal Tech Notable Portfolio [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] SilkRoad (2003, Chicago, $192M, Series E) Web-based talent management solutions [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 Other Notable Portfolio Top Exits Recent News on Fund & Portfolio Sy Kaufman Founder Michael Stark Founder & Partner Geographical Spread Stage of Entry 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 $10 Million For UpCounsel Means Small Businesses Can Hire BigLaw Attorneys, TechCrunch 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 None 1 1 1 2013 2014 2015 2016 2017 2018 Follow On New Investments - - - - 3 Undisclosed Series C+ Series B Series A Seed3 - - - - US
  101. 101. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Draper Associates 102 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Draper Associates
  102. 102. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Structure Capital 103 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Structure Capital
  103. 103. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Ulu Ventures 104 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Ulu Ventures
  104. 104. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Seed Capital 105 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Seed Capital
  105. 105. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Greycroft Partners 106 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Greycroft Partners
  106. 106. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 General Catalyst Partners 107 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > General Catalyst Partners
  107. 107. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Lowercase Capital 108 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Lowercase Capital
  108. 108. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Spark Capital 109 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Spark Capital
  109. 109. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Foundation Capital 110 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Foundation Capital
  110. 110. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 New Enterprise Associates 111 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > New Enterprise Associates
  111. 111. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Contents Feed Summary Investment Trend Market Details Exit Outlook Investors News Appendix 112 Details on VC & PE Investors Seed Stage Early Stage Late Stage Details on Top Ecosystem Players
  112. 112. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Khosla Ventures 113 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Khosla Ventures
  113. 113. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Ignition Partners 114 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Ignition Partners
  114. 114. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Accel Partners 115 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Accel Partners
  115. 115. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Bessemer Venture Partners 116 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Bessemer Venture Partners
  116. 116. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Greycroft Partners 117 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Greycroft Partners
  117. 117. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Eight Roads Ventures 118 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Eight Roads Ventures
  118. 118. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Govtech Fund 119 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Govtech Fund
  119. 119. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 LiveOak Venture Partners 120 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > LiveOak Venture Partners
  120. 120. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Sound Ventures 121 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Sound Ventures
  121. 121. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Visionnaire Ventures 122 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Visionnaire Ventures
  122. 122. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 M2O 123 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > M2O
  123. 123. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Union Square Ventures 124 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Union Square Ventures
  124. 124. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Green Visor Capital 125 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Green Visor Capital
  125. 125. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Alven 126 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Alven
  126. 126. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Mangrove Capital Partners 127 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Mangrove Capital Partners
  127. 127. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Contents Feed Summary Investment Trend Market Details Exit Outlook Investors News Appendix 128 Details on VC & PE Investors Seed Stage Early Stage Late Stage Details on Top Ecosystem Players
  128. 128. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Bessemer Venture Partners 129 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Bessemer Venture Partners
  129. 129. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 Sapphire Ventures 130 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > Sapphire Ventures
  130. 130. Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - Jan 2018 GV 131 Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter Legal Tech > Investors > GV

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