Tech investor TCV leads $100 mln funding round for Evisort

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U.S. one dollar banknotes are seen in this illustration taken February 8, 2021. REUTERS/Dado Ruvic

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  • Several contracts-focused legal tech companies have recently raised new funding
  • Series C round brings total capital raised by Evisort to $155 million

(Reuters) – Evisort Inc, which makes AI-powered contract management software for companies, said Wednesday it has raised $100 million in Series C funding spearheaded by Silicon Valley venture capital firm TCV.

Breyer Capital and existing backers including General Atlantic and Microsoft’s venture capital fund, M12, participated in the round. The funding brings total capital raised for San Mateo, California-based Evisort to $155 million, the company said.

Contract management companies have continued attracting investor attention in 2022, including SirionLabs Inc, which on Tuesday said it raised an $85 million Series D round.

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Two other companies in the space, LinkSquares Inc and Ironclad Inc, said they raised $100 million and $150 million, respectively, earlier this year.

TCV, which has backed companies like Airbnb Inc and Netflix Inc, has also invested in legal tech companies Clio and LegalZoom.com Inc, according to its website.

Evisort said its capital raise included equity and venture debt financing.

The company markets a platform aimed at helping legal, finance, procurement and other teams within a business manage the contracting process and analyze legal documents.

Evisort said its customers include Microsoft Corp, the Bank of New York Mellon Corp, Jelly Belly Candy Corp and NetApp Inc.

Read more:

Legal tech company SirionLabs lands $85 mln in new funding round

Legal tech buzzed throughout 2021 with IPOs, new ‘unicorns’

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



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