Spellbook, a legal software company based in Toronto and St. John’s, Newfoundland, Canada, has successfully raised $20 million in a Series A funding round, bringing their total funding to over $30 million. The funding was led by Inovia Capital, with participation from Thomson Reuters Ventures, The Legaltech Fund, Bling Capital, Moxxie Ventures, Concrete Ventures, Path Ventures, N49P, and Good News Ventures.
The CEO and co-founder of Spellbook, Scott Stevenson, expressed enthusiasm about the remarkable growth the platform has witnessed since its launch as the first generative AI contract drafting tool in 2022. Stevenson shared, “We’ve been amazed by the explosive usage growth our platform has experienced. This raise marks a major milestone for our team, indicative of the market traction we saw in 2023.”
The company’s customer base has surged nearly 300% in the last seven months, now serving over 1,700 law firms and legal teams globally. The revenue has seen a staggering 10x growth from 2022 to 2023, and the platform boasts more than 86,000 contracts being opened each month, with this number consistently increasing.
Inovia Capital’s Partner, Steven Woods, expressed pride in supporting Spellbook, highlighting the significant impact of integrating Large Language Models into legal workflows. Woods stated, “Spellbook demonstrates what can happen when one deeply integrates new capabilities into high-priority workflows and relentlessly experiments, measures, and iterates to drive the most value.”
Annie Haggar, Founder and Principal at Cyber GC, a Spellbook user, shared her positive experience, stating, “Every time I’m working on an agreement, I have Spellbook open. Using their technology saves me anywhere from 25-30% of my time.”
With the newly secured funding, Spellbook aims to rapidly expand into 30,000 law firms worldwide. The company is committed to maintaining its leadership in the market by introducing new functionalities, including AI that mimics the style of a lawyer, automation of a lawyer’s full end-to-end workflow starting from a client email, and AI that offers 10x more accuracy for contract work than any other solution on the market.
Spellbook’s CEO, Scott Stevenson, emphasized their dedication to innovation within the legal AI sector and building partnerships with an extensive network of law firms. Stevenson reiterated, “We are excited to continue delivering new value to our customers and shaping the future of legal technology.”
Check out the official announcement here.