Total amount raised
$64.3 Millions
Latest funding date
1/1/2022
Location
Casetext has successfully raised significant funding through multiple rounds, culminating in its acquisition by Thomson Reuters for $650 million. The platform specializes in AI legal research technology, offering tools like CoCounsel to enhance productivity for legal professionals.
Keep reading to explore the intricacies of Casetext's fundraising journey and the investors backing this innovative platform.
What Is Casetext?
Casetext, founded in 2013 by Jake Heller and Pablo Arredondo, is based in San Francisco, California. The company specializes in AI legal research technology, providing tools that enhance the productivity of legal professionals. With a team of 101-250 employees, Casetext has made significant strides in the legal tech industry.
How Much Funding Has Casetext Raised?
- Seed Round
- Amount Raised: $1.8M
- Date: October 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop and launch the platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Early-stage funding to support initial operations.
- Series A
- Amount Raised: $7M
- Date: February 2015
- Lead Investors: Union Square Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform and enhance product offerings.
- Series B
- Amount Raised: $12M
- Date: March 2017
- Lead Investors: Canvas Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the software platform and develop CARA, the AI-powered legal research assistant.
- Venture Round
- Amount Raised: $10.3M
- Date: March 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance AI capabilities.
- Venture Round
- Amount Raised: $8.2M
- Date: February 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop AI technology and expand market reach.
- Series C
- Amount Raised: $25M
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance AI-driven legal research tools.
Total Amount Raised: $64.3M. Current Valuation: Not publicly disclosed.
Key Investors
- Union Square Ventures
- Details: Union Square Ventures is a venture capital firm based in New York City. They are known for investing in internet services that create large networks.
- Investment Focus Areas: Internet services, social media, financial technology
- Notable Investments: Twitter, Etsy, Coinbase
- Canvas Ventures
- Details: Canvas Ventures is a venture capital firm that invests in early-stage technology companies. They led the $12 million funding round for Casetext in 2017.
- Investment Focus Areas: Technology, software, consumer internet
- Notable Investments: Zola, Roofstock
- 8VC
- Details: 8VC is a venture capital firm that focuses on technology companies, particularly those leveraging data and software. They participated in the $12 million funding round for Casetext.
- Investment Focus Areas: Technology, data, software
- Notable Investments: Palantir, Wish
- Red Sea Ventures
- Details: Red Sea Ventures is a venture capital firm that invests in early-stage technology companies. They were part of the $12 million funding round for Casetext.
- Investment Focus Areas: Technology, consumer products, healthcare
- Notable Investments: Sweetgreen, Compass
- Bridge Investments
- Details: Bridge Investments is a venture capital firm that has invested in Casetext. Specific details about their focus areas and notable investments are not publicly disclosed.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
What's Next for Casetext?
Casetext stands at the cusp of significant growth opportunities, driven by the expansion of its AI-powered legal research assistant, CARA. The legal research market is ripe for innovation, with increasing adoption of AI and machine learning technologies. This positions Casetext to leverage its natural language understanding capabilities to enhance legal research and analysis, potentially transforming the industry.
Future fundraising opportunities appear promising as the company continues to demonstrate the effectiveness of its platform. Attracting additional investors and forming strategic partnerships could further bolster its market position. However, Casetext may face challenges such as competition from other AI-driven legal services and ensuring the accuracy of AI-generated research. Navigating the regulatory landscape will also be crucial for sustained growth.
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