Total amount raised
$120.9M
Latest funding date
2026-03-04
Location
Spellbook has successfully raised funding over nine rounds, with the latest being a Series B round led by Khosla Ventures. The platform offers an AI-powered tool designed to assist commercial lawyers in drafting and reviewing contracts.
Keep reading to explore the intricacies of Spellbook's fundraising journey and the investors backing this innovative platform.
Spellbook has raised funding across four major disclosed rounds, backed by notable investors including Khosla Ventures, Inovia Capital, Moxxie Ventures, and RBCx, among others.
Keep reading to explore Spellbook's full fundraising journey, key investors, and what lies ahead for this fast-growing legal AI company.
What Is Spellbook?
Spellbook is a Toronto-based legal AI company founded in 2018 (launched publicly in 2022) by CEO Scott Stevenson. It builds an AI-powered copilot for commercial lawyers, enabling them to draft, review, and analyze contracts directly within Microsoft Word. Powered by leading large language models including GPT-5 and Claude, Spellbook is trusted by over 4,000 legal teams and law firms across 80+ countries. The company was formerly known as Rally before rebranding to Spellbook in 2023.
How Much Funding Has Spellbook Raised?
- Seed Round
- Amount Raised: USD 10,900,000
- Date: May 2023
- Lead Investors: Moxxie Ventures
- Other Participants: Thomson Reuters Ventures, Inovia Capital, The LegalTech Fund, Bling Capital, N49P, Good News Ventures, Venture Newfoundland & Labrador, Concrete Ventures, Path Ventures
- Source: Spellbook Blog / BusinessWire
- Series A
- Amount Raised: USD 20,000,000 (CAD 27,000,000)
- Date: January 2024
- Lead Investors: Inovia Capital
- Other Participants: Thomson Reuters Ventures, The LegalTech Fund, Bling Capital, Moxxie Ventures, Concrete Ventures, Path Ventures, N49P, Good News Ventures
- Source: Spellbook Blog
- Series B
- Amount Raised: USD 50,000,000
- Date: October 9, 2025
- Lead Investors: Khosla Ventures (Keith Rabois)
- Other Participants: Threshold Ventures, Inovia Capital, Bling Capital, Moxxie Ventures, Path Ventures, Jean-Michel Lemieux
- Valuation: USD 350,000,000 (post-money)
- Source: Spellbook Blog / BusinessWire
- Debt Financing
- Amount Raised: USD 40,000,000
- Date: March 4, 2026
- Lead Investors: RBCx (technology and innovation banking arm of Royal Bank of Canada)
- Purpose: To support strategic acquisitions in the consolidating legal AI market
- Source: BusinessWire / RBCx
Total Amount Raised: at least USD 120,900,000 based on disclosed funding (Seed $10.9M + Series A $20M + Series B $50M + Debt Financing $40M).
Key Investors
- Khosla Ventures
- Details: Khosla Ventures is a prominent Silicon Valley venture capital firm known for backing transformative technology companies. Managing Director Keith Rabois led Spellbook's $50M Series B in October 2025.
- Inovia Capital
- Details: Montreal-based Inovia Capital is a leading Canadian venture capital firm that led Spellbook's Series A in January 2024 and participated in the Series B.
- Moxxie Ventures
- Details: San Francisco-based early-stage venture firm led by former Twitter exec Katie Stanton. Moxxie Ventures led the Seed round in May 2023 and participated in subsequent rounds.
- Thomson Reuters Ventures
- Details: The venture arm of Thomson Reuters, participating in both the Seed and Series A rounds, reflecting strong strategic interest from an established legal industry player.
- RBCx
- Details: RBCx is the technology and innovation banking arm of Royal Bank of Canada (RBC). It provided the $40M debt financing facility in March 2026 to support Spellbook's acquisition strategy.
- Threshold Ventures
- Details: Threshold Ventures is a Silicon Valley-based venture capital firm that participated in Spellbook's Series B round in October 2025.
- Bling Capital
- Details: An early-stage technology venture firm that participated in Spellbook's Seed, Series A, and Series B rounds.
What's Next for Spellbook?
Spellbook is poised to deepen its foothold in legal AI, with the $40M debt facility signaling aggressive plans to acquire and consolidate smaller legal AI competitors. The company, already on track to hit US$100M ARR, is expanding its AI suite beyond contract review into full transactional workflows and in-house legal team automation. With backing from Khosla Ventures and a $350M valuation, Spellbook is rapidly positioning itself as the dominant AI platform for commercial lawyers globally.
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