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A Unicorn Twice Over: Congratulations to Everlaw on Its $202M Series D

November 2, 2021

Everlaw is the leading investigation and litigation platform transforming the legal industry

Today we congratulate Everlaw, the leading cloud-native investigation and litigation platform, on raising $202 million in Series D funding at a valuation of more than $2 billion in a round led by TPG Growth, with ongoing support from the team at Menlo Ventures. We’re big believers in Everlaw, having led their Series B in 2018 and co-led their Series C in 2020.  

The financing speaks to the incredible business that CEO AJ Shankar and the team at Everlaw have built and the potential ahead. Today, Everlaw is used by 91 of the Am Law 200, as well as attorneys general in all 50 U.S. states. Total cases on Everlaw’s platform have more than doubled since the company’s Series C raise in March 2020, and case volumes with Am Law 100 firms have grown over 4x. In addition, the company signed significant contracts with new customers including the Colorado State Attorney General and corporations like Lime, Snowflake, and Coca-Cola Europe. 

The trick as a venture capitalist is to identify the breakout company that can transform an industry before it becomes obvious. We are not always right, but with Everlaw, we think we have struck gold. We are proud to have been an early investor, having led Everlaw’s $25M Series B back in 2018 at a time when the category of e-discovery was still largely on-premises, and enthusiasm for broader adoption of cloud-based technologies within the legal sector was still nascent. Undeterred, we doubled down on the Series C, co-leading a $63M round with Google Capital via our Inflection Fund in early 2020. The market was still early, but it was starting to thaw.

How times have changed

Having built an incredible e-discovery solution, Everlaw is the category leader in a market that is expected to reach almost $13 billion by 2025. Everlaw has led through rapid product innovation and customer delight. Just this year, Everlaw launched Storybuilder by Everlaw, the industry’s first no-cost case preparation software, delivering a fully collaborative environment to build case strategy. They also launched Slack and Microsoft Office 365 connectors, which allow for rapid ingestion and review of data on those platforms, and a legal holds tool to assist with defensible preservation of evidence. The company has more than 220 five-star ratings on G2, ranking higher than any other e-discovery provider. 

As its name would suggest, Everlaw has ambitions far greater than e-discovery. e-discovery is just one step of many in the litigation process. There are many steps that have yet to be modernized by collaborative, cloud-native software. All are in scope as we enter this next phase of company building and category disruption. 

We must give credit to AJ Shankar, founder and CEO of Everlaw. Everlaw would not be where it is today without his incredible vision and dogged determination to build and win. He is a world-class founder, and he’s been able to recruit an incredible team around him—perhaps the most telling signal of a great CEO.  Across the board, his team demonstrates technical acuity and product intuition. It’s been a pleasure to partner with them as they grow.

AJ Shankar, founder & CEO of Everlaw

The wave of transformation has only just begun, and we anticipate more founders to transform broken workflows with purpose-built and industry-specific SaaS tools. If you have an in-depth understanding of an industry and are building the next big vertical SaaS company, I’d love to hear from you.