Nov 02, 2021
Everlaw Announces $202M Series D To Fuel Ediscovery Transformation
Round led by TPG Growth follows 80% YoY growth, positions brand for industry leadership
Oakland, CA – November 2, 2021 – Everlaw, the cloud-native investigation and litigation platform, today announced $202 million in Series D funding, bringing the company to an overall valuation of over $2 billion after a year of 80% YoY growth. TPG Growth led the round with additional participation from H.I.G. Growth Partners and existing investors CapitalG, Menlo Ventures, Andreessen Horowitz and K9 Ventures. Mike Zappert, a TPG partner, will join Everlaw's board of directors.
Everlaw is used by 91 of the Am Law 200, as well as the attorneys general in all 50 U.S. states. Total cases on Everlaw's platform have more than doubled since the company's Series C fundraise in March 2020 as the company signed significant new contracts with corporations, law firms and government agencies. New customer contracts include the Colorado State Attorney General and corporations like Lime, Snowflake and Coca-Cola Europe. During that same period, Everlaw saw case volumes grow more than 4x at Am Law 100 firms.
Everlaw also continues to recognize the legal industry's top priority: protecting client data. Earlier this year, the company became one of the first ediscovery platforms to achieve FedRAMP moderate certification delivered on Amazon Web Services GovCloud (U.S.), with sponsorship from the U.S. Department of Justice — paving the way for U.S. government agencies to move ediscovery to Everlaw's highly secure cloud environment.
"The legal industry has undergone a decade's worth of technological change in just 18 months. Legal professionals need tools that can keep up with the pace of change without sacrificing security," said Everlaw CEO and Founder AJ Shankar. "We're proud of what we've accomplished, but we're not resting on our laurels. This investment is part of a thoughtful and well-paced strategy for global growth, enabling us to support our customers, people and programs, including go-to-market efforts, channel partnerships and product innovation."
In a market expected to reach almost $13 billion by 2025, Everlaw is leading innovation by meeting legal teams where their needs are. Just this year, Everlaw launched Storybuilder by Everlaw, the industry's first no-cost case preparation software, delivering a fully collaborative environment in which to build case strategy. Other innovations include Slack and Microsoft Office 365 connectors, which allow for rapid ingestion and review of data on those platforms, and a legal holds solution to assist with defensible preservation of evidence.
"Everlaw is the ediscovery market leader, but ediscovery is only the beginning," said TPG's Zappert. "Everlaw's best-of-breed cloud product and intuitive design is making the law more accessible and affordable for teams across the legal and regulatory spaces. The ediscovery market and the legal industry writ large are undergoing a rapid digital transformation that has only been accelerated in the past few years. Everlaw is the vanguard of that transition. We are excited to partner with AJ and the team in their mission to continue to modernize the legal field and make it faster and easier for lawyers, paralegals, litigation support teams, journalists and investigators to get the information that they need."
With AI-powered and cloud-native technology, Everlaw is revolutionizing the way law firms, government agencies and corporate legal departments handle internal investigations, ediscovery and case preparation. Its platform is built for collaboration from anywhere, on tasks central to successful litigation and investigation. Legal professionals prefer Everlaw, which has more than 220 five-star ratings on G2, the most of any ediscovery provider.
Everlaw blends cutting-edge technology with modern design to help government entities, law firms and corporations solve the toughest problems in the legal industry. Everlaw is used by Fortune 100 corporate counsels and household brands like Hilton and Dick's Sporting Goods, 76 out of the AM Law 100 and all 50 U.S. state attorneys general. Based in Oakland, California, Everlaw is funded by top-tier investors, including TPG Growth, CapitalG, Menlo Ventures, Andreessen Horowitz, H.I.G. Growth Partners and K9 Ventures.
Learn more at https://www.everlaw.com.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With approximately $13.7 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The platform is backed by the resources of TPG, which has more than $108 billion of assets under management. For more information, please visit www.tpg.com or on Twitter @TPG.
Mission North for Everlaw