As human beings, we are pretty much designed to look for a way forward under all circumstances. This ensures that we don’t get stuck, while also fuelling our progression over time. Now, even though the end goal is almost always the same, we have actually conceived a host of methods to pursue it. The rationale here was to cater to different individual needs, but the whole effort will become redundant once technology turns up, as that creation had something for literally everyone. With such an accommodating dynamic running the show, the world was suddenly a lot better than ever before. However, the stated reality, like you would expect, won’t stop us from pursuing higher altitudes. In fact, looking at a particular funding, we can say that the iterations of our progressive mindset will continue to come in spades, at least for the foreseeable future.
Filevine, a startup offering a software-as-a-service product for legal case management, has officially secured a sum of $108 million in Series D financing. Led by StepStone Group, the round saw further participation coming from names like Golub Capital, Signal Peak Ventures, Meritech Ventures, and more. If certain reports are to be believed, Filevine will use the new cash injection to add more markets on its portfolio. Talk about the areas in focus, the company, at present, is targeting nonprofits, insurance, and the public sector. Beyond that, Filevine also hinted at “evolv[ing] the [Filevine platform] to meet changing legal demands.”
Founded in 2014, Filevine was conceived to make legal tech bigger than just point solutions. The company delivered an integrated platform that could help the clients with specific legal workflows, including document management, billing and timekeeping, e-signatures, lead management, and so on. However, what really set Filevine apart from others was its focus on the communication element. With the company’s in-house platform, attorneys can easily assign tasks, upload files or images, and most importantly, reach out to clients from a centralized workspace.
“The venture community is starting to realize what the market was already signaling: There is an increasing need for centralized legal work management. Filevine aims to tear down the silo between the doing of the legal work and the consumption of the legal work. Filevine’s platform serves not only those processing cases, matter, and documents — but critical stakeholders that interface and depend on this work like sales teams, outside counsel, and operations teams,” said Ryan Anderson, CEO and co-founder of Filevine.
Following the latest funding, Filevine has now raised over $155 million in total. The company saw 198% increase in its ARR over the last two years, and for the next year, it is aiming at an ARR of $100 million. This doesn’t seem too big when you realize that Filevine is serving more 42,000 users right now, a number which includes 2,900 heavyweight corporate clients, as well as Utah County Public Defenders Association.