Swedish legal tech Legora, which leverages AI to automate tasks for lawyers, is reportedly in talks to raise more than $100m in fresh funding at a valuation of around $1.7bn.
Bloomberg reports US VC Bessemer Venture Partners is set to lead the round, citing people familiar with the talks. Legora declined to comment.
The fundraise would more than double Legora’s valuation in just a few months. In May the startup secured an $80m Series B led by General Catalyst and Iconiq at a $675m valuation.
Legora, which was founded in 2023 at the Stockholm School of Economics' (SSE) Business Lab incubator, has developed a generative AI product to automate repetitive and manual tasks done by lawyers, such as reviewing contracts and summarising cases.
The startup joined Y Combinator’s accelerator programme in 2024 and has since grown at pace, securing high-profile customers like Bird&Bird, Pérez-Llorca, Taylor Wessing and Deloitte Legal. It recently told Sifted it has seen sign-ups from law firms and corporate legal departments grow 75% in the past six months, from 250 to 400.
It comes as the legal tech sector heats up again after a dip in 2024. According to Sifted data, funding for legal AI startups in Europe has already reached €504m this year compared to €418m in 2024.
Legora is facing tough competition. This year UK startup Luminance, which builds AI agents to help lawyers draw up contracts faster, raised a $75m Series C. In June, US company Harvey, which builds technology to automate legal work, raised a $300m Series E at a $5bn valuation.
