Harvey Raises $300m at $5bn Valuation in E Series Funding

Harvey CEO, Winston Weinberg, has just confirmed to Artificial Lawyer that the genAI pioneer has raised $300m at a $5 billion valuation – in addition to recently raised funds.

He told AL: ‘[The investment will be used for] investing more in international expansion and supporting customers around the globe. We are in 53 countries now and want to support that growth.’

Weinberg added that this was a whole new round and should be seen as an E stage investment. This follows the D round earlier this year, in February, for $300m at a $3bn valuation.

He stressed the need to support their growing client base around the world across a range of areas, from data and data storage needs, to product development, to working with global corporates, as key drivers for such a major investment so soon after the previous round.

‘This will mean tons of product investments into supporting law firms and large global corporates,’ he told Artificial Lawyer and gave the example of Verizon as a major client they are working with.

A number of large banks are also now clients, he added, as well as investment funds, such as KKR.

The announcement comes just days after Artificial Lawyer shared the news that Harvey has formed an alliance with LexisNexis, where Lexis will share legal data – see here.

According to public data – as shown by Tracxn – Harvey has now raised around $800m, if you add the new and additional $300m to the previous D to A rounds.

AL needs to check, but it would seem likely that this is the fastest increase in funding in legal tech history. It is also one of the largest valuations – if not the largest for a legal tech startup. Naturally, there are companies out there with higher valuations, such as Lexis and TR, but they are not startups.

AL Comment

It’s hard to quantify what Harvey is doing using just numbers. But, the numbers help. While some legal tech startups scale to about $10m or even $20m funding rounds after two years or so, Harvey is scaling its funding the same way a global software company would grow in its early stages of rapid success. I.e. this is not the kind of pace we have seen before in the legal sector.

What does this mean? It suggests that their backers, such as OpenAI and Sequoia, may not believe in a ‘winner takes all’ strategy, but they probably do believe that the future of legal tech will be dominated by a handful of major players – and they are making sure that Harvey is one of them. That future market may well sustain dozens, if not hundreds of much smaller players, but when it comes to big brands with global scale, there will not be many.

One other aspect is how this changes the Big Two world we have lived in for ages. TR and Lexis have dominated legal data, but hundreds of smaller companies grew up around them to handle a myriad of productivity needs. With Lexis and Harvey working together, it changes the dynamic, i.e. Lexis is legal data, Harvey is legal productivity.

What happens next? As explored before, a merger with Lexis is not guaranteed. Harvey has options and more cash gives even more options. They could remain this way for some time, or perhaps do other types of deals with other types of players.

As they say about money in general: it gives you options.

One option however they won’t have is slowing down. With so much invested they will have to meet expectations in terms of ARR and new revenue. But, they seem to be keeping pace with their investors’ demands, and so, there is every reason to believe that will keep going.

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