OAKLAND — Everlaw, a developer of a cloud-based legal platform for investigation and litigation, has reeled in $202 million in Series D funding, bringing the company to an overall valuation of over $2 billion. 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.”