Legora is reportedly chasing a $10bn valuation, barely a season after its last raise

Swedish legal-AI company Legora is reportedly in talks to raise new funding at a valuation exceeding $10 billion, roughly double the $5.6 billion valuation from its Series D round closed in March and extended in April. The startup, founded in 2023 and led by CEO Max Junestrand, has seen explosive growth, reaching $100 million in annual recurring revenue around April 2025, up from $50 million at the end of 2024 and just $3 million a year prior. Legora serves over 1,000 customers across 50 markets, including major firms like Barclays, White & Case, and Linklaters. Its platform automates legal tasks such as research, due diligence, contract review, and drafting using a model-agnostic approach that leverages frontier AI models from OpenAI, Anthropic, and Google. Headcount has grown from about 40 to roughly 400 in a year, with expansion into the U.S. and new European offices. The cap table includes prominent investors like Accel, Benchmark, ICONIQ, General Catalyst, Y Combinator, Nvidia's venture arm, Atlassian, Salesforce Ventures, and Barclays. While the potential $10 billion valuation reflects intense investor interest in legal AI — rival Harvey is valued at around $15.5 billion — it also implies a roughly 100x revenue multiple in a competitive field with risks including AI hallucinations and the possibility of frontier labs entering the legal space directly. Legora has not confirmed the raise, and talks could still shift or collapse.

(Source：TNW)