LegalForce, Inc. Raises a total of 3 Billion Yen in Series C Round
Cumulative Amount Raised: 4.5 Billion Yen
LegalForce, Inc. (hereinafter LegalForce), a provider of AI-enabled contract review platform “LegalForce” and AI-enabled contract management suite “Marshall”, has raised a total of 3 Billion yen in a series C round through a combination of venture capital and bank loans.
The total amount raised since the seed round is approximately 4.5 billion yen, including both equity and bank loans.
LegalForce is pleased to announce that the company raised approximately 2.7 billion yen in the Series C round through a third-party allotment of new shares to each fund managed by WiL, LLC (Head office: California, USA, Co-Founder CEO: Hajime Isayama, hereinafter “WiL”), JAFCO Group Co., Ltd. (Head office: Minato-ku,Tokyo;Representative director:Shinichi Fuki), Mitsubishi UFJ Capital Co.,Ltd (Head office: Chuo-ku, Tokyo; Representative director: Shinsuke Sakamoto), Mizuho Capital Co., Ltd. (Head office: Chiyoda-ku, Tokyo; Representative director: Yusuke Omachi), SMBC Venture Capital Co., Ltd. (Head office: Chuo-ku, Tokyo; Representative director: Koichi Noda), and DIMENSION Co., Ltd. (Head office: Chiyoda-ku, Tokyo; President: Takamitsu Miyamune).
In addition, the company raised approximately 300 million yen by a syndicate loan from Japan Finance Corporation with Mitsubishi UFJ Bank, bringing the total amount raised to approximately 3 billion yen.
Comments from Representative Director and CEO, Nozomu Tsunoda
In this Series C round, we received additional investments from investors who have been with us since the Series A and Series B rounds.
In Japan, there is a growing momentum for the digitization of the contract process as part of the “Work Style Reform”. Moreover, the spread of the novel coronavirus and the subsequent prevails of working from home have further accelerated that digitization.
Amid these changes, we have continued to develop and improve our AI-enabled contract review platform “LegalForce,” which has now been introduced by 700 companies and law firms as of February 2021. In addition, we launched a beta version of our AI-enabled contract management suite “Marshall” in August 2020, leading to the official release in January 2021.
In this series C round, we believe that the evolution of our products to date has been highly evaluated.
The funds raised will be used for enhancing our development, sales, and marketing.
With our mission “Manage all contract risks anytime, anywhere,” we will continue to develop and provide software that improves the quality and efficiency of corporate legal operations by cutting edge technology with legal insights.
Comments from Partner at WiL, Toshimitsu Namba
As a leading player in the legal tech space, LegalForce has achieved impressive growth due to the innovation and reliability of its products, the strong leadership of its management team, and the support of its customers.
To realize its mission “Manage all contract risks anywhere, anytime,” LegalForce is expected to seek further progress as a company that supports management from the legal field. As a member of LegalForce, we are committed to supporting this effort.
■ About LegalForce, Inc.
LegalForce, Inc. was founded in 2017 by two corporate lawyers from one of the top law firms in Japan. It develops and provides cloud-based software that improves the quality and efficiency of corporate legal operations by proprietary AI technology with legal insights. As academic initiatives, the company jointly researches with Kyoto University on artificial intelligence and natural language processing, and sponsors various academic conferences, etc. LegalForce, Inc. launched AI-enabled contract review platform “LegalForce” in April 2019, and AI-enabled contract management suite “Marshall” in January 2021.