- Legora is in talks to raise at least $300 million at an $8.5 billion pre-money valuation, Bloomberg reports.
- That’s below the $10 billion or more that Legora was reportedly seeking just five weeks earlier.
- The talks follow a $600 million Series D that valued the company at $5.6 billion in April.
Legora is in discussions to raise at least $300 million at a pre-money valuation of roughly $8.5 billion, according to Bloomberg, which cited people familiar with the talks. The discussions are ongoing, and the size, valuation, and terms could still change.
In August, Tech Funding News reported, citing the Financial Times, that Legora was in talks to raise funding at $10 billion or more — a deal that reportedly could have included secondary sales alongside new capital. Five weeks later, the number on the table is $8.5 billion, pre-money, with no mention of secondaries. It’s still a step up from the $5.6 billion the company was valued at after its Series D closed in April, but it’s a smaller step than the one Legora appeared to be reaching for over the summer.
Legora was founded in Stockholm in 2023 by Max Junestrand, Sigge Labor, and August Erséus, originally under the name Leya, before rebranding in February 2025. None of the three came from legal practice. Junestrand spent months interviewing lawyers to find where the work was most repetitive before the company built anything.
After joining Y Combinator’s winter 2024 batch, Legora moved its headquarters to New York and has since raised through a $150 million Series C at $1.8 billion, a $550 million Series D at $5.55 billion, and the $600 million, $5.6 billion-valued extension that brought in Nvidia’s NVentures and Atlassian. It now serves more than 100,000 users at over 1,200 law firms and legal teams, with offices added this year in Madrid, Milan, and Paris and an engineering hub in London.
The revenue number nobody’s confirmed
Legora’s chief financial officer, David Eckstein, reportedly said on X this week that annual recurring revenue has reached $200 million, having doubled in under six months.
If the higher number holds, the implied multiple on an $8.5 billion pre-money price is still steep, but far less alarming than the roughly 85 times revenue that some outlets calculated off the lower figure.
Harvey isn’t waiting around
Legora’s closest rival, Harvey, just raised $550 million at a $15.5 billion valuation earlier this month, more than tripling the mark it held fourteen months ago, on the back of more than $400 million in annualised revenue. TFN has also covered Norm Ai’s $120 million round at a $1.2 billion valuation, which is betting on outcome-based pricing rather than Legora and Harvey’s platform-for-law-firms model.
Whether Legora’s price came down because investors pushed back, or because the company itself recalibrated, isn’t clear from the reporting so far.
