Dive Brief:
- The legal talent marketplace Priori announced Wednesday that it closed a $15 million A-1 financing round led by Eagle Proprietary Investments that it will use to scale operations amid “unprecedented in-house client demand.”
- The company also announced a roughly 250% increase in revenue during the last year for its flagship Marketplace product that matches in-house teams with outside counsel.
- The platform now features more than 8,000 attorneys across all 50 states and 55 countries and is expected to keep growing.
Dive Insight:
Priori’s new funding round and the growth of its flagship Marketplace product highlight the strong demand among legal departments for tech solutions that help connect them with outside counsel for a range of needs.
Priori’s clients range from Fortune 50 enterprises to leading technology companies, and the attorneys on its platform represent law firms of a wide array of sizes and cover more than 700 practice proficiencies, according to the company’s press release.
Priori highlights that its data and technology-driven matching approach helps in-house teams save significant time in searching for outside counsel and pay far less for law firm services.
The company said the $15 million it raised will fund “go-to-market strategies, fuel new product development and increase functionality of its existing products.”
“The funding will also be used to substantially grow headcount across all functions – including sales, marketing, engineering, and operations,” Priori said.
Beyond raising additional funding since its Series A financing of $6.3 million announced in 2020, the company has added new investors in its latest round.
They include Eagle Proprietary Investments, as well as Thomson Reuters Ventures, The LegalTech Fund, Thirty Five Ventures, Peak6 Strategic Capital and Soma Ventures.
“We have added capital partners with deep legal industry experience to accelerate our growth and enhance our technology to add more value to in-house teams and law firms,” said Basha Rubin, Priori’s CEO and co-founder.
Existing investors Bridge Investments, Great Oaks Venture Capital, HearstLab, Mindset Ventures and Jambhala also participated in this funding round, the company said.
“Priori digitally transforms the interactions between corporate legal departments and outside counsel, and we are excited to work together to help accelerate their trajectory as leading innovators in the legal tech industry,” said Tamara Steffens, managing director at Thomson Reuters Ventures.
