London-based Lawhive has closed a $40 million Series A, adding to what is already a record year for legal tech venture capital funding.
GV and TQ Ventures led the round, which comes only seven months after Lawhive’s £9.5 million seed deal, which backed by GV and Episode 1 Ventures. No valuation was given for the company, which was valued at $63.5 million in April.
Founded in 2019, Lawhive automates administrative and legal tasks for lawyers through its AI product dubbed Lawrence.
With the fresh funding, the startup is targeting US expansion, where research from the American Bar Association found that 80% of US consumer legal needs are unmet. The market has an estimated value of $1 trillion annually.
“The US legal market, arguably the largest in the world, is ripe for disruption,” said Schuster Tanger, co-managing partner at TQ Ventures. “The pressing need for affordable legal access makes it the perfect environment for innovative tech solutions like Lawhive’s.”
The legal tech sector has seen a slew of outsized deals this year as startups look to disrupt the centuries-old profession. In July, Canada’s Clio raised $900 million in a round led by NEA at a $3 billion valuation, while US-based Harvey closed a $100 million GV-led Series C.
With AI as a driving force, VC deal value in the space has reached a record $2.7 billion globally, according to PitchBook data—a 170% increase from 2023.
The US accounts for the majority of legal tech deals , but Europe has also seen increased interest from investors. In 2024, European legal tech startups have raised $322.1 million, the second-highest year for deal value on record and a 51% increase from last year.
Lawhive’s Series A is tied with London-based Luminance’s $40 million Series B as the region’s largest legal tech VC deal this year.
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