Priori Legal, a marketplace for in-house legal teams to find and hire outside counsel, has closed a $15 million A-1 financing round, it said today.
It will use the funds to scale operations to meet what it described as unprecedented demand for in-house counsel, as well as to discover new attorney talent and manage their existing outside counsel relationships.
The financing was led by Eagle Proprietary Investments, a private investment company focused on investing in early stage companies that are disrupting their respective industries.
Other participants in the financing included Thomson Reuters Ventures, The LegalTechFund, Thirty Five Ventures, Peak6 Strategic Capital and Soma Ventures. Existing investors Bridge Investments, Great Oaks Venture Capital, HearstLab, Mindset Ventures and Jambhala also participated.
“We are thrilled to partner with Eagle, Thomson Reuters and the others,” Basha Rubin, Priori’s CEO and cofounder, said in a statement provided by the company. “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.”
The company said that the investment will help 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.
Founded by Basha Rubin and Mirra Levitt (picture above, with Levitt on the left), who met as classmates at Yale Law School, Priori works with in-house legal teams at companies of all sizes to connect legal departments with the right outside counsel for projects globally. Among its clients, Priori says, are Fortune 50 enterprises and leading technology companies.
Priori’s marketplace revenue increased approximately 250 percent over the past year with more than 8,000 attorneys at firms of all sizes available on the platform, it says. With lawyers in all 50 states and 55 countries, attorneys cover more than 700 practice proficiencies.
[Note: Because I am traveling this week, this is an abbreviated post. I hope to follow up next week with more details.]