Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Spellbook's most recent equity round was a $50M Series B closed in October 2025, led by Khosla Ventures with participation from Keith Rabois.</li><li>In February 2026, Spellbook launched a channel partner program recruiting MSPs, legal ops consultants, and service providers as an external implementation layer.</li><li>Spellbook's current TAM is the roughly 20 million lawyers who handle commercial contracts, but the larger opportunity is the broader set of people who touch contracts, procurement teams, sales teams, HR, real estate, and anyone who signs or negotiates agreements.</li></ul>

Spellbook's most recent equity round was a $50M Series B closed in October 2025, led by Khosla Ventures with participation from Keith Rabois.In February 2026, Spellbook launched a channel partner program recruiting MSPs, legal ops consultants, and service providers as an external implementation layer.Spellbook's current TAM is the roughly 20 million lawyers who handle commercial contracts, but the larger opportunity is the broader set of people who touch contracts, procurement teams, sales teams, HR, real estate, and anyone who signs or negotiates agreements.

<ul><li>Contracts have emerged as the breakout use case for LLMs in legal because, unlike litigation where every case demands creative, subjective reasoning, contracts are valued for being as standardized and unoriginal as possible, with in-house legal teams aligned with speed & efficiency in contract turnaround & revenue acceleration adopting legal AI 3x faster than law firms.</li><li>The legal AI market is splitting along two axes: broad-based, chat-shaped legal AI platforms like Harvey ($190M ARR, $1B raised, Sequoia) and Legora ($800M raised, Redpoint Ventures) which tend to sell top-down into large law firms & the 20 million lawyers who work at them, versus specific, workflow-embedded tools like Spellbook that go bottom-up through individual lawyers as an AI plugin for Microsoft Word, with the upside of expanding into procurement, sales, and the broader market of everyone who touches contracts.</li><li>We have about 4,000 customers. About 60% of our revenue today comes from corporate in-house, from large enterprise teams with significant contract flows running through Spellbook.</li></ul>

Contracts have emerged as the breakout use case for LLMs in legal because, unlike litigation where every case demands creative, subjective reasoning, contracts are valued for being as standardized and unoriginal as possible, with in-house legal teams aligned with speed & efficiency in contract turnaround & revenue acceleration adopting legal AI 3x faster than law firms.The legal AI market is splitting along two axes: broad-based, chat-shaped legal AI platforms like Harvey ($190M ARR, $1B raised, Sequoia) and Legora ($800M raised, Redpoint Ventures) which tend to sell top-down into large law firms & the 20 million lawyers who work at them, versus specific, workflow-embedded tools like Spellbook that go bottom-up through individual lawyers as an AI plugin for Microsoft Word, with the upside of expanding into procurement, sales, and the broader market of everyone who touches contracts.We have about 4,000 customers. About 60% of our revenue today comes from corporate in-house, from large enterprise teams with significant contract flows running through Spellbook.

Scott Stevenson, CEO Of Spellbook, On Building Cursor For Contracts

<ul><li>Sacra estimates that Legora hit $100M in ARR in April 2026, less than 18 months after the general launch of its platform.</li><li>In April 2026, Legora extended its Series D with an additional $50 million, bringing the total round to $600 million at a $5.6 billion post-money valuation.</li><li>Legora operates a B2B SaaS model targeting law firms and corporate legal departments with subscription-based pricing.</li></ul>

Sacra estimates that Legora hit $100M in ARR in April 2026, less than 18 months after the general launch of its platform.In April 2026, Legora extended its Series D with an additional $50 million, bringing the total round to $600 million at a $5.6 billion post-money valuation.Legora operates a B2B SaaS model targeting law firms and corporate legal departments with subscription-based pricing.

<ul><li>Sacra estimates that Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.</li><li>With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).</li><li>Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.</li></ul>

Sacra estimates that Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.

<ul><li>While adoption of tools like Harvey in law is shifting from episodic use to daily workflow integration for transactional work, litigation use cases still lag behind.</li><li>Sacra estimates <a href="https://sacra.com/c/harvey/" target="_blank" rel="noopener noreferrer">Harvey </a> hit <a href="https://sacra.com/research/harvey-revenue-growth-valuation/" target="_blank" rel="noopener noreferrer">$150M in annual recurring revenue (ARR) in November 2025, up ~3.3x from $50M at the end of 2024</a>.</li><li>For transactional work, AI adoption is shifting from <a href="https://sacra.com/research/glean-for-law/" target="_blank" rel="noopener noreferrer">episodic use to daily workflow integration</a>.</li></ul>

While adoption of tools like Harvey in law is shifting from episodic use to daily workflow integration for transactional work, litigation use cases still lag behind.Sacra estimates Harvey  hit $150M in annual recurring revenue (ARR) in November 2025, up ~3.3x from $50M at the end of 2024.For transactional work, AI adoption is shifting from episodic use to daily workflow integration.

United States

AI-powered tool for lawyers to draft and review contracts efficiently

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Spellbook (SPELLBOOK US)

Primer: Spellbook - 01 Apr 2026

AI-powered contract drafting and review tools that integrate directly into Microsoft Word to accelerate drafting, redlining, and contract analysis

Sacra

Scott Stevenson, CEO Of Spellbook, On Building Cursor For Contracts

Can you explain what Spellbook is, what the initial product-market fit was, and who was using it...

Sacra

Primer: Legora - 25 May 2026

AI-powered tool for legal teams to review, research, and draft documents faster

Sacra

Harvey At $195M ARR

TL;DR: Now at a Sacra-estimated $195M annual recurring revenue (ARR) as of the end of 2025, Harvey is expanding aggressively into Europe to expand...

Sacra

Harvey At $150M ARR

TL;DR: While adoption of tools like Harvey in law is shifting from episodic use to daily workflow integration for transactional work, litigation...

Sacra

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