Legal Tech Funding, Q3 2019
Every disclosed legal tech round from July 1 to September 30, 2019, from the Legal Tech Circle Funding Tracker. Free to read and cite.
By The Circle DeskData updated Nov 12, 2026
What Happened in Q3 2019
The quarter at a glance, written from the tracker's data.
- The headline. Legal tech companies raised $486M across 8 tracked rounds in Q3 2019, up 442% from Q2 2019 and up 643% from Q3 2018.
- The biggest round. Clio's $250M Series D, led by TCV and JMI Equity, was the largest of the quarter. The five biggest rounds took 99% of all disclosed dollars.
- Where the money went. Practice / Matter Management took the largest share, 51% of dollars across 1 round. That is up from 12% over the previous four quarters.
- Round sizes. The median disclosed round was $30M, compared with $9.8M the quarter before. Seed and Series A made up 25% of rounds, and 2 rounds of $100M or more accounted for 75% of dollars.
- Geography. US companies took 35% of disclosed dollars, the UK and Europe 14%, and the rest of the world 51%.
- New names. 5 companies announced their first tracked round this quarter.
The Last Eight Quarters
Disclosed dollars raised. Q3 2019 highlighted.
Month by Month
Dollars and rounds in each month of the quarter.
By Region
Dollars raised this quarter, by headquarters.
US vs Europe, by Quarter
The last eight quarters. Europe includes the UK.
The Ten Biggest Rounds
Disclosed amounts. Click a company for its full history.
| Company | Stage | Amount | Category | Lead | Date | Source |
|---|---|---|---|---|---|---|
| Clio | Series D | $250M | Practice Mgmt | TCV, JMI Equity | Sep 4 | Source |
| Icertis | Series E | $115M | CLM | Greycroft, Premji Invest | Jul 17 | Source |
| ContractPodAi | Series B | $55M | CLM | Insight Partners | Jul 17 | Source |
| Ironclad | Series C | $50M | CLM | Y Combinator Continuity | Sep 17 | Source |
| Ayfie | Undisclosed | $10M | Knowledge Mgmt | Aug 16 | Source | |
| Lexion | Seed | $4.2M | CLM | Madrona Venture Group, Wilson Sonsini Goodrich & Rosati | Jul 19 | Source |
| Genie AI | Seed | $1.5M£1.2M | Doc Automation | Connect Ventures | Jul 23 | Source |
| Autto | Undisclosed | $650K | Doc Automation | Aug 22 | Source |
By Category
Share of the quarter's dollars, against the previous four quarters.
By Stage
Rounds, dollars and the median round at each stage.
| Stage | Rounds | Raised | Median |
|---|---|---|---|
| Pre-seed and Seed | 2 | $5.7M | $2.8M |
| Series B | 1 | $55M | $55M |
| Series C | 1 | $50M | $50M |
| Late stage | 2 | $365M | $183M |
| Other and undisclosed | 2 | $10.7M | $5.3M |
Most Active Investors
Rounds they led or joined this quarter.
Quick Answers
- How much did legal tech raise in Q3 2019?
- Legal tech companies raised $486M in disclosed funding across 8 rounds in Q3 2019, according to the Legal Tech Circle Funding Tracker.
- What was the largest legal tech funding round in Q3 2019?
- Clio raised $250M in a Series D, led by TCV, JMI Equity, announced September 4, 2019.
- Which legal tech category raised the most in Q3 2019?
- Practice / Matter Management, with $250M across 1 rounds, 51% of the quarter's disclosed dollars.
- Who were the most active legal tech investors in Q3 2019?
- Y Combinator Continuity (1), TCV (1), JMI Equity (1), Connect Ventures (1), Madrona Venture Group (1).
- What was the median legal tech round size in Q3 2019?
- $30M across 8 rounds with disclosed amounts.
Cite this report
Legal Tech Circle. "Legal Tech Funding Report: Q3 2019." October 2019. https://legaltechcircle.com/market-signals/reports/funding-2019-q3/
How we count
Rounds come from public announcements, each linked to its source on the Funding Tracker. Equity rounds only: debt, acquisitions and IPOs are left out. A round with no disclosed amount counts toward rounds but not dollars. Figures can change if a round is corrected or announced late. Spot something missing? Tell us. Full methodology.