Legal Tech Funding, Q3 2020
Every disclosed legal tech round from July 1 to September 30, 2020, from the Legal Tech Circle Funding Tracker. Free to read and cite.
By The Circle DeskData updated Nov 12, 2026
What Happened in Q3 2020
The quarter at a glance, written from the tracker's data.
- The headline. Legal tech companies raised $85M across 10 tracked rounds in Q3 2020, down 31% from Q2 2020 and down 83% from Q3 2019.
- The biggest round. Agiloft's $45M Growth, led by FTV Capital, was the largest of the quarter. The five biggest rounds took 86% of all disclosed dollars.
- Where the money went. CLM Systems & Workflows took the largest share, 54% of dollars across 2 rounds. That is up from 43% over the previous four quarters.
- Round sizes. The median disclosed round was $4.4M, compared with $16M the quarter before. Seed and Series A made up 70% of rounds.
- Most active investor. LocalGlobe took part in 2 rounds, leading 1.
- Geography. US companies took 59% of disclosed dollars, the UK and Europe 34%, and the rest of the world 7%.
- New names. 8 companies announced their first tracked round this quarter.
The Last Eight Quarters
Disclosed dollars raised. Q3 2020 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 |
|---|---|---|---|---|---|---|
| Agiloft | Growth | $45M | CLM | FTV Capital | Aug 17 | Source |
| ThoughtRiver | Series A | $10M | GenAI & Drafting | Octopus Ventures | Sep 8 | Source |
| Clarilis | Series B | $7.8M£6M | Doc Automation | Aug 3 | Source | |
| Athennian | Series A | $6.1MC$8M | Compliance & Privacy | Arthur Ventures | Sep 8 | Source |
| Exizent | Undisclosed | $4.6M£3.6M | Practice Mgmt | Sep 24 | Source | |
| Orbital | Seed | $4.1M£3.3M | Research & Analytics | LocalGlobe, Outward VC | Jul 14 | Source |
| Steno | Seed | $3.5M | eDiscovery | First Round Capital | Aug 28 | Source |
| Thirdfort | Seed-plus | $1.3M£1M | Compliance & Privacy | Aug 26 | Source | |
| Definely | Seed | $1.3M£1M | Doc Automation | Sep 9 | Source | |
| TermScout | Seed | $1.3M | CLM | Jul 29 | 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 | 5 | $11.5M | $1.3M |
| Series A | 2 | $16.1M | $8M |
| Series B | 1 | $7.8M | $7.8M |
| Late stage | 1 | $45M | $45M |
| Other and undisclosed | 1 | $4.6M | $4.6M |
Most Active Investors
Rounds they led or joined this quarter.
Quick Answers
- How much did legal tech raise in Q3 2020?
- Legal tech companies raised $85M in disclosed funding across 10 rounds in Q3 2020, according to the Legal Tech Circle Funding Tracker.
- What was the largest legal tech funding round in Q3 2020?
- Agiloft raised $45M in a Growth, led by FTV Capital, announced August 17, 2020.
- Which legal tech category raised the most in Q3 2020?
- CLM Systems & Workflows, with $46.3M across 2 rounds, 54% of the quarter's disclosed dollars.
- Who were the most active legal tech investors in Q3 2020?
- LocalGlobe (2), Octopus Ventures (1), Arthur Ventures (1), First Round Capital (1), FTV Capital (1).
- What was the median legal tech round size in Q3 2020?
- $4.4M across 10 rounds with disclosed amounts.
Cite this report
Legal Tech Circle. "Legal Tech Funding Report: Q3 2020." October 2020. https://legaltechcircle.com/market-signals/reports/funding-2020-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.