Legal Spend Management Company Brightflag Raises $28 Million Investment
The investment will be used to build out Brightflag's core AI-enabled spend platform, while also accelerating the company's growth in the U.S.
December 09, 2020 at 08:05 AM
3 minute read
In a pandemic-centric world where corporate legal departments are increasingly scrutinizing their costs, legal spend management company Brightflag and its investors saw an opportunity for growth.
Brightflag on Wednesday announced it has raised $28 million in funding, bringing its total funding to nearly $40 million since it was founded in 2014 in Ireland. The round was led by Europe-based technology investor One Peak (a previous investor in HighQ), with participation from existing investors Sands Capital Ventures and Frontline Ventures.
Brightflag's flagship technology uses artificial intelligence to provide analytics around not only the rates and subtotals billed within a legal invoice, but the specific tasks and activities performed as well. Brightflag CEO Ian Nolan told Legaltech News that the new funding will be used to invest heavily in both enhancing the core of the product and adding new components and functionality.
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