The Full Extent of E-Discovery Fundraising Likely to Stay Secret—Except to Insiders
While the e-discovery vendor community may gossip about a peer's growth and debt, publicly sharing financial details of outside investments can risk airing too many 'dirty secrets.'
October 29, 2021 at 08:00 AM
5 minute read
E-Discovery
This is part of a broader series on the investments behind the biggest e-discovery software providers in the market. Click here to view our infographics looking at specific investments by e-discovery provider and how this funding has grown over the years, and here to read about the impact private equity investment is having on e-discovery providers.
Investments into legal tech companies are hitting record-setting figures. But the true extent of funding amounts fueling legal tech and e-discovery software companies will likely never be widely shared. The reason is simple: Without regulatory requirements, the competitive risks of disclosing these investments regularly outweighs any potential benefits.
"We're only capturing the big repositories, we're only seeing 20 or 25% of all the fundraising happening," said Raymond Blijd, CEO of Legalcomplex, an analytics company that tracks investments in legal and other industries. "This is like the proverbial tip of the iceberg. The ones we do see, they spin it like a win."
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