The e-discovery market has continued to court private equity in recent years, and now has attracted one of its largest funding rounds. On Tuesday, cloud-based litigation and investigation platform Everlaw announced completion of a $202 million Series D funding round led by new investor TPG Growth, which raises the company's valuation to north of $2 billion. 

Everlaw CEO and founder AJ Shankar told Legaltech News that the money will go towards accelerating product development, growing out the company's support and success team and pushing into new geographies. "We want to do more of what we're doing and do it faster and better. And I think getting this additional capital now kind of allows us to invest in all of the areas that we need in order to be able to do that," he said.

Other participants in the Series D funding round include HIG Growth partners and existing investors Andressen Horowitz, CapitalG, Menlo Ventures and K9 Ventures, all of whom participated in a $62 million Series C funding round that Everlaw held in March 2020. Per Shankar, it was important to find investment partners that shared in Everlaw's approach to the legal market.