Lexion Raises $20 Million in Series B Round, Bringing in New Venture Capital Investors
The Wilson Sonsini-backed CLM provider noted it will leverage its newest investment to further enhance its product and AI capabilities.
April 19, 2023 at 12:38 PM
4 minute read
Investments and Investment Advisory
On Wednesday, contract lifecycle management (CLM) provider Lexion announced that it raised $20 million in a series B funding round led by Point72 ventures, and including Citi Ventures, both venture capital firms that are new investors to the company. Also participating were existing investors Wilson Sonsini Goodrich & Rosati, Madrona Venture Group and Khosla Ventures, who previously participated in Lexion's July 2021 $11 million series A funding round.
With this latest investment, Lexion has raised over $35 million since its 2019 seed funding round.
Gaurav Oberoi, CEO and co-founder of Lexion, told Legaltech News that Lexion intends to use the new funding in three ways. First is expanding its "go-to-market [strategy]… bringing on more sales, more marketing [teams] to get the word out," he said.
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