Spellbook Raises $50m Series B led by Khosla Ventures

Today we’re announcing our Series B financing led by Keith Rabois at Khosla Ventures, including participation from Threshold Ventures, Inovia, Bling Capital, Moxxie Ventures, Path Ventures, and Jean-Michel Lemieux.

Since launching the first GenAI contract review tool in 2022, Spellbook has grown to 4,000 law firms and in-house legal teams in 80 countries. We’re on pace to triple revenue in 2025, and continue to accelerate.

We’re excited to partner with Keith and Khosla Ventures, who have invested in category-defining companies like OpenAI, YouTube, Airbnb, Doordash, Instacart and Ramp. Keith, a former lawyer, joined our board as part of the investment.

Most of all, we’re excited about what this funding will mean for our customers.

AI Contract Review Grounded in Data

We’re building the most data-driven contract review engine on the market–providing more relevant, substantive suggestions that you can defend with a counterparty.

1. Market Data: We’ll be driving more features across Spellbook with realtime knowledge of the market, broken down by industry, deal size and jurisdiction. We’ve launched a new feature called Market Comparison in beta and will continue to roll this out to our customers in the coming months. 
2. Preference Learning: We’re enabling Spellbook to learn you and your organization’s preferences automatically over time, so that our recommendations become more substantive and accurate the more you use the product.
3. Historical Documents: We’ll continue to integrate into your historical documents with features like Library, so that your preferred language is always available.
   

Expanding into the Full Scope of Transactional Work with Associate

We’re also continuing to invest heavily in Spellbook Associate, the first AI agent for transactional legal work. Associate is becoming as loved and used as our Word add-in product, so we’ll be growing its team to expand it further. Expect more document storage and dataroom features, higher quality document revision, and mastery of more complex workflows.

Enterprise Support

We began selling to solo and small firms, but now half our revenue comes from large firms and enterprises. We’re rapidly increasing our support for these customers: DMS and CLM integrations, more security controls, deeper playbooks–to name a few things.

Thank You

Thank you to our team, customers, and investors for helping us build the best way to review and draft contracts with AI.