We just raised $100M for DISCO!
This fourth-quarter raise includes $60M in equity from Georgian, Bessemer, LiveOak, the Stephens Group, and Breyer Capital and $40M in debt from Comerica. Over the past seven years, we’ve raised more than $200M and grown our company valuation from zero to $785M. We believe our size and scale make us the strategic, long-term partner for legal departments and law firms seeking to embrace legaltech over the next five years.
Fun fact: Every institutional investor who has ever invested in DISCO has invested more each time we’ve raised money. LiveOak and Bessemer have each invested in DISCO five times. We have proven to investors that we can set and meet aggressive goals year after year. This year, we proved the resiliency of our business by delivering continued hypergrowth in the face of a global pandemic. And now, in this financing, some of the most sophisticated technology investors in the world are saying that they believe in our vision, strategy, and continued growth.
Our vision has never changed: to build technology that powers legal. We believe that we have a once-in-a-lifetime opportunity to transform the way the law works. Legal is shifting away from bespoke human labor on every project and toward productized legal services — legal services that use technology and process to increase quality, consistency, and efficiency and, ultimately, improve legal outcomes for end clients. Legal technology is powering this transition by automating the parts of the practice of law that don’t require human legal judgment so that great lawyers can focus on doing the things that only they can do.
More than 700 of the largest companies, law firms, and government agencies around the world use DISCO for major litigation, investigations, and compliance. We are delighted that great lawyers trust us to help them win. And we are humbled and honored by the many customers who have taken time to share with us their product ideas and their own visions for the future of legal technology. From our Product Advisory Council to our regular product roadmap calls with clients to our product update webinars and trainings to our every-week release cycle, customer participation has been critical to sustaining our pace of innovation and accelerating our growth.
We believe magical product experiences are built by bringing together a deep love and respect for the law and a deep understanding of how lawyers think and work with a willingness to invest in Silicon Valley-grade engineering that makes it possible to build anything. And we believe building product experiences that feel magical to lawyers is the only path to enduring success in legaltech. Nobody does this better than DISCO; nobody has this written deep into their company DNA the way we do. It’s the essence of who we are.
One of the things that sets us apart at DISCO is our desire to build an institution, a company where our children and grandchildren want to work. We’ve assembled what I think is the best team in legaltech, with more than 300 people from high-growth software companies, global services companies, and leading law firms and legal departments. We try to raise the bar with every new hire we make. DISCO Cares, our employee philanthropy program, has been a vehicle for Discovians to engage with our communities here in Austin and around the world. And DISCO University has brought a level of continuous learning to Discovians, students at more than 15 universities, and soon our customers and the market that is impressive for a company of any size. We are building for the long term.
Next year, we’ll welcome 300 more Discovians. We’re more than doubling our sales, marketing, and customer success teams around the world to respond to growing demand. We’re ramping our investment in product, design, engineering, and professional services to continue innovating on our existing offerings and building new ones. We’re investing in our AI lab to keep our products and our customers on the cutting edge. We’re growing our people team, which we think is our most strategic function in the long term: great people + big problems = great achievements. And we’re scaling our finance, operations, and legal teams to keep pace with our growth. If you’re excited by our vision for technology that powers legal and want to learn more about joining DISCO, please reach out!
I am so proud of what this team has accomplished. I am so thankful to our customers for trusting us to help them win.
Here’s to a bright future for legaltech, and continued success for DISCO!