In February 2025, the legal tech sector witnessed a surge in significant funding announcements, primarily fueled by advancements in AI tools and a wave of mergers and acquisitions. Notably, Ivo, a contract review platform, secured $16 million in Series A funding led by Costanoa Ventures, bringing its total funding to an impressive $22.2 million. The new capital will enhance Ivo’s AI-driven contract review technology, which streamlines the contract verification and drafting processes.
In addition to this funding announcement, Ivo introduced an innovative AI legal assistant known as Ivo Search Agent. This tool dramatically improves contract management by automating the often tedious tasks of manual metadata tagging and document searches. The CEO of Ivo emphasised the company’s mission to empower legal teams while still recognising the critical importance of human legal judgment in managing high volumes of contracts.
In a broader context, 2025 has seen several notable funding ventures across the legal tech landscape. Harvey, for instance, raised an astounding $300 million from Sequoia Capital, while Eve secured $47 million from a16z to develop a GenAI-powered case workspace. Paxton also made headlines with its $22 million Series A funding from Unusual Ventures, and Lawpath attracted AU$10 million (equivalent to approximately $6.25 million) led by Westpac Bank. Other emerging players like Abstract and Parambil raised $4.8 million and $2 million through seed and pre-seed rounds co-led by Bonfire Ventures, Communitas Capital, and Daybreak Ventures.
Source: LegaltechHub
Leave a Reply