$3.25M Funding for Legal SaaS Company
Cypress Growth Capital is pleased to announce our recent investment in LegalSifter, a provider of advanced SaaS solutions that help organizations and law firms review, negotiate, and organize contracts using artificial intelligence and expertise.
Headquartered in Pittsburgh, LegalSifter offers a powerful software tool that reads contracts and provides in-context advice before those contracts are signed, reducing risk and saving time. The company also markets a complementary, software-enabled contract librarian service (Sifter Concierge) that organizes and catalogs contracts after they are signed. These solutions are attractive to large enterprises, medium-sized businesses, law firms, and even consumers.
With more than 200 subscription clients across 18 countries and 32 industries, LegalSifter’s already diverse client base represents a truly global and immense market opportunity. Each year, the world spends over a billion hours reading, negotiating and keeping track of contracts. LegalSifter’s machine-learning and natural language processing-based tools have the potential to create $36B+ of value by cutting cycle times in half.
In addition to providing non-dilutive royalty-based growth capital to the company, Cypress also participated in LegalSifter’s concurrent equity round. “We chose Cypress because of their ability to provide more than just capital,” said Legal Sifter CEO Kevin Miller. “Their expertise and operating experience in the SaaS and tech-enabled services industries were meaningful differentiators.”
LegalSifter will use the investment to expand sales, marketing, and product development.