Spellbook has secured $40m USD in debt financing from RBCx, the technology and innovation banking arm of Royal Bank of Canada, as it looks to expand through M&A amid growing consolidation in the legal AI market.
The financing follows Spellbook’s recent $50m Series B round, which the company said valued it at $350m post-money, and will be used to support prospective acquisitions of complementary technologies. Spellbook said it is used by nearly 4,000 law firms and legal teams globally.
Scott Stevenson, CEO and Co-Founder of Spellbook, commented: “The legal AI market has matured exceptionally fast, and we’re seeing consolidation accelerate.”
Tony Barkett, Head of Banking at RBCx, added: “As the legal tech sector rapidly evolves, RBCx is proud to support companies like Spellbook that have demonstrated clear market leadership and the vision to shape the industry’s future.”
Source: businesswire
Read the full article: https://www.businesswire.com/news/home/20260304571140/en/Spellbook-Secures-%2440M-USD-Debt-Financing-from-RBCx-to-Support-Strategic-Acquisitions-in-Consolidating-Legal-AI-Market
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