News Summary

Legaltech startup Spellbook has announced an exclusive partnership with the Canadian Bar Association (CBA) to provide AI-powered contract drafting and review tools. This partnership positions Spellbook as the exclusive provider for the CBA’s more than 40,000 legal professionals across Canada. Spellbook, which was originally founded as Rally in 2018 in St. John’s, claims to be on track to achieve $100 million USD in annual recurring revenue by 2026. The company offers an AI ‘co-pilot for lawyers,’ which integrates with Microsoft Word to assist in contract review and drafting. Spellbook’s CEO and co-founder, Scott Stevenson, highlighted the company’s leadership in the market and noted that the tool is also beneficial for procurement and sales teams. The startup has over 4,000 customers in 80 countries and recently raised $50 million USD in a Series B round led by Khosla Ventures, valuing the company at $350 million USD.