News Summary

Toronto-based legaltech startup Spellbook, originally founded in St. John’s, has successfully raised $50 million USD in a Series B funding round led by Khosla Ventures. The round included participation from Threshold Ventures, Inovia Capital, Bling Capital, Moxxie Ventures, Path Ventures, and former Shopify CTO Jean-Michel Lemieux. The funding will support the expansion of Spellbook’s AI-powered contract review platform, aiming to scale its team from 115 to 230 employees and extend its offerings beyond contract review. Spellbook’s platform has already reviewed over 10 million contracts for nearly 4,000 customers worldwide, including companies like Nestlé and eBay. The startup now holds a $350 million USD valuation and has raised over $80 million USD to date. CEO Scott Stevenson emphasized the agility required in the legaltech market and expressed plans for potential future acquisitions.