Spellbook, the AI contract review platform built for lawyers, closed a $50 million Series B round led by Rally Ventures.
The Toronto-based startup, which now counts over 3,700 legal teams as customers, brought in participation from Inovia Capital, Moxxie Ventures, Thomson Reuters Ventures, and Bling Capital.
This brings total capital raised to $65 million since the company's 2022 launch.
Building the AI Copilot for Legal Professionals
Founded by Scott Stevenson and Daniel Di Maria, Spellbook solves a problem every lawyer knows too well: contract work eats up billable hours.
The platform plugs directly into Microsoft Word, where most legal professionals already work, and uses large language models to suggest contract language, spot issues, and speed up drafting.Â
The company serves law firms across 77 countries, including major players like Norton Rose Fulbright and Ogletree Deakins.
What started as a tool for contract review has grown into an AI assistant that handles everything from clause suggestions to legal research.
Why Smart Money Is Pouring Into Legal AI?
The timing of this raise tells you everything about where legal tech is headed. Spellbook grew from 600 to 3,700 legal teams in just 12 months, a clear signal that lawyers are ready to adopt AI tools that actually work.
Rally Ventures partner Charles Beeler, who joined the board, sees Spellbook becoming the operating system for legal work. The funds will go toward hiring more engineers, improving the AI models, and expanding internationally.
Legal tech is a massive market, and contract review alone represents billions in potential revenue. Spellbook's growth shows that AI tools that integrate into existing workflows win faster than those requiring lawyers to change their habits.
What Investors and Job Seekers Need to Know?
Who led this funding round, and who else participated?
Rally Ventures led the Series B, with backing from Inovia Capital, Moxxie Ventures, Thomson Reuters Ventures, and Bling Capital.
How will Spellbook use this capital?
The company plans to expand its engineering team, enhance AI capabilities, and accelerate growth in international markets.
What makes Spellbook different from other legal AI tools?
Direct Microsoft Word integration means lawyers don't need to learn new software or change their workflow.
Spellbook's Growth Trajectory and Market Position
The immediate challenge for Spellbook is scaling without sacrificing accuracy. Legal work demands precision, and any AI errors could cost clients real money. The company must also navigate different legal systems and regulations as it expands globally.
Competition is heating up, with established legal tech companies and new AI startups all chasing the same market.
However, Spellbook's Microsoft Word integration gives it a major advantage. Lawyers already spend their days in Word, making adoption friction nearly zero.
With 3,700 teams already onboard and fresh capital to fuel growth, Spellbook is positioned to capture significant market share in the exploding legal AI sector.
