Harvey will start investing in legal tech companies after announcing a partnership with The LegalTech Fund.
The LegalTech Fund is the US-based venture firm that has backed startups including Wexler, Navys and Orbital.
Legal AI giant Harvey has partnered with The LegalTech Fund to invest in new startups.
The LegalTech Fund is a US-based venture firm dedicated to backing legal tech. It raised $110 million for its latest fund last year, with investors including law firms McDermott and Orrick.
The firm has invested in a number of well-known legal tech players, including UK-based Wexler, fund transfer platform Navys - founded by a former Kirkland lawyer - and real estate deals platform Orbital.
“Bringing Harvey alongside us in some of those investments says a lot about where this ecosystem is right now,” said LegalTech Fund managing partner and co-founder Zach Posner.
“The market is maturing, the opportunity is growing, and the best is still ahead."
Harvey CEO Winston Weinberg emphasised the importance of community for company building in the space.
“In joining forces with The LegalTech Fund, our goal is to invest in a small number of outstanding organisations and to support the legal technology industry’s continued growth,” he said.
Bigger picture
The partnership points to a new level of market maturity. While several law firms run incubator programmes for legal tech founders, legal AI pioneers like Harvey are now in a position to support early-stage companies trying to pick up speed.
The sector has expanded rapidly in recent years. Harvey - founded in San Francisco in 2022 - was most recently valued at $8 billion and has become one of the most prominent companies in the legal AI ecosystem.
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