Today (4 December), Harvey formally announced a $160m investment led by Andreessen Horowitz, valuing the company at $8bn – its third major fundraise in 2025. The round, which was picked up early by Forbes at the end of October, follows Harvey’s $300m Series E funding round in June led by Kleiner Perkins and Coatue, valuing it at $5bn. Its $300m Series D in February led by Sequoia valued the company at $3bn. Harvey, which works with law firms including A&O Shearman, Ashurst, Mayer Brown and Orrick as well as in-house teams such as ArcelorMittal and Walmart, says that as part of this round it will complete its first tender offer – meaning it will enable certain employees to cash some of their shares.
Harvey also today launched Shared Spaces where law firms, clients, and cross-functional teams, whether they’re Harvey customers or not, can collaborate and share playbooks and workflows in Harvey.
Speaking to Legal IT Insider as to why the latest fundraise was necessary, co-founder and CEO Winston Weinberg said: “This year we’re expanding into other jurisdictions and hiring people in those jurisdictions, so a lot of money is going to that. There are also some really interesting AI directions next year and we’re starting to get a lot more customers interested in complex customisations – building models specifically for their firms, which will take a lot of R&D and compute power.” Harvey has already been working on customisations with a couple of firms but Weinberg said: “We’ll really start looking at it next year.”
In terms of the tender offer, he said: “We’re allowing some employees who have been with us a long time to get some liquidity for their hard work.” This is not an uncommon practice: in September, AI audio research company ElevenLabs let employees sell their shares at a valuation of $6.6bn.
The new Shared Spaces offering is more interesting than it may first appear. External collaboration (aka dealrooms etc) is not new but what is quite cool here is that in additional to collaborating around all outputs (drafts, comments, review tables, redlined contracts etc), law firms can share purpose-built workflows and playbooks.
Weinberg said: “The Shared Spaces are all live, it’s not being released in January; people have been using it for a while but we wanted to announce it when its generally available, rather doing all the marketing up front.” This will be music to firms’ ears and perhaps demonstrates a cultural evolution from Harvey’s early days.
Whether firms choose to monetise playbooks and workflows will be down to their own commercial models and client relationships, but Weinberg said: “Law firms are building their playbooks, which are their IP, and with Shared Spaces they can keep that IP but allow clients to use them.”
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