According to a Business Wire report, legal AI startup Legora has raised $80 million in Series B funding led by ICONIQ and General Catalyst, with existing investors Redpoint Ventures, Benchmark, and Y Combinator also participating in the round. In the same period, tax assistance AI startup Filed joined the race for large-scale funding, closing a $17.2 million pre-seed and seed round.
Stockholm’s advancement is also notable in the ranking of startup hubs in Europe. According to the Dealroom report, startups in Stockholm, which ranked in the top three hubs in Europe after Paris and London, attracted a total of €2.2 billion in investment over the past year. In particular, the proportion of funding inflow in the AI and deep tech sectors increased significantly.
Global VCs are also actively courting local companies. According to Sifted, at a scouting dinner hosted by Andreessen Horowitz in Silicon Valley, three out of ten attendees were Swedish founders, which became a hot topic among partners. Seth Pierrepont, GP of ICONIQ, said, “Legora’s product presents a new paradigm for legal workflows,” and Jeannette zu Fürstenberg, MD of General Catalyst, added, “Legora is leading the transition to AI in the legal industry.”
Stockholm’s strengths include its rich engineering talent pool and economic cost competitiveness. A local official explained, “There are many excellent engineers from KTH, Chalmers, and Lund University, and with lower labor costs compared to the U.S., we can secure 6 to 8 top talents with the same seed round of funding.” According to Business Wire, Legora has offices in New York, London, and Stockholm, operates a workforce of 100, and its platform is routinely used by 250 law firms and legal teams in 20 markets around the world.
Stockholm’s AI ecosystem is just getting started. With rapid funding, global partnerships, and talent acquisition, it is expected to continue to innovate in the legal, health, and edtech sectors in Europe and around the world.
Source: Sifted, Dealroom, Business Wire
