Legal AI startup Legora tells the SEC it has sold $220.8 million of a $550 million offering

Legora, a legal AI startup founded in 2023, told the Securities and Exchange Commission on November 4, 2026, that it is offering $550 million of equity and has sold $220,820,026 of it so far. The Form D lists 44 investors, none of them non-accredited, and $329,179,974 still remaining. It reports no sales commissions or finders' fees.

The amount is the same as the Series E that Legora announced on October 21, when it said it had raised $550 million at an $8.8 billion post-money valuation in a round led by Atreides Management. The notice gives October 20, the day before that announcement, as its first sale. It names neither the round nor the buyers, so treating the two as one deal is our reading.

What the gap does and does not show

The filing does not explain why $220.8 million, about 40% of the total by our arithmetic, is recorded as sold when the company described $550 million as raised. Neither its press release nor its blog post addresses the difference, and nothing in the notice says the announcement was wrong. The SEC's deadline comes early: a Form D is due within 15 days of the first sale, which the agency defines as the day the first investor is irrevocably committed by contract. Legora filed on day 15, by our count, so the notice may capture a round still closing. That is our inference; the filing does not say so, and we have not asked Legora.

The company's previous round shows a similar difference. On March 10, 2026, Legora announced $550 million at a $5.55 billion valuation. Its Form D on March 24, also 15 days after the first sale, listed a $600,080,000 offering with $441,525,860 sold. EDGAR, the SEC's filing system, lists no amendment to that notice, so it does not show a final tally.

All four notices cite Rule 506(b), a private placement route that the SEC says has no cap on the amount raised. Our explainer on startup funding covers what a Form D does and does not record.

What Legora says about its business

Legora's business figures cannot be tested against the filing, because its revenue box reads “Decline to Disclose,” as it does on all four notices. Legora says annual recurring revenue now tops $200 million. It also claims the fastest climb from $1 million to $100 million of any enterprise software company with a direct sales team, a ranking its release does not source.

By our arithmetic, the valuation rose about 59% in a little over seven months. Legora names Baron Capital, Capital Group, Fidelity Management & Research, Glade Brook Capital Partners and J.P. Morgan among new investors, alongside existing backers such as Accel and Benchmark. The November notice also lists Arun Mathew as a director, a name absent from the three earlier filings. Legora's March release identified him as a partner at Accel.

What comes next

Legora says the money will fund expansion in North America, Europe and Asia-Pacific and further work on its software for lawyers and their AI agents. The Form D says the offering is not expected to last more than a year. Any amendment would appear on EDGAR.