PROVO — Just on the cusp of hitting the 1,000-client benchmark, case management software innovator Filevine announced an $8.3 million Series A funding round Tuesday, led by local venture capital firm Signal Peak Ventures.
With a cloud-based platform the company calls "case management software with the soul of project management technology," Filevine has been working since its launch in 2015 to bring the latest in data-driven tools to legal practitioners.
Filevine co-founder, CEO and attorney Ryan Anderson said clients are seeing dramatic improvements in staff efficiency and 11x returns on their investment in the platform.
"Filevine grew organically from the needs of practicing attorneys to become the most robust cloud-based software for large firms and legal departments," Anderson said. "Our approach has clearly resonated with an underserved market undergoing a once-in-a-generation shift to intelligent, cloud-based case management."
Anderson said he witnessed first-hand the kinds of case management problems that were in dire need of solutions during seven years of practicing law before launching Filevine.
"The file management software that was out there really just functioned as a library for information," Anderson said. "To me, it made a lot of sense to create a tool that worked well with teams, helped keep team members on track … and dealt with the way cases were being managed previously, which was through hundreds of emails happening in a very unstructured environment."
Anderson said Filevine has taken an approach that melds effective project management tools with the needs of legal professionals and their case management duties. The approach was one that resonated with Signal Peak Ventures managing partner Brandon Tidwell, who is himself an attorney.
"Legal professionals are starving for intelligent and intuitive software that forms the backbone of their practice and allows them to take an active role in moving cases and matters from inception to completion," Tidwell said in a statement. "Filevine's rapid market adoption and recent advancement in product features prove it is uniquely positioned as the preeminent solution to meet this demand."1 comment on this story
Filevine's new capital infusion adds to $4.1 million in previous seed and venture funding raised by the company, according to Crunchbase data. Anderson said while Filevine could have raised a bigger funding round with out-of-area investors, the company was motivated to stick with Cottonwood Heights-based Signal Peak Ventures and Lehi-based Peak Ventures.
"The decision to stay local was really, in large part, because of our mission alignment with Signal Peak and Peak," Anderson said. "These are firms that see the product for what it is and know for themselves how far the product can go."