Legal marketplace Avvo picks up $37.5 mln

Avvo said Tuesday that it has raised $37.5 million in financing. Coatue Management led the round with participation from Benchmark Capital, Ignition Partners and DAG Ventures. Based in Seattle, Avvo is a legal marketplace for consumers and lawyers.

PRESS RELEASE

SEATTLE, April 15, 2014 /PRNewswire/ — Avvo®, Inc., the web’s largest legal marketplace, Q&A forum and directory (http://www.avvo.com), today announced it closed $37.5 million in financing led by Coatue Management, with additional investment from Benchmark Capital, Ignition Partners and DAG Ventures. Avvo will use the new funding to accelerate product development and marketing, and fuel international expansion. This round brings the total capital raised since Avvo’s inception to $60.5 million.
Since Avvo introduced the Avvo Rating in 2006, it has become an industry standard, rating more than 97% of lawyers in the United States. Recently, Bing incorporated the Avvo Rating into ‘Snapshot’, which provides additional relevant information for selected searches on Bing, including lawyers. Avvo is the largest legal Q&A forum online with more than 5 million questions and answers, with a 99% answer rate. More than 160,000 lawyers from around the country now participate on Avvo.
“We are excited to partner with Avvo because it is consistent with our strategy of backing innovative leaders,” said Thomas Laffont, a Senior Managing Director, who oversees the private investments at Coatue Management, L.L.C. “Avvo’s skilled team has built a large user base, supported by a powerful platform, which uniquely positions the company to continue its creative approach to transforming the legal landscape.”
“Put simply, this additional capital allows us to accelerate. No matter what we have accomplished to date, we need to help more consumers make better legal decisions and find the right lawyer. We need to build more products that make navigating the legal profession as simple as it should be,” said Mark Britton, founder and CEO, Avvo, Inc. “Through transparency and ease of use, Avvo has already changed how people find and choose attorneys. It is gratifying to have such high caliber investors share in our vision for transforming legal services.”
About Avvo, Inc.
Avvo.com is the web’s largest legal marketplace for consumers and attorneys. In Avvo’s Q&A forum, consumers can get free legal advice 24/7 from more than 160,000 participating lawyers, and Avvo’s directory provides comprehensive profiles, client reviews, peer endorsements and the industry-recognized Avvo Rating for more than 97 percent of all lawyers in the U.S. Avvo also helps lawyers grow their business with Avvo Ignite, a cloud-based marketing platform and website solution designed specifically for attorneys. Founded in 2007, Avvo is privately held with funding from Coatue Management, Benchmark Capital, Ignition Partners and DAG Ventures.

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