Legora went from $1.8bn to $8.8bn in twelve months

Today's investments digest carries fourteen rounds and two fund closes. A $1B Series A went to a lab one year old, a $1 billion valuation to a product four months old, and the one company on the tape with revenue to be priced on did not sell equity at all.

The one ladder the ledger holds end to end

Legora raised a $550M Series E led by Atreides Management at an $8.8 billion post-money valuation, with Baron Capital, Capital Group, Fidelity and J.P. Morgan joining as new investors (Tech.eu). The ledger's own record on the Stockholm legal AI company is what makes that figure legible: the same $550M, raised in March at a $5.55 billion valuation with Accel leading (Silicon Republic), and before that a $150M Series C at $1.8 billion in October 2025 (Crunchbase News). Twelve months, $1.8 billion to $8.8 billion, at a company that had crossed $100M ARR by April (TechCrunch).

One reading of that ladder is that the business grew into each rung. Legora is the round on today's tape where that reading is available. On the four that follow, it is not.

Priced before there is much to price

• Flapping Airplanes raised a $1B Series A co-led by Index Ventures and Lux Capital at a $6 billion valuation, one year after the lab was founded, with GV, Sequoia and Kleiner Perkins following on (TechCrunch).
• Arda raised $230M at a $1.5 billion valuation led by Altimeter Capital, Accel and Khosla Ventures for manufacturing automation software, a year after former OpenAI research chief Bob McGrew founded it (CNBC).
• Town raised a $108M Series B co-led by Forerunner Ventures and Menlo Ventures at a $1 billion valuation, four months after launching its AI work assistant (TechCrunch).
• ASI, formerly Air Space Intelligence, raised a $325M Series C led by Spark Capital at a $3 billion valuation, against the $34M Series B it closed in 2023 (Dealroom).

Tenstorrent does have years of silicon behind it, and it repriced the same way: a $1.5B Series E at a $6.2 billion post-money valuation, more than double the $2.6 billion it carried after its $700M Series D in December 2024 (Data Center Dynamics).

What closed before any of it

Three of today's lead and co-lead investors are on the ledger, and their records say where the cheques came from. Index Ventures announced $2B of fresh capital in July, a $400M seed fund, a $900M venture fund and a $700M top-up to its growth fund, taking total investing capital to $3.5B (Index Ventures); three months later it co-led a single round larger than the venture fund in that stack. Menlo Ventures raised $3B in June, the largest raise of its fifty-year history (Menlo Ventures). Accel raised $5B of late-stage capital in April (Accel).

Today's digest adds two more closes above target: FFL Partners took Fund VI past $1.35B against a $1 billion target (Alternatives Watch), and Inspired Capital closed a $450M fourth fund, taking the New York firm to nearly $1.4 billion under management (TechCrunch).

The same tape, further down

None of this is the market repricing. The same digest's four UK rounds are Opply at £5.5M, CoComply at £1.9M, Marrow at £1.5M and CHAOS at £1M (StartupMag), and in Europe Pigment took $250M at a $2.3 billion valuation led by the EQT-managed Scaleup Europe Fund (The Next Web).

The sharpest line on the tape is the exception. Otter.ai took $320M from General Catalyst's Customer Value Fund, a non-dilutive vehicle repaid out of revenue rather than taking equity, roughly six times its prior total funding of about $50M (SiliconANGLE). The company with revenue to be priced on took the structure that prices no equity at all.