Avvo Closes $71.5M Series E Round
SEATTLE, WA, Leading online legal marketplace connecting consumers and lawyers, today announced a $71.5 million round of financing.
Avvo Inc., the leading online legal marketplace connecting consumers and lawyers, today announced a $71.5 million round of financing led by Technology Crossover Ventures (TCV), with participation from Vulcan Capital and Coatue, an existing investor. Avvo will use the new funding to accelerate hiring, increase Avvo brand awareness through continued marketing initiatives, and expand its product offerings. This round brings the total venture investment in Avvo to $132 million. Jay Hoag, founding general partner of TCV, will join the Avvo Board of Directors.
'TCV seeks to partner with rapidly growing companies that are disrupting their marketplace. Avvo fits that profile perfectly, as they continue to make legal services easier and more accessible to more consumers and businesses around the world,' Hoag said.
'Our mission is to make legal services routine and easily accessible in our daily lives,' said Mark Britton, founder and CEO of Avvo. 'Having the backing of TCV is a tremendous validation of that mission and our progress to date, but we still have much to accomplish. You can expect us to introduce simpler and real-time products to even more people. In so many ways, we're just getting started.'
More than 225,000 lawyers from around the country now participate on Avvo and Avvo generates more than 650,000 contacts from consumers to attorneys every month - double that of a year ago. Since Avvo introduced the Avvo Rating in 2007, it has become an industry standard, rating more than 97% of lawyers in the United States. Avvo's legal Q&A forum is the largest online, with nearly 7.5 million questions and answers and consumer getting legal help every 5 seconds.
To learn more about Avvo, visit www.avvo.com.
About Avvo, Inc.
Avvo is the leading online legal marketplace connecting consumers and lawyers. Avvo offers on-demand, affordable legal advice through Avvo AdvisorĀ®, which delivers a highly reviewed lawyer for 15 minutes over the phone - anytime, anywhere - available online or via a free app for iOS devices. In Avvo's Q&A forum, consumers can get their legal questions answered for free by more than 225,000 participating lawyers or search the nearly 7.5 million previously asked questions and attorney provided answers. Avvo's lawyer directory provides Avvo-rated profiles, client reviews, and peer endorsements for 97 % of all lawyers in the U.S., so consumers can find the lawyer who's right for them. Avvo also helps lawyers grow their businesses with marketing tools and services including the Avvo JD App and Avvo Ignite, a cloud-based marketing platform designed specifically for attorneys. Avvo, Avvo Advisor, Avvo JD App, and Avvo Ignite are trademarks or registered trademarks of Avvo, Inc. Avvo was founded in 2006 and is based in Seattle, WA.
About Technology Crossover Ventures
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry. With nearly $10 billion in capital raised, TCV has invested in more than 200 technology companies over the last 20 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, GoDaddy, Genesys Software, Groupon, HomeAway, Netflix, RealNetworks, Redback Networks, Rent the Runway, RiskMetrics Group, Sitecore, Splunk, Spotify, Thinkorswim, VICE Media, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, please visit www.tcv.com.
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