LegalZoom, the startup that makes it easy to build and use legal documents, has told TechCrunch it raised $66 million in funding from Kleiner Perkins and IVP.This is despite the fact that the company says it’s profitable with revenues over $100 million, the magic number most people say you need to hit to contemplate an IPO, and that tech IPOs are all the rage again.
First of all, these are very impressive numbers for a fairly under the radar, but highly disruptive startup. LegalZoom isn’t a legal consulting service, but replaces many of the rote services that lawyers do for large fees: think drawing up a will, incorporating a business and the like. Most of these documents can be standardized and you shouldn’t need a lawyer for them. That’s where LegalZoom’s software comes in.
LegalZoom CEO John Suh says he clearly wants to IPO at some point but it’s too early and too much bother. It’s interesting that big tech companies are still saying that despite the wave of blockbuster tech IPOs that’s starting.
More on IPOs:
- All The Arguments Against Going Public Are Bunk →
- Xero Went Public Very Early And It Loves It →