Companies · Other

Casetext, Inc.Summer 2013Acquired

San Francisco · CA, USA; Remote · Other · founded 2013 · http://casetext.com

Diligence memoA one-page analyst read on Casetext, Inc. — recommendation, valuation, rhythm, risks.
$54.0M
Total raised · real
4
Rounds
3.0×
Latest step-up
Top 7%
Sector rank · raised
Series B
Latest stage · inferred · Thu Dec 23 2021 00:00:00 GMT+0000 (Coordinated Universal Time)

Casetext, Inc. looks fair against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Fair
  • Modeled value is 0.96× the median modeled value of Series B Other companies in 2019–2021 (371 peers) — value vs value, same stage and era.
  • Within the normal band (96% of peer median) for its niche.
Dormant
  • Last raise 4.5 yr ago; this sector typically re-raises about every 11 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other

Casetext, Inc. is one of 25008 Other companies tracked from San Francisco, CA, USA; Remote, on record since 2013. By capital raised it ranks among the largest (ahead of 94% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

We make the world's laws free and understandable.

Casetext, the most widely used A.I. legal research technology, has been adopted across the legal market from the largest Am Law 100 law firms to solo practices. Its award-winning technology offers both conventional search functionality and its CARA A.I. powered contextual search, focuses on the context of your research to help you find on-point authorities faster. Founded by a team of former litigators from top law firms, as well as Ph.D. data scientists and leading A.I. engineers, Casetext helps legal researchers find the best cases, faster, including many that they would otherwise miss. For more information, visit www.casetext.com or contact our team at contact@casetext.com.

Artificial IntelligenceLegal
Find Casetext, Inc. online

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
16
Investors (latest)
2021-12-23
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$125M$250M$375M$500MSeries A · 2015-01-20 Raised $8.8M (real) Modeled valuation $134M (est)$8.8M$134MSeries A2015Series A · 2015-01-20 Raised $10M (real) Modeled valuation $159M (est)$10M$159MSeries A2015Series A · 2019-03-29 Raised $10M (real) Modeled valuation $156M (est)$10M$156MSeries A2019Series A · 2020-02-28 Raised $8.2M (real) Modeled valuation $125M (est)$8.2M$125MSeries A2020Series B · 2021-12-23 Raised $25M (real) Modeled valuation $288M (est)$25M$288MSeries B2021+$10M+$10M+$8.2M+$25MCumulative $63M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$8.8M · 2015
Series A extension$10.5M · 2015
Series A extension$10.3M · 2019
Series A extension$8.2M · 2020
Series B$25.0M · 2021

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$288.3M
Base estimate est.
$62.5M
Conservative case
$835.8M
Upside case
$138.9M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Series A · modeled $133.7M · 2015-01-202015Series A · modeled $158.6M · 2015-01-20Series A · modeled $156.1M · 2019-03-29Series A · modeled $124.5M · 2020-02-28Series B · modeled $288.3M · 2021-12-232021
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
68%
Survival probability
45% low · 83% high
1.28×/yr
Annual markup
1.55×/yr upside case
4.5 yr
Elapsed time used
4.5 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
21 mo
Avg between rounds
$7.8M/yr
Capital velocity
11.4 yr
On record since
2015
First round
5
Rounds on file
How it compares to the market

Benchmarked against 25008 companies in Other. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 26× above median
This company$54.0M
Sector median$2.0M
Latest round — vs other Series B rounds in sector (real $, this stage) 1.3× above median
This company$25.0M
Sector median$19.6M
Modeled value — vs sector median (estimate, all stages) 16× above median
This company$288.3M
Sector median$17.7M

Raised more than 94% of sector peers (real $). Modeled value above 91% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #196 of 371.

This companyCohort peer
$100.0M$1.0B$10.0M$100.0MCapital raised (log)MStar Holding Corp · Series B Raised $67.6M · modeled $645.3M (est)Chlorum Solutions Llc · Series B Raised $39.7M · modeled $626.8M (est)IFS Management Holdco, LLC · Series B Raised $37.5M · modeled $623.8M (est)Benefit Recovery Group, LLC · Series B Raised $40.0M · modeled $618.0M (est)Shenandoah Growers, Inc. · Series B Raised $74.2M · modeled $613.0M (est)Zmco Llc · Series B Raised $40.0M · modeled $610.1M (est)PathStream, Inc. · Series B Raised $38.8M · modeled $601.9M (est)MXY Holdings, LLC · Series B Raised $49.9M · modeled $597.0M (est)Ryzac, Inc. · Series B Raised $42.5M · modeled $593.9M (est)Plouton Datacenter I, Inc. · Series B Raised $35.3M · modeled $586.5M (est)Es Ei Llc · Series B Raised $35.3M · modeled $585.7M (est)Factor Law, Inc. · Series B Raised $36.3M · modeled $569.9M (est)Casetext, Inc. (this company) Raised $54.0M · modeled $288.3M (est)Casetext, Inc.
CompanyStageRaised · realValue · estvs peer med.
MStar Holding CorpSeries B$67.6M$645.3M2.16×
Chlorum Solutions LlcSeries B$39.7M$626.8M2.10×
IFS Management Holdco, LLCSeries B$37.5M$623.8M2.09×
Benefit Recovery Group, LLCSeries B$40.0M$618.0M2.07×
Shenandoah Growers, Inc.Series B$74.2M$613.0M2.05×
Zmco LlcSeries B$40.0M$610.1M2.04×
PathStream, Inc.Series B$38.8M$601.9M2.01×
MXY Holdings, LLCSeries B$49.9M$597.0M2.00×
Ryzac, Inc.Series B$42.5M$593.9M1.99×
Plouton Datacenter I, Inc.Series B$35.3M$586.5M1.96×
Es Ei LlcSeries B$35.3M$585.7M1.96×
Factor Law, Inc.Series B$36.3M$569.9M1.91×
Casetext, Inc. this companySeries B$54.0M$288.3M0.96×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$8.8M2015-01-20$40.2M$133.7M85%
Series A$10.5M2015-01-20$47.6M$158.6M90%
Series A$10.3M2019-03-29$46.9M$156.1M90%
Series A$8.2M2020-02-28$37.4M$124.5M90%
Series B$25.0M2021-12-23$138.9M$288.3M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$8.8M2015-01-20
    • First recorded raise — entered as Series A.
    • 34 investors on this round.
  2. Series A$10.5M2015-01-20
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 34 investors on this round.
  3. Series A$10.3M2019-03-29
    • Raised again after 50 mo — slower than the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 8 investors on this round.
  4. Series A$8.2M2020-02-28
    • Raised 11 mo later, in step with the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 9 investors on this round.
  5. Series B$25.0M2021-12-23
    • Raised again after 22 mo — slower than the ~11 mo sector norm.
    • Round 3.0× larger than the prior — scaling up.
    • 16 investors on this round.
Intelligence
2023 ~Q3
Modeled next raise · ~21mo cadence
$75.0M
Modeled next size est.range $48.8M$120.0M
3.0×
Last step-up
$7.8M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Rebecca Lynn11 other2019-03
John Buttrick7 other2015-01
Jim Curry3 other2021-12
Jacob Heller2015-01
Jeroen Plink2019-03
Laura Safdie2019-03
Registry & provenance

Casetext, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1632585
SEC CIK
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Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

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Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

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Frequently asked
How much funding has Casetext, Inc. raised?
Casetext, Inc. has raised approximately $54.0M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Casetext, Inc.'s estimated valuation?
Provath's modeled valuation for Casetext, Inc. is approximately $288.3M (modeled range $62.5M–$835.8M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Casetext, Inc. at?
Casetext, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Thu Dec 23.
What does Casetext, Inc. do and where is it based?
Casetext, Inc. operates in the Other sector, based in San Francisco, CA, USA; Remote. We make the world's laws free and understandable.
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