Avvo Raises $10M from New Investor, Looks to Expand Online Legal Services
Seattle-based Avvo, the online legal directory, said today it has raised $10 million in Series C financing, led by new investor DAG Ventures of Palo Alto, CA. Existing investors Benchmark Capital and Ignition Partners also participated in the round.
The money will be used to help Avvo expand and enhance its online products. The company runs a free website that gives ratings and profiles for about 90 percent of licensed attorneys in the U.S. The site also includes a question and answer forum where consumers can ask attorneys legal questions. Avvo says that the forum receives “tens of thousands” of questions and answers each month, and that some 50,000 lawyers actively participate on the site, including one-third of the lawyers in Washington state.
Avvo started in 2006 and is led by founder and CEO Mark Britton, who was formerly senior vice president, general counsel, and secretary with Bellevue, WA-based Expedia, and an attorney and equity partner-elect with Preston Gates & Ellis (now K&L Gates). The startup has raised about $23 million in venture funding to date. Its revenue model is based on advertising from the legal industry.
“Given the current funding environment, this deal speaks volumes to Avvo’s success and the value we bring both consumers and lawyers,” Britton said in a statement. “This funding round not only gives us the ability to continue that success, but to expand it.”