The Stockholm-based legaltech company raised the Series D round on Tuesday at a US$5.55-billion valuation. Accel was the lead investor, with other backers including Benchmark, Bessemer Venture Partners and Y Combinator. Legora did not disclose the price offered to Vancouver-based Walter Software, its first acquisition. (The Logic, Business Insider)

Talking point: Legora looks set to become a major player in a wave of consolidation hitting the legaltech industry, after growing its staff from 40 to 400 over the past year. Both companies have been working on agentic AI systems, which they say work more autonomously than the chatbots many law firms currently use. In a release, Legora noted Walter’s work with Fasken and McCarthy Tétrault, two of Canada’s top corporate law firms. Walter co-founder and CEO Ryan Wilson said the company’s full 9-person team is joining Legora, with eight moving to Sweden, and that clients will be transitioned onto Legora’s platform as Walter winds down. But Wilson said that the deal will also give him more freedom to personally invest in Canadian companies going forward.