Bessemer Venture Partners is poised to lead an undisclosed Series B round into AI startup EvenUp at a $350M valuation, per The Information.
EvenUp's new valuation represents a 40x revenue multiple over its $8.9M annual recurring revenue (ARR) from Q1 2023, up more than five times since the $1.7M revenue posted in Q1 2022.
- EvenUp
leverages AI to help lawyers build up claims cases by reviewing medical
documents and case files to produce medical summaries and damages
estimates.
- Nearly
six VC firms were competing for a stake in EvenUp, including Lightspeed
Venture Partners, Insight Partners, Sapphire Ventures, and Bain Capital
Ventures.
- Bain decided to participate in the round, while others pulled out of the deal.
- Reportedly, some investors offered the firm a valuation of over $400M.
- Its current valuation is nearly four times higher than its last $80M valuation from 18 months ago.
