The funding helps company reach a value of $650 million and comes as Avvo is expanding its employee headcount.
It’s been a big month for Seattle online legal marketplace Avvo.
The company announced earlier this month that it is moving to a new headquarters downtown, and on Tuesday it said it has raised a whopping $71.5 million series E financing round.
Avvo operates a website for legal advice, lawyer reviews and a way to connect clients with lawyers. The company was founded in 2006 by Mark Britton, himself a lawyer.
Avvo is now valued at $650 million, according to a Bloomberg report.
Most Read Business Stories
- Amazon extends working from home into summer. That could rattle downtown Seattle retailers, restaurants.
- How does Google's monopoly hurt you? Try these searches.
- IRS extends deadline for stimulus payments. Here's who can still apply and how to get a check.
- How Trump plowed through $1 billion, losing cash advantage
- Google monopoly case by U.S. sets stage for multipronged attack
It has been growing at an accelerated pace in the past couple years, raising $30 million in April. Since the beginning of the year, the number of employees will have doubled to reach 400 by year’s end, company representatives say.
The latest round of funding was led by Palo Alto, Calif.-based Technology Crossover Ventures, with participation from Vulcan Capital and Coatue. Avvo has raised $132 million in all since its start.
The calls from interested investors started rolling in only a month after Avvo closed the round it raised in April.
“They say, ‘Hey, you’re a public company candidate; we would love to invest but allow you to stay private,’ ” Britton said.
That’s part of a growing trend across the region as companies raise larger and larger private rounds, enabling them to stay a private company for a longer period.
Britton has no doubt Avvo will one day go public, but the funds allow the company to wait for the perfect timing.
“It’s a round that buys us cushion and optionality around where we want to be aggressive and when we want to be aggressive,” he said.
The company will focus on hiring engineers and finance employees and continue to evolve its products.
Britton previously served as Expedia’s first general counsel, and Expedia co-founder and successful serial entrepreneur Rich Barton sits on Avvo’s board.
Avvo operates in a similar arena as Barton’s other ventures, Expedia and Zillow, which try to bring transparency to the travel and real-estate industries, respectively.
Britton has said Avvo is doing the same thing for the legal industry, which can be a confusing beast.
Avvo boasts a lawyer base of more than 225,000 professionals and has ratings of 97 percent of U.S. lawyers.
Technology Crossover Ventures General Partner Jay Hoag will join the company’s board. He also serves on the boards of Zillow and Netflix.