On May 24, 2023, Spellbook announced the closing of its US$10.9 million Series A financing round. This round was led by Moxxie Ventures and had participation from iNovia Capital, Thomson Reuters Ventures, The LegalTech Fund, Bling Capital and Goods News Ventures. Spellbook plans to utilize this funding to further develop their platform.
Spellbook, headquartered in Toronto and St. John’s Newfoundland, is a legal software company which launched its first generative AI contract drafting tool in September 2022. Spellbook leverages OpenAI’s GPT-4 and other large language models to enable legal practitioners to draft and review contracts up for four times faster. More than 600 customers across the legal industry use Spellbook to support their lawyers in drafting contracts, and an additional 53,000 customers have signed up for the waitlist globally.
Moxxie Ventures is a Colorado-based venture capital firm that invests in early-stage companies.
iNovia Capital is a Montreal-based venture capital firm which invests in founders to build enduring global technology companies.
Osler, Hoskin & Harcourt LLP advised Moxxie Ventures and iNovia Capital with a team consisting of Mark Longo, Martin Smith, and Emma De Paoli (Emerging and High Growth Companies), Sam Ip (Technology), Adam Laroche and Erika Romanow (Employment and Labour).