Investment Notes: Ivo Series B

We’re proud to lead the US$55M Series B round into Ivo, alongside Costanoa Ventures, Uncork Capital, Fika Ventures, GD1 and Icehouse Ventures. This follows our initial investment in Ivo’s Series A, and we couldn’t be more excited to deepen our partnership with Min-Kyu Jung, Jacob Duligall and the team.

When we first backed Ivo, it was an early leader in contract review. Today, it has emerged as a  category leading AI company for the most sophisticated in-house legal teams in the world.

Meeting lawyers where they live

Ivo wins by meeting lawyers where they already work: inside Microsoft Word. Ivo Review enables legal teams to review agreements in a fraction of the time.

Its deep commitment to accuracy is what sets the product apart. In an AI age, it’s one thing to produce an output that is legally correct; it’s another to tune that agreement to the context of the organisation, the negotiation, and the ‘taste’ of the lawyer signing off on the redline.

Ivo creates surgical, context-aware redlines that mimic a human lawyer’s style, natively in Word. Customers report saving up to 75% of the time manual review would demand, critically without sacrificing accuracy.

World-class product velocity

Over the last 12 months, Ivo has shipped three major products that dramatically expand what’s possible for in-house legal teams.

Assistant introduces a native, agentic experience directly in Word, enabling lawyers to draft, review and issue tables without ever leaving where they work.

Research draws on over 100 sources and leverages multiple agents to retrieve, validate, check conflicts and map authority. The result is research reports with detailed citations that would otherwise take hours to compile.

Intelligence marks the next phase of Ivo’s evolution. It expands into contract analysis, connecting past agreements with future negotiations. Legal teams can now ask increasingly complex questions of their contracts and get answers in minutes rather than months.

This is an important first step toward owning the entire contracting workflow. It also powers fresh analysis for every contract review, so lawyers negotiate knowing exactly what’s been agreed in the past.

Winning against everyone

Ivo dominates competitive bake-offs against well-funded incumbents. The numbers tell the story: since the last funding round, ARR has grown 500%, total customers have increased 134%, and Fortune 500 adoption has expanded 250%.

Ivo now counts Uber, Shopify, Atlassian, Reddit and Canva among its customers.

As Kate Gardner, Senior Manager of Contract Operations at Uber, put it:

“Uber selected Ivo because it was intuitive to use, demonstrated a high level of accuracy, could work in multiple languages, and met its confidentiality requirements.”

In-house legal teams are incredibly selective about the tools they trust. Ivo’s traction with some of the world’s best shows it consistently exceeds that bar.

The path ahead

Ivo’s long-term vision is to elevate contracts into strategic assets for every business, making the experience of working with them effortless.

We backed Min-Kyu and Jacob because they combine world-class product vision with relentless execution. They’re building the company that will define this category, and we’re proud to be on the journey with them.

— James, on behalf of Blackbird

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