Ivo has raised $55 million in funding as demand for legal and commercial teams to handle more contracts with fewer hands and less time gets higher.
The San Francisco–based company closed a Series B round led by Blackbird, with Costanoa Ventures, Uncork Capital, Fika Ventures, GD1 and Icehouse Ventures also taking part.
The money comes a year after the company’s revenue increased, expanded its customer base and pushed more into large global firms.
Contract review has become a bottleneck for many organisations, with volumes growing, deadlines getting tighter, valuable information sitting buried in agreements, usually unread or unusable.
Ivo is taking a chance that businesses are ready to treat contracts not as paperwork, but as a source of operational insight.
Since its previous raise, the company says annual recurring revenue has increased fivefold. Customer numbers are up by 134%, while usage among Fortune 500 companies has jumped by 250%. Those figures help explain why existing investors doubled down.
“Our goal has always been to make interacting with contracts fast, accurate, and enjoyable,” said Min-Kyu Jung, chief executive and co-founder of Ivo.
“Every key relationship in a business is defined by an agreement, yet most organizations struggle to extract the insights inside them. Our focus is to give in-house teams a trustworthy solution that helps them work faster and gives them visibility into their contracts that was previously impossible.”
The new capital will be used to strengthen the product and scale operations as Ivo expands its footprint among large enterprises. Companies such as Uber, Shopify, Atlassian, Reddit and Canva already use the platform, and adoption is spreading across legal, procurement and commercial teams.
At Uber, ease of use and reliability were central to the decision. “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,” said Kate Gardner, senior manager, Contract Operations at Uber. “Furthermore, the Ivo team was highly responsive to Uber’s needs.”
At the core of Ivo’s services is a review system designed for in-house lawyers managing high volumes of agreements across regions. In standardising legal positions through lawyer-built playbooks, teams can review contracts faster and with greater consistency.
Customers report cutting review time by as much as three quarters compared with manual processes.
Beyond review, the platform allows companies to search and understand their entire contract library in seconds. Links between agreements are surfaced automatically, standard positions are flagged, and questions that once took months of checking can now be answered in minutes.
This shift from reactive review to active oversight is what many legal teams have been missing.
Investors see that focus as the company’s edge. “In-house legal teams demand products that are deeply accurate and aligned to how they work. The most sophisticated teams are incredibly selective about the tools they trust,” said James Palmer, principal at Blackbird.
“Ivo’s traction with some of the world’s best companies shows it consistently exceeds that bar. With exceptional product execution and an uncompromising quality bar, we believe Ivo is defining and leading the category.”
Ivo’s longer-term plan is to turn contracts into strategic assets rather than static documents. As it grows, the company wants to make contract work clearer, quicker and easier to manage across the business, not just inside the legal department.
