Are LegalZoom founders playing coy or are they just übercautious? Either way, the company is now revealing that it raised $66 million in venture funding this year from Kleiner Perkins and Institutional Venture Partners, bringing their total funding to an even $100 million. This surely means an IPO will shortly follow, right? Well, not necessarily.
LegalZoom CEO John Suh is remaining cautious, saying, “Just because you can go public doesn’t mean that you should….” With the new cash infusion, the company might not be in a rush to go public, but given LegalZoom’s success, investors might want to reap the rewards fairly soon. Plus, going public would expose the company to new customers and investors, says TechCrunch’s Leena Rao.
LegalZoom, founded by Brian Lee (who also founded ShoeDazzle with Kim Kardashian), Eddie Hartman, and Brian Liu has to a certain extent democratized the legal process, helping nearly two million consumers create a variety of legal documents from wills to business incorporation.
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