MDR Lab alumni company DraftWise secures $20 million in Series A funding

DraftWise, a legal technology startup and alumni of Mishcon de Reya's MDR Lab, has completed a $20 million Series A funding round. The investment, led by Index Ventures with contributions from Y Combinator and Earlybird Digital East Ventures, marks a significant milestone in the company's growth and the continued investor interest in AI-driven legal technology solutions.

DraftWise has distinguished itself in the legal technology landscape by developing an AI-powered tool that aids lawyers in drafting and negotiating contracts more efficiently by leveraging law firms' historical data and insights.

From the outset, Mishcon de Reya has been instrumental in DraftWise's development, providing not only investment but also critical feedback and product testing through its LegalTech incubator, MDR Lab. The company's growth and development were bolstered by its participation in MDR Lab's Programme, which was followed by a commercial agreement. The firm's early investment in DraftWise was part of a larger seed round following the company's completion of the Y Combinator programme.

In December 2023, DraftWise returned to the Lab to field test its latest generative AI features. This collaboration allowed for practical insights from people at Mishcon de Reya, enabling further integration of DraftWise's technology into the day-to-day work of legal professionals.

Dan Sinclair, Head of Early Stage Strategy at Mishcon de Reya, commented: "We knew when we first started working with DraftWise in 2020 that this team and product would go on to do amazing things. As investors and customers, we want to congratulate the DraftWise team on reaching this major milestone. This funding round is yet another point of validation and will provide extra tailwind to help the company as they continue to transform the legal industry."

Mishcon de Reya continues to support DraftWise as it scales its platform, reflecting the firm's commitment to innovation and adopting technologies that advance the practice of law.