Brightflag Announces $28M Funding Round
In what has been a challenging year by any measure, we feel fortunate to be entering the final weeks of 2020 with such positive news to share. Backed by the support of new lead investor One Peak Partners, and in continued partnership with Sands Capital Ventures, Frontline Ventures, and Tribal Ventures, Brightflag is poised to take bold action in the months ahead.
The Right Time
It may take several years to process all the unexpected developments we’ve lived and worked through in 2020, but there are at least three trends we already know to be true within corporate legal departments:
- Workloads are only growing. New business risks, impending regulatory changes, and continued economic uncertainties are putting pressure on legal departments like never before. How the work is split among in-house staff and outside counsel may fluctuate, but the overall volume will continue on its upward trajectory.
- Cost control is paramount. The rush to reduce expenses across all business teams at the onset of the COVID-19 crisis shined a bright light on legal spend management practices. Even as cost-cutting measures begin to ease for some, companies will continue pushing for greater financial accountability, efficiency, and predictability from their legal departments.
- Tech is under investigation. The exponential rise of remote work in 2020 provided many companies with a stark assessment of their digital transformation efforts. According to recent research from Gartner, in-house legal leaders most frequently cited “technology solutions and adoption levels” as their top operational weakness revealed by COVID-19.
In many ways, Brightflag is already built for the future that 2020 has made reality.
Our easy-to-use software eliminates, automates, or accelerates countless administrative tasks standing between in-house legal professionals and the more strategic services their companies are counting on them to deliver.
Our proprietary AI enables true cost control at every stage of legal work — from matter creation through invoice review. It creates entirely new data sets that legal departments can use to evaluate law firm performance, negotiate value-driven pricing agreements, and predict budget overruns well in advance.
And to make sure customers are realizing those benefits within weeks of choosing Brightflag, our expert team stands ready with proven implementation plans, proactive training, and strategic recommendations.
The Road Ahead
Our new funding gives us the opportunity to aggressively expand the capabilities of the Brightflag platform and compound the value customers realize as a result.
We’ll continue to lead the way on AI innovation, building it into every area of our platform — matter management, spend management, and vendor management — while continuing to improve our game-changing AI-assisted invoice review experience.
We’ll facilitate more sophisticated strategic analysis, giving customers creative options to explore their own data while we gather relevant benchmarks to share.
We’ll reduce friction wherever possible, developing more integrations with business-critical tools while preserving the easy user experience that legal, finance, and procurement professionals expect from Brightflag.
And to do all of that, we’ll need to welcome dozens of talented individuals onto our team.