Extract from article by Rachel Sandler
Logikcull, a San Francisco-based startup that makes eDiscovery software, didn’t need the money when Silicon Valley venture firm New Enterprise Associates approached the company last year. Yet, the firm gave Logikcull $22 million, preempting its next funding round, the company announced in January.
Logikcull didn’t need the cash because, a year earlier, business had “exploded,” CEO Andy Wilson told Business Insider. The company’s headcount has expanded from 35 to over 100. And customer count has increased 500% in under a year.
“To be honest, we really weren’t ready for it,” Wilson said. “We were averaging a few customers a month before, now we get 70 to 80 per month.”
Additional Reading:
- An Abridged Look at the Business of eDiscovery: Mergers, Acquisitions, and Investments
- An Abridged Look at the Business of eDiscovery: A Short List of Investors
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