Avvo raises another $71.5M to fund continued expansion
Avvo Inc., best known for its online directory for finding and rating lawyers, has announced another round of funding.
Founded in 2006, the Seattle-based company plans to use the $71.5 million provided by a group led by Technology Crossover Ventures to expand its product offerings and pay for new hires and marketing, reports Bloomberg.
The new round of funding brings total venture capital invested in the company to $132 million, Avvo says in a press release. The Bloomberg article, relying on unidentified sources, says Avvo was valued at about $650 million for the TCV financing.
Avvo says it generates some 650,000 contacts between consumers and attorneys monthly, more than twice the volume of a year ago.
“TCV seeks to partner with rapidly growing companies that are disrupting their marketplace,” says Jay Hoag, TCV”s founding general partner, in the release. “Avvo fits that profile perfectly, as they continue to make legal services easier and more accessible to more consumers and businesses around the world.”
Hoag is joining Avvo’s board of directors.
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