I don’t know, but I think we can assume about $50m post-money valuation.
Why?
- The round was $12m: Casetext raises $12 million for legal research assistant CARA
- Canvas Ventures (the lead) likely wanted to own 20% of the company. Some investors are OK owning less, but usually, once you get to the $10m+ Series B stage, these VCs want to own 20%.
- The existing investors probably wanted to, or in any event, did, invest about 15-20% of the round (of the $12m).
- Back into that, and 20% for $10m = $50m post.
Raising $12m, that means Canvas gets 20% for say $10m of the $12m and the existing investors put up $2m as part of a pro-rata / supporting investment.
Unusual rounds can be very different, but this is the way it is 80% of the time at this stage …
