I don’t know, but I think we can assume about $50m post-money valuation.


  • 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 …

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