After months of writing about layoffs and cram downs, I stumbled across the rare buzzy deal in Silicon Valley this week. More than half a dozen venture capital firms have been vying for a stake in a San Francisco startup—EvenUp—that uses artificial intelligence to help personal injury lawyers compile claims using medical documents and case files.
Bessemer Venture Partners won the deal and is leading the Series B round at a $350 million valuation, including the investment, according to a person with direct knowledge. That looks to be more than quadruple the $80 million valuation of the last round 18 months ago, according to PitchBook, an echo of the big valuation jumps in 2020–21 deals.
Recent AI hype is driving some of the hubbub over the startup, of course. But I think venture capitalists are also just tired of sitting on their hands given the steep slowdown in funding—especially if they can park their money somewhere safe. EvenUp had just the right ingredients for a FOMO-fueled financing in the midst of a funding desert.