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Legal document website LegalZoom has attracted the attention of two big venture firms, Kleiner Perkins Caufield & Byers and Institutional Venture Partners.
The Glendale, Calif. company recently announced that it has added Kleiner Perkins and IVP as “new shareholders” — I confirmed with a spokesman that both firms bought stock from existing shareholders. (The news actually went out last week, but doesn’t seem to have gotten much coverage from the tech press.) Interest in secondary markets has been growing (from investors and others), but for the most part hot social networking companies like Facebook and Twitter have hogged the spotlight, so the interest in LegalZoom comes as a bit of a surprise.
The company says it has more than 500 employees and has served more than 1 million customers. In fact, a source told us in February that LegalZoom is in the early stages of preparing for an initial public offering. The company tries to simplify the legal process, not by providing advice per se, but by offering an easy way to create legal documents like wills, business incorporation papers, and so on.
Meanwhile, after a period where it was largely quiet outside of cleantech, Kleiner has been trying to reestablish itself, both by launching early-stage initiatives like its sFund for social networking startups and by going after more mature big names — it led Twitter’s most recent round and also bought Facebook shares on the secondary market.
LegalZoom’s existing investors include Polaris Venture Partners.