SWEDEN — Swedish startup Legora has reached $100 million in annual recurring revenue, growing from $1 million to that figure in less than 18 months after its public launch. Investors priced the company at $5.55 billion in a new financing round.

Annual recurring revenue is the revenue a company expects to collect over the course of a year. It is a widely used metric for measuring the financial trajectory of subscription-based software companies.

"This is a reflection of how quickly our customers are pushing the industry forward," said Max Junestrand, cofounder and CEO of Legora.

The company now serves over 1,000 customers. Its clients include Cleary Gottlieb, HSF Kramer, White & Case, and Linklaters.

Legora's software helps lawyers process data rooms, compare contracts, draft briefs, and carry out other legal work more quickly and at a lower cost than junior lawyers.

The $5.55 billion valuation was established in the new financing round as the company crossed the $100 million annual recurring revenue threshold.