Why Sequoia Is Doubling Down on Harvey (The Information)

• Sequoia Capital plans to lead Harvey’s $300M raise at a $3B valuation, doubling down on the AI legal automation startup.
• Harvey surpassed $50M ARR, up from $10M last year.
• Valuation is ~60x forward revenue, comparable to Anthropic (~66x).
• Key customers: KKR, PwC, Orrick, and Lowenstein Sandler.
• Coatue Management joins as a first-time investor.
• Insider-led deals dominate AI, driven by deep-pocketed early investors.
• Similar rounds: Perplexity (IVP-led), Anysphere (Thrive-led).
• Trend reflects limited AI revenue-generating startups and strong VC focus.

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