Time by Ping plans to use the funds to verticalize its offering. Here are the top-line bullets you need to know.
Time by Ping, a time automation company, has raised $36.5M in a Series B funding round that drew participation from ACME Capital, Anthos Capital, and Initialized Capital, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Time by Ping helps lawyers automate timekeeping.
- The company states that its annual recurring revenue more than tripled in 2021.
- Its customer base includes Am Law 100 firms.
Source: Time by Ping
WHY DOES THE MARKET MATTER?
- The legal billing software market was valued at $3.2B in 2017, and it is expected to grow at a CAGR of 6.6% until 2028.
- Widespread digitization across industries as well as the shift to hybrid work models amid the pandemic have contributed to growth in this market.
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