St. John’s-based Spellbook, which makes generative AI products for law firms, has revealed that it tripled its revenue in 2025 and is on track to hit US$100 million (C$133 million) in annual recurring revenue this year.

Co-Founder and CEO Scott Stevenson revealed the strong performance in an interview with the Globe and Mail this week. He was speaking as Spellbook announced it had secured US$40 million in venture debt, leveraging on the US$50 million in equity funding it had secured in the autumn.

The company’s AI copilot, which uses large language models, allows law firms and in-house counsel to draft, edit and review legal contracts. Spellbook products are now used by about 4,000 customers across 80 countries, which the company says is more than any comparable AI contract-review product. Its customers include such blue-chip companies as Nestlé and eBay, as well as the British-American law firm Kennedys Law.

In late October, Spellbook closed a US$50 million Series B venture capital round led by Khosla Ventures, one of the top venture capital firms in Silicon Valley. The company said the deal valued Spellbook at about US$350 million.

This week, the Globe said the company has secured an additional $40 million in debt financing from RBC to buy smaller competitors that rushed into the generative AI market but are now struggling. Stevenson confirmed the content of the Globe and Mail report in an email.

The  company now employs 150 people and plans to add about 100 employees by the end of the year.