Venture Capital: Canadian Legaltech Startup Clio Raises $110M Series E Round
The round valued Clio at $ 1.6 billion.
Clio, a startup based in Vancouver, Canada, builds cloud-based and client-centered legal technology aiming to transform the legal experience for everybody. In a Series E round, Clio raised $ 110 million at a valuation of $ 1.6 billion, duly earning the coveted status of a unicorn. T. Rowe Price Associates Inc. and OMERS Growth Equity co-led the round. (TechCrunch)
Reinventing the legal experience
Clio was founded by Jack Newton and Rian Gauvreau in 2008, to bring software and technology to the antiquated processes of traditional law firms, particularly the smaller ones, which could not afford the server-based systems that were the preserve of the larger legal practices.
The firm’s Clio Manage is a cloud-based legal practice management software-as-a-service (SaaS) that makes running a law firm, organizing cases, and collaborating with clients possible from one place. It includes billing, case management, contact management, document management, calendaring, online payments, and time and expense tracking.
Clio Grow is a client intake and legal CRM software. It includes client intake, client relationship management, document automation & e-signature, workflow automation, and reporting & data insights.
The Clio Suite is a product that combines both Clio Manage and Clio Grow.
In a nutshell, the firm’s platform works like Microsoft Windows, an operating system for lawyers. It has notched up more than 150,000 customers in over 100 countries.
With the latest funding, the founders claim that their startup is the “first legal practice management unicorn” globally. On an aggregate basis, the firm has raised $ 386 million since its founding in 2008.
The pandemic served to boost its business because distributed working, including from home, became essential and it was no longer possible to work with client data stored at the firm’s physical office.
Founder Jack Newton revealed to TechCrunch that Clio had logged “explosive” growth since its funding raise in 2019.
Use of funds
Clio will use the new money to further develop its platform and forge new partnerships/apps. It also will increase its workforce by 40% or 250 employees.
Currently, it is focused on growth in the United Kingdom and Ireland. However, it has the EMEA markets in its sights.
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