Calling it the “largest in Canadian history and one of the largest in legal technology,” Vancouver-based tech firm Clio announced today that it has raised US$250 million in Series D funding from TCV and JMI Equity.
Clio was founded by lifelong friends Jack Newton and Rian Gauvreau after the duo spoke with the Law Society of British Columbia about the struggles solo lawyers and small firms face when running a business.
In a release, Clio said this investment “will transform the practice of law, for good, by creating cloud-based solutions designed to help law firms deliver client-centered experiences and make legal services more widely accessible.”
The company said its first 10 years – and their two rounds of funding to-date totalling $26 million – focused on bringing cloud technology to law firms, which the company said is a “revolutionary” step forward from the “expensive, outdated on-premise solutions” that were out of reach for most lawyers.
“It’s clear something needs to change when the majority of legal problems don’t receive legal assistance,” said Newton.”To assist lawyers in bridging that gap, we intend to completely redefine the way legal services are delivered, and democratize access to legal assistance by way of the cloud over the next decade.”
This, Newton said, “is a monumental moment for us and the Canadian tech scene.”
In announcing the deal, Clio noted that TCV and JMI have been investment partners to innovative technology companies such as Adaptive Insights, Airbnb, Eloqua, Expedia, Facebook, Netflix, PointClickCare, ServiceNow, and Spotify, and have helped these businesses achieve their growth objectives.
“Clio has had long-standing success in transforming a vast industry that has been lagging in technology adoption and we are confident the company will continue to lead on a global scale,” said Amol Helekar, Principal at TCV, and a member of Clio’s board of directors.
Matt Emery, General Partner at JMI Equity, echoed Helekar’s thoughts.
“We believe the legal software space presents significant opportunities for continued disruption, and Clio is the clear leader,” he said.
With this latest funding announcement, Clio said its customers can expect to see ongoing investment in the depth and breadth of Clio’s offerings, with even more powerful and flexible tools for legal professionals to manage and grow their practices, making them more efficient and sustainable as businesses.
To date, Clio serves the needs of 150,000 customers spanning 100 countries, with over 150 integration partners, and the approval of over 66 bar associations and law societies worldwide, positioning them as clear market leaders across the board.
Moving forward, Clio said it will remain Canadian owned with Vancouver headquarters and offices in Calgary, Toronto, Los Angeles, and Dublin.