Clio<\/a>, the global leader in legal technology, announced it has raised US $900 million, based on a US $3 billion valuation, in a Series F investment round led by New Enterprise Associates (NEA). The round also includes new partners Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark, who join current investors TCV, JMI Equity, funds and accounts advised by T. Rowe Price Associates, Inc. and by T. Rowe Price Investment Management, Inc., respectively, and OMERS. Marking a new era in its growth journey, Clio will continue to expand its multi-product platform, including further investments in its burgeoning AI portfolio and integrated legal payments. It will also accelerate its rapid market expansion upmarket and internationally, deepening its organic growth to more than 130 countries across the globe.<\/p>\nFor 16 years, Clio has been at the forefront of creating innovative, cloud-based solutions tailored to the unique needs of the legal industry. Clio is the operating system for law firms, powering every aspect of the legal process. It simplifies law firm management by centralising client intake, case management, document management, legal payments, and more. With more than 250+ legal technology software integrations, Clio is also the world\u2019s largest legal technology platform, endorsed by more than 100 law societies and bar associations worldwide, including all 50 state bar associations in the United States.<\/p>\n
\u201cThis historic raise was heavily oversubscribed, further demonstrating the overwhelming demand and confidence in Clio\u2019s future,\u201d said Jack Newton, CEO and Founder of Clio. \u201cI\u2019m thrilled to embark on this journey with NEA and our group of exceptional investors. The Clio operating system is the undisputed platform of the legal technology sector, engineered to not only meet but anticipate future industry demands. We are pioneering this future for our customers, driven by our mission to transform the legal experience for all. Our commitment to delivering unparalleled value propels every decision we make, and we are inspired by the massive opportunities ahead.\u201d<\/p>\n
Tony Florence, Co-CEO at NEA, has joined Clio\u2019s Board of Directors. Mr. Florence commented, \u201cClio embodies everything NEA looks for in a growth-stage investment: an exceptional, purpose-driven team, market and product leadership, and stellar business physics. Clio is mission critical to law firms, and the company\u2019s best-in-class retention and NPS are testaments to the team\u2019s ability to continuously innovate, deliver immense value, and meet the dynamic needs of the legal sector. With the right foundation in place for continued market expansion and advanced AI capabilities, we believe the best is yet to come. We look forward to applying NEA\u2019s company-building expertise to partner with Jack and the Clio team on their next phase of growth.\u201d<\/p>\n
Clio raised its Series E funding in April 2021, a US $110M growth equity round. Since then, Clio has grown its revenue beyond US $200M ARR and has expanded internationally to the APAC region, as well as upmarket to become the leader in mid-market cloud legal practice management software, serving more than 1,000 mid-sized firms in the United States alone. Clio\u2019s all-in-one payments business has skyrocketed since its launch in 2022, now processing billions of dollars annually in legal-specific transactions. Additionally, Clio\u2019s platform has been expanded to include:<\/p>\n
\n- Clio Duo proprietary generative AI solution to help lawyers complete routine tasks, and leverage their firm analytics to run a more efficient practice; including audit log functionality for court discovery (available in 2024<\/i>)<\/li>\n
- Clio Accounting to manage firm finances in one system of record, designed to help keep law firms compliant<\/li>\n
- Module for personal injury lawyers with distinct litigation needs, and procedures for medical recordkeeping, this add-on offers rapid settlement estimates for high volume case assessments<\/li>\n
- Clio Draft intelligent document automation and court form libraries in 50+ jurisdictions<\/li>\n
- Electronic court filing services available directly in Clio to streamline court interactions<\/li>\n
- Legal Aid and nonprofit grant billing models, eligibility calculators, and dashboards<\/li>\n
- Google Local Service Ads directly embedded in the Clio platform to generate, screen, and intake local leads<\/li>\n<\/ul>\n
\u201cWhile we\u2019re immensely proud of our growth to date, the real opportunity lies ahead of us,\u201d continued Newton. \u201cAI is ushering in an exciting and important new era for legaltech, and Clio is leading that transformation. There\u2019s much to accomplish for the success of our customers so they can thrive in an economy that embraces technology in every interaction.\u201d<\/p>\n
Clio has more than 1,100 employees located across hub locations in North America, EMEA, and APAC regions. The company is actively hiring across all areas of its business including product, R&D, sales, marketing, and customer success.<\/p>\n
Law firms Osler, Hoskin & Harcourt LLP and Wilson Sonsini Goodrich & Rosati served as legal counsel to Clio. William Blair acted as Clio\u2019s exclusive financial advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"
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