Clio, a global leader in legal technology, announced it has raised $900 million (based on a $3 billion valuation) in a Series F investment round led by New Enterprise Associates (NEA). The funding 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 and by T. Rowe Price Investment Management, respectively, and OMERS.
Clio will continue expanding its multi-product platform, including further investments in its burgeoning AI portfolio and integrated legal payments. And it will also accelerate its rapid market expansion upmarket and internationally, deepening its organic growth to over 130 countries across the globe.
For 16 years, Clio has been at the forefront of creating cloud-based solutions tailored to the unique needs of the legal industry. Clio is known as the operating system for law firms, powering every aspect of the legal process. And it simplifies law firm management by centralizing client intake, case management, document management, legal payments, and more. With over 250+ legal technology software integrations, Clio is also the world’s largest legal technology platform, endorsed by more than 100 law societies and bar associations worldwide, including all 50 state bar associations in the US.
Clio raised its Series E funding round in April 2021 (a $110 million growth equity round). Since then, Clio has grown its revenue beyond $200 million ARR and expanded internationally to the APAC region and upmarket to become the leader in mid-market cloud legal practice management software, serving over 1,000 mid-sized firms in the US alone. Clio’s all-in-one payments business has surged since its launch in 2022, now processing billions of dollars annually in legal-specific transactions.
Clio has over 1,100 employees across hub locations in North America, EMEA, and APAC regions. The company is actively hiring across all business areas, including product, R&D, sales, marketing, and customer success.
The law firms Osler, Hoskin & Harcourt LLP and Wilson Sonsini Goodrich & Rosati served as Clio’s legal counsel. William Blair acted as Clio’s exclusive financial advisor.
KEY QUOTES:
“This historic raise was heavily oversubscribed, further demonstrating the overwhelming demand and confidence in Clio’s future. I’m 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.”
“While we’re immensely proud of our growth to date, the real opportunity lies ahead of us. AI is ushering in an exciting and important new era for legaltech, and Clio is leading that transformation. There’s much to accomplish for the success of our customers so they can thrive in an economy that embraces technology in every interaction.”
- Jack Newton, CEO and Founder of Clio
“Clio 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’s best-in-class retention and NPS are testaments to the team’s 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’s company-building expertise to partner with Jack and the Clio team on their next phase of growth.”
- Tony Florence, Co-CEO at NEA, has joined Clio’s Board of Directors
