- Cloud-based legal technology leader Clio announced it raised $250 million in Series D funding from TCV and JMI Equity.
Clio — a leader in cloud-based legal technology — announced it raised $250 million in Series D funding from TCV and JMI Equity. And this growth investment marks one of the largest in legal technology and the largest in Canadian history.
Americans had spent $261 billion on legal services in 2012, according to US Census data. But 77% of legal problems don not receive legal assistance (World Justice Project).
“Over three-quarters of legal problems don’t receive legal assistance, yet lawyers are struggling to find new clients—it’s clear that something in the system is broken,” said Clio CEO and co-founder Jack Newton. “Clio is committed to building the essential operating system for lawyers, one that focuses relentlessly on unlocking new efficiencies and entry points to legal services. This will allow legal professionals to easily deliver exceptional client experiences, increase their productivity, grow their firms, and make legal services more accessible. This investment from experienced growth software investors will accelerate our ability to realize this vision.”
In Clio’s first 10 years, the company raised 2 rounds totaling $26 million. And the company is focused on bringing cloud technology to law firms — which is a big step forward from the expensive, outdated, on-premise solutions that were out of reach for most lawyers. And with this growth investment, Clio will work to transform the practice of law for good by creating cloud-based solutions designed for helping law firms deliver client-centered experiences and make legal services more widely accessible.
“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. We are committed to supporting Clio with TCV’s resources and network in order to help them capitalize on their significant growth opportunities,” added TCV general partner Jake Reynolds.
Clio’s customers can expect ongoing investment in the depth of its offerings with more powerful and flexible tools for legal professionals to manage and grow their practices. This will make law firms more efficient and sustainable as businesses.
“At TCV, we partner with innovative companies that are leaders in their industry and offer superior value propositions for their customers,” explained Clio board member and TCV principal Amol Helekar.
TCV and JMI have been investment partners for innovative technology companies like Adaptive Insights, Airbnb, Eloqua, Expedia, Facebook, Netflix, PointClickCare, ServiceNow, and Spotify.
Matt Emery, a general partner at JMI Equity, is joining Clio’s board of directors.
“We believe the legal software space presents significant opportunities for continued disruption, and Clio is the clear leader,” Emery pointed out.
Mark Britton — the founder of legal marketplace Avvo.com and a former Expedia executive — is joining Clio’s board of directors to provide his industry experience as the company brings its vision for the future of legal to market.
“Clio is not only solving some of the biggest pain points for the legal profession, it is creating a platform for the future of legal services, and we look forward to partnering with the team in the company’s continued growth and success,” noted JMI principal Sureel Sheth.
Currently, Clio has 150,000 customers spanning 100 countries. And it has the approval of over 66 bar associations and law societies globally.
Raymond James worked as a buyside financial advisor to TCV for this investment.