Clio is a leader in cloud-based legal technology, offering software for lawyers ranging from practice management to payments to client intake. Clio enables lawyers to be more client-centered and has earned the most 5-star reviews and the approval of bar associations and law societies worldwide, including all 50 state bar associations in the United States.
Clio’s global customer base includes 150,000 legal professionals and law firms across 100 countries. Along with developing solutions that transform the legal experience for all, the company also has a direct investment vehicle called Clio Ventures. To learn more, Pulse 2.0 interviewed Clio’s VP of Corporate Development, Shubham Datta.
Shubham Datta’s Background
Datta is a CPA by training and started his career at KPMG. And Datta said:
“I have a passion for technology and software to finance, I moved to a boutique investment bank in Toronto focused on SMB software. During my time at the firm, I helped technology founders and entrepreneurs raise financing to grow their businesses through Series A and B rounds and advised them on seeking deliberate exit outcomes. I supported 14 transactions during his time, a mix of capital raises and M&A, and helped double the practice in size.”
“From here, I decided to join Shopify’s corporate development team, where he focused on acquiring and investing in technologies that made commerce smarter for everyone. In this role, I worked on four acquisitions, helped launch Shopify’s venture investing program, and advised on Shopify’s first four investments.”
“I joined Clio in my current role to lead its Corporate Development team, responsible for acquisitions and investments through Clio Ventures. Since joining, Clio has made two acquisitions and three investments.”
Favorite Memory
What has been your favorite memory working for Clio so far? Datta shared:
“ClioCon 2021 was a standout memory for me. ClioCon, also known as the Clio Cloud Conference, is our annual conference event. It’s been called the best conference in legal technology, but it’s essentially a place to hear directly from legal professionals and leaders about the news and events impacting the industry. This year’s event starts on October 9th in Nashville.”
“Having joined Clio remotely during the pandemic, it was the first opportunity for me to meet many of my Clio colleagues in person! It was also here that we announced the launch of Clio Ventures, so it was a particularly important event in our corporate development journey.”
Evolution Of Clio Ventures’ Thesis
How has Clio Ventures’ thesis evolved over time? Datta noted:
“Clio Ventures is continuing to iterate and refine our thesis, but at a high level it remains the same: identify and fund innovations in legal technology at the early stage – particularly, Series A or Series B.”
Macroeconomic Climate
Has the current macroeconomic climate had any effect on Clio Ventures’ growth? Datta pointed out:
“Clio Ventures continues to evaluate and invest in opportunities. In times like this, technology can bring efficiencies and improve the productivity of law firms. Clio was founded in 2007 during a global financial crisis, and we’ve experienced this first hand. Our experience is why we remain bullish on the value of legal technology and are continuing to invest.”
Investment Success Stories
Would you like to share any specific investment success stories? Datta replied:
“With venture investments, we take a long-term view and measure success in the progress we will make in decades, not months or years. So while it’s still very early, we’re encouraged by the progress our portfolio companies have made so far.”
Industry Focus
What are some of the industries that Clio Ventures is focused on? Datta emphasized:
“Clio Ventures is focused on making investments around legal technology that are aligned with our mission to transform the legal experience for all and close the access to justice gap.
Differentiation From The Competition
What differentiates Clio Ventures from other firms? Datta affirmed:
“I tell founders often that if they’re looking for Clio to round out the capital they’re looking to raise, we’re probably not a good fit – But if they are looking for a strategic investor, that you know can help them build the company they’re looking to build, and that can help them get in front of thousands of customers that are in the legal space and are the most likely customers to adopt their product then taking an investment from Clio Ventures makes a lot of sense.”
Future Goals
What are some of Clio Ventures’ future goals? Datta concluded:
“Our goal with Clio Ventures to continue to invest and supercharge innovative legal technology solutions.”
