Total amount raised
$1.3 Billions
Latest funding date
Location
Clio has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform offers comprehensive legal practice management software designed to streamline operations for law firms.
Keep reading to explore the intricacies of Clio's fundraising journey and the investors backing this innovative platform.
What Is Clio?
Clio, founded in 2008 by Jack Newton and Rian Gauvreau, is headquartered in Burnaby, British Columbia. The company specializes in legal practice management software, offering tools for automated workflows, document management, billing, and client communications.
Clio's platform is designed to help law firms streamline their operations and improve client satisfaction. The software integrates with various tools and emphasizes security and efficiency.
With a workforce of over 500 employees, Clio serves thousands of legal professionals in more than 130 countries, making it a global leader in legal technology.
How Much Funding Has Clio Raised?
- Series B
- Amount Raised: $6M
- Date: January 2012
- Lead Investors: Acton Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series C
- Amount Raised: $20M
- Date: March 2014
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve software capabilities.
- Series D
- Amount Raised: $250M
- Date: September 2019
- Lead Investors: JMI Equity, TCV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and invest in new technologies.
- Series E
- Amount Raised: $110M
- Date: April 2021
- Lead Investors: OMERS Growth Equity, T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth, expand internationally, and lead in mid-market cloud legal practice management software.
- Series F
- Amount Raised: $900M
- Date: July 2024
- Lead Investors: New Enterprise Associates
- Valuation at Round: $3 billion
- Motivation Behind the Round: To expand Clio's multi-product platform, invest in AI, and accelerate market expansion upmarket and internationally.
Clio has raised a total of $1.286 billion with a current valuation of $3 billion.
Key Investors
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm that invests in technology and healthcare sectors. Founded in 1977, NEA has over $25 billion in assets under management.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Robinhood, Coursera, Duolingo.
- Goldman Sachs Asset Management
- Details: The investment management arm of Goldman Sachs, providing investment and advisory services to institutional and individual clients worldwide.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Uber, Spotify, WeWork.
- Sixth Street Growth
- Details: A global investment firm that provides flexible, long-term capital to high-growth companies.
- Investment Focus Areas: Growth equity, infrastructure, real estate.
- Notable Investments: Airbnb, Spotify, Snap Inc.
- CapitalG
- Details: The growth equity investment fund of Alphabet Inc., focusing on technology companies.
- Investment Focus Areas: Technology, data-driven businesses, AI.
- Notable Investments: Stripe, Lyft, Airbnb.
- TCV
- Details: Technology Crossover Ventures, a private equity and venture capital firm.
- Investment Focus Areas: Internet, software, financial technology.
- Notable Investments: Netflix, Facebook, Spotify.
What's Next for Clio?
Clio's future is brimming with opportunities, driven by its recent $900 million Series F funding. The company plans to expand its multi-product platform, invest in AI, and enhance integrated legal payments. With a valuation of $3 billion, Clio is poised to deepen its market presence in over 130 countries, tapping into the growing demand for cloud-based legal solutions and AI-driven technologies.
Given its robust growth trajectory, Clio may attract further investment, potentially leading to additional funding rounds or strategic acquisitions. However, the company will need to navigate challenges such as managing rapid international expansion, staying ahead in a competitive market, and integrating new technologies seamlessly. Maintaining high customer satisfaction and compliance across various jurisdictions will be crucial as Clio scales its operations.
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