Eighteen months after raising USD $250 Million in the largest growth-stage transaction in Canadian history, Burnaby’s Clio is at it again.
This morning Clio announced a new valuation of $2 billion after raising USD $110 million in its Series E. The funding round was led by funds and accounts advised by T. Rowe Price Associates, Inc. and also included OMERS Growth Equity.
With this investment, Clio is joining the coveted list of Canadian unicorns, including Coveo, Wealthsimple, PointClickCare, ApplyBoard, and LeddarTech.
This growth investment signals a historic moment in the growth of legal technology, with Clio becoming the first legal practice management unicorn globally.
The legal industry is in the midst of a swift and massive transformation to cloud technology due to the need for law firms to find new ways to deliver services to clients. Although these needs were brought on by the events of the past year, the move to digital-first law firms is a permanent one as consumer expectations and behaviours change.
“This investment is indicative of the explosive demand for legal technology that empowers lawyers to be cloud-based and client-centered,” said Jack Newton, CEO and Founder of Clio. “The support from T. Rowe Price funds and accounts and OMERS Growth Equity will enable us to continue to create a more equitable and accessible legal system by making it easier for clients and law firms to work together through cloud-based technologies.”
To spearhead this new era of legal services, Clio will use the funding to further invest in its platform, strategic acquisitions, and partnerships aligned with the company’s mission to transform the legal experience for all.
The funding will also expedite Clio’s plans to grow its workforce by 250 employees—an increase of 40 percent—in 2021, with a focus on bolstering its product and engineering teams to continue innovating and evolving its product offerings.