Local centaur Clio has landed the largest investment round in Canadian history.
The global leader in legal tech has raised USD $900 million Series F round led by New Enterprise Associates (NEA) based on a USD $3 billion valuation.
Clio will use the new capital to expand its multi-product platform, including further investments in its burgeoning AI portfolio and integrated legal payments. It will also accelerate its rapid market expansion upmarket and internationally.
The investment also ranks among the Top 5 SaaS venture deals of 2024.
For 16 years, Clio has been at the forefront of creating innovative, cloud-based solutions tailored to the unique needs of the legal industry from its headquarters in Burnaby.
Clio is the operating system for law firms, powering every aspect of the legal process. It simplifies law firm management by centralizing client intake, case management, document management, legal payments, and more.
With more than 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.
“This investment further cements our position as the category leader in the legal market and marks the start of an exciting new growth chapter. I’m thrilled to embark on this journey with NEA and our group of exceptional investors,” said Jack Newton, CEO and founder of Clio.
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“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.”
The Series F round also included new partners Goldman Sachs, Sixth Street, CapitalG, and Tidemark, who join current investors TCV, JMI Equity, T. Rowe Price and OMERS.
Clio raised its Series E funding in April 2021, a USD $110 million growth equity round.
Since then, Clio has grown its revenue beyond $200M ARR and has expanded internationally to the APAC region, as well as upmarket to become the leader in mid-market cloud LPM, serving more than 1,000 mid-sized firms in the United States alone.
Clio’s all-in-one payments business has skyrocketed since launch in 2022, now processing billions of dollars annually in legal-specific transactions in the United States, Canada, and the United Kingdom.
Clio has more than 1,100 employees located across hub locations in North America, EMEA, and APAC regions. Headquartered in Burnaby, British Columbia, the company also has offices in Calgary and Toronto. Clio is actively hiring across all areas of its business including sales, marketing, product, and customer success.
Great to hear. Congrats for achieving this milestone. When it comes to hiring locally in BC I don’t see a significant amount of talented people getting hired into workforce. I have being closely following Clio over the years and have not made a impact in taping local talent and driving the brand. I find it surprising when they are thriving BC based business. Clio has to step up the recruitment process and hire genuine talented people rather being biased on hiring .