Cloud practice management system provider Clio today (23 July) announced it has raised US $900 million, based on a US $3 billion valuation, in a Series F investment round led by New Enterprise Associates (NEA).
Clio says it will continue to expand its multi-product platform, including further investments in its AI portfolio and integrated legal payments. It will also accelerate its rapid market expansion upmarket and internationally, deepening its organic growth to more than 130 countries across the globe.
Clio powers every aspect of the legal process: it simplifies law firm management by centralizing client intake, case management, document management and legal payments. It now has more than 250+ legal technology software integrations.
“This historic raise was heavily oversubscribed, further demonstrating the overwhelming demand and confidence in Clio’s future,” said Jack Newton, CEO and founder of Clio. “I’m thrilled to embark on this journey with NEA and our group of exceptional investors. 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.”
Tony Florence, Co-CEO at NEA, has joined Clio’s Board of Directors. Mr. Florence commented, “Clio embodies everything NEA looks for in a growth-stage investment: an exceptional, purpose-driven team, market and product leadership, and stellar business physics. Clio is mission critical to law firms, and the company’s best-in-class retention and NPS are testaments to the team’s ability to continuously innovate, deliver immense value, and meet the dynamic needs of the legal sector. With the right foundation in place for continued market expansion and advanced AI capabilities, we believe the best is yet to come. We look forward to applying NEA’s company-building expertise to partner with Jack and the Clio team on their next phase of growth.”
Legal IT Insider launches inaugural Practice Management System Report – Download it here!
Clio raised its Series E funding in April 2021, a US $110M growth equity round. Since then, Clio has grown its revenue beyond US $200M ARR and has expanded internationally to the APAC region, as well as upmarket to become the leader in mid-market cloud legal practice management software, serving more than 1,000 mid-sized firms in the United States alone. To see the full functionality of the platform see Legal IT Insider’s in-depth Practice Management System report above.
Law firms Osler, Hoskin & Harcourt LLP and Wilson Sonsini Goodrich & Rosati served as legal counsel to Clio. William Blair acted as Clio’s exclusive financial advisor.
See also:
Clio takes SaaS practice management fight into Australia and hires new APAC general manager