Clio, a legal tech company based in Canada, raised a $250 million Series D funding round, led by private equity firms TCV and JMI Equity.
The round, which is more than 10 times the amount raised in Clio’s previous funding rounds combined, represents a massive stamp of legitimacy for both Clio and the legal tech space. While not as sexy as certain types of tech, legal technology is revolutionizing the way in which legal work is completed, and this round indicates that investors have taken notice.
Clio provides law firms with comprehensive legal practice management software, digitizing processes that have been stuck in the paper age for many firms. Clio is a Leader both G2’s Summer 2019 Legal Practice Management Software Grid® report and Legal Case Management Software Grid® report. Clio users rank the product particularly high for Ease of Use (8.7), Quality of Support (9.0), and Ease of Setup (8.6).
The money raised from this funding round will be used to fuel market share capture in a legal tech industry still in its nascent stages. Clio plans to make acquisitions (its first was last year), improve integration reach, and boost product development with the cash. If Clio continues to build on its already impressive performance, as evidenced from its overwhelmingly positive user reviews on G2, the investment could prove to be a lucrative one and signal a shift in the overall legaltech space.
