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.
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.
Patrick is the manager for the verticals and tech teams as well as G2's fintech and legaltech senior analyst. As a G2 analyst, Patrick focuses primarily on the fintech and legaltech spaces in addition to a slate of other vertical categories. Fintech's explosion in popularity has created a compelling challenge to accurately represent the spaces on G2 and produce high-quality, relevant content for external consumption. Patrick leverages his relationships with vendors, the unique data that G2 has accrued via more than 1 million user-generated reviews, market surveys, and product data to produce insightful reports and thought leadership content within his two focus spaces.