The biggest enterprise funding ever in Canada’s tech sector, NEA leads the spherical with participation from Goldman Sachs Asset Administration, Sixth Avenue Development, CapitalG, and Tidemark
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New Enterprise Associates (NEA) leads Clio’s Sequence F funding spherical with a $500M+ fairness funding, together with participation from Goldman Sachs Asset Administration, Sixth Avenue Development, CapitalG, and Tidemark
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This marks the biggest capital elevate and fairness worth for cloud authorized software program ever, and a prime 5 largest capital elevate for a vertical market software program firm in historical past
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That is the biggest software program capital elevate and the biggest progress fairness elevate in Canadian historical past
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Marking a brand new period in its progress journey, Clio will advance its industry-leading working system for the authorized sector and deepen its world market presence
VANCOUVER, BC, July 23, 2024 /CNW/ – Clio, the worldwide chief in authorized know-how, introduced it has raised US $900 million, primarily based on a US $3 billion valuation, in a Sequence F funding spherical led by New Enterprise Associates (NEA). The spherical additionally contains new companions Goldman Sachs Asset Administration, Sixth Avenue Development, CapitalG, and Tidemark, who be part of present traders TCV, JMI Fairness, funds and accounts suggested by T. Rowe Worth Associates, Inc. and by T. Rowe Worth Funding Administration, Inc., respectively, and OMERS. Marking a brand new period in its progress journey, Clio will proceed to increase its multi-product platform, together with additional investments in its burgeoning AI portfolio and built-in authorized funds. It can additionally speed up its speedy market growth upmarket and internationally, deepening its natural progress to greater than 130 international locations throughout the globe.
For 16 years, Clio has been on the forefront of making revolutionary, cloud-based options tailor-made to the distinctive wants of the authorized {industry} from its headquarters in Burnaby, British Columbia. Clio is the working system for regulation companies, powering each facet of the authorized course of. It simplifies regulation agency administration by centralizing consumer consumption, case administration, doc administration, authorized funds, and extra. With greater than 250+ authorized know-how software program integrations, Clio can also be the world’s largest authorized know-how platform, endorsed by greater than 100 regulation societies and bar associations worldwide.
“This historic raise was heavily oversubscribed, further demonstrating the overwhelming demand and confidence in Clio’s future,” mentioned Jack Newton, CEO and Founding father 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 Administrators. 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.”
Clio raised its Sequence E funding in April 2021, a US $110M progress fairness spherical. Since then, Clio has grown its income past US $200M ARR and has expanded internationally to the APAC area, in addition to upmarket to change into the chief in mid-market cloud authorized follow administration software program, serving greater than 1,000 mid-sized companies in the US alone. Clio’s all-in-one funds enterprise has skyrocketed since its launch in 2022, now processing billions of {dollars} yearly in legal-specific transactions. Moreover, Clio’s platform has been expanded to incorporate:
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Clio Duo proprietary generative AI answer to assist attorneys full routine duties, and leverage their agency analytics to run a extra environment friendly follow; contains audit log performance for courtroom discovery
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Clio Accounting to handle agency funds in a single system of report, designed to assist hold regulation companies compliant
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Module for private damage attorneys with distinct litigation wants, and procedures for medical recordkeeping, this add-on provides speedy settlement estimates for top quantity case assessments
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Clio Draft clever doc automation and courtroom type libraries in 50+ jurisdictions
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Digital courtroom submitting companies accessible immediately in Clio to streamline courtroom interactions
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Authorized Support and nonprofit grant billing fashions, eligibility calculators, and dashboards
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Google Native Service Advertisements immediately embedded within the Clio platform to generate, display, and consumption native leads
Be aware: market availability of those companies varies by area.
“While we’re immensely proud of our growth to date, the real opportunity lies ahead of us,” continued Newton. “AI is ushering in an exciting and important new era for legaltech, and Clio is leading that transformation. There’s much to accomplish for the success of our customers so they can thrive in an economy that embraces technology in every interaction.”
Clio has greater than 1,100 workers situated throughout hub places in North America, EMEA, and APAC areas. Headquartered in Burnaby, British Columbia, the corporate additionally has places of work in Calgary and Toronto. Clio is actively hiring throughout all areas of its enterprise together with product, R&D, gross sales, advertising, and buyer success.
Regulation companies Osler, Hoskin & Harcourt LLP and Wilson Sonsini Goodrich & Rosati served as authorized counsel to Clio. William Blair acted as Clio’s unique monetary advisor.
For extra info, please go to clio.com.
About Clio
Since its inception in 2008, Clio has revolutionized the panorama of authorized know-how, rising because the undisputed chief of innovation and integration. By providing superior but intuitive authorized software program, Clio has redefined effectivity and consumer service, setting the usual for authorized professionals throughout the globe. With an unwavering dedication to groundbreaking innovation and buyer success, Clio stands because the preeminent authority in legaltech, repeatedly pushing the boundaries of the sector’s evolution. Discover the way forward for authorized know-how with Clio at www.clio.com.
About NEA
New Enterprise Associates, Inc. (NEA) is a world funding agency centered on serving to entrepreneurs construct transformational companies throughout a number of phases, sectors, and geographies. Based in 1977, NEA has over $25 billion in belongings below administration as of December 31, 2023, and invests in know-how and healthcare corporations in any respect phases in an organization’s lifecycle, from seed stage by way of IPO. The agency’s lengthy observe report of investing contains greater than 270 portfolio firm IPOs and greater than 450 mergers and acquisitions.
NEA’s devoted $3.2 billion progress fund goals to again high-growth, market-leading corporations producing over $25 to $50 million in income. NEA’s progress investing follow has a versatile mandate, can make investments $50 to $300 million or extra, and seeks to tailor transactions to align with an organization’s long-term objectives, together with minority investments to gas progress, majority buyouts, recapitalizations, and extra.
For extra info, please go to www.nea.com.
SOURCE Clio
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