Clio, the legal technology services company, said Tuesday that it has raised a fresh $900 million in capital to further expand internationally and to bolster its artificial intelligence offerings and legal payments platforms.
The Series F round, led by New Enterprise Associates (NEA), values the Canadian software maker at $3 billion and is the largest sum ever invested in legal software, according to Clio. The deal is also among the five largest software as a service (SaaS) venture capital deals of the year.
The company’s last round raised $110 million in April 2021. Clio said its revenue has surpassed $200 million since then as it has expanded to Asia, as well as “upmarket to become the leader in mid-market cloud legal practice management software.”
More than 1,000 mid-sized firms use its technology, Clio says.
The investment “marks the start of an exciting new growth chapter,” Jack Newton, Clio’s founder and chief executive, said in a news release. "While we're immensely proud of our growth to date, the real opportunity lies ahead of us. AI is ushering in an exciting and important new era for legal tech.”
The round was joined by new investors Goldman Sachs, Sixth Street, CapitalG, and Tidemark, who join four current VC firms funding Clio. NEA’s co-CEO Tony Florence will join the board of Clio, which is based in Burnaby, British Columbia.
