BC-based software company Clio finished a wildly successful funding round. It secured a CAD $1.2 billion investment, which values the whole company at approximately CAD $4.1 billion.
The Burnaby-headquarter company has been providing software solutions for the legal industry for 15 years now, and the new money will help it grow its AI portfolio and integrate legal payments, as well as boost its expansion internationally.
“This historic raise was heavily oversubscribed, further demonstrating the overwhelming demand and confidence in Clio’s future,” Jack Newton, CEO and founder of Clio, said in a news release.
The investment in Clio came from New Enterprise Associates, Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark. Clio said it’s the largest-ever investment in cloud legal software.
Clio helps law firms by automating routine tasks, managing finances, streamlining court filings, and assisting with marketing. The company currently has more than 1,100 employees.
“While we’re immensely proud of our growth to date, the real opportunity lies ahead of us,” Newton said. “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.”