The company will use the financing to amplify efforts to support access to legal services across Europe.
On Wednesday (4 September), Canadian legal technology company Clio announced that it has closed a $250m (USD) funding round.
The company, which has EMEA headquarters located in Dublin 8, raised what it calls “one of the largest private transactions in legal technology”, which marks a definitive shift for the future of the legal industry.
Clio’s cloud-based legal practice management software enables legal professionals to manage cases, record time and bill clients in a secure and reliable manner.
One of the company’s main concerns is the fact that very few individuals experiencing legal problems actually seek advice from a legal professional. Although 59pc of individuals in the UK experienced a legal problem over the last two years, only 28pc were able to access help.
Jack Newton, CEO and co-founder of Clio said: “It’s clear something needs to change when the majority of legal problems don’t receive legal assistance.”
Clio has the approval of more than 66 bar associations and legal societies around the globe. It also has more than 150,000 customers spanning 100 countries.
Funding
Clio’s Series D funding round was led by TCV and JMI Equity.
The Canadian company held its Series C funding round in March 2014, when it raised $20m. To date, the company has raised $276m.
Newton said: “Clio is committed to building the essential operating system for solicitors, one that focuses relentlessly on unlocking new efficiencies and entry points to legal services.
“This will allow legal professionals to easily deliver exceptional client experiences, increase their productivity, grow their firms, and make legal services more accessible. This investment will accelerate our ability to realise this vision.”
In a statement, the company said it will use the funds to amplify efforts to support access to legal services across Europe.
Principal at TCV and member of Clio’s board of directors, Amol Helekar, said: “At TCV, we partner with innovative companies that are leaders in their industry and offer superior value propositions for their customers.”
TCV general partner Jake Reynolds said: “Clio has had long-standing success in transforming a vast industry that has been lagging in technology adoption and we are confident the company will continue to lead on a global scale. We are committed to supporting Clio with TCV’s resources and network in order to help them capitalise on their significant growth opportunities.”
JMI Equity’s general partner Matt Emery said: “We believe the legal software space presents significant opportunities for continued disruption, and Clio is the clear leader.”
Principal at JMI, Sureel Sheth, said: “Clio is not only solving some of the biggest pain points for the legal profession, it is creating a platform for the future of legal services, and we look forward to partnering with the team in the company’s continued growth and success.”
TCV and JMI have previously invested in tech companies such as Adaptive Insights, Airbnb, Expedia, Facebook, Netflix and Spotify.