Connect with us

Business

Clio Secures Record-Breaking $900 Million in Funding for Legaltech Growth

Published

2 months ago

on

In a remarkable move, Clio, a leading Canadian legaltech startup, has raised an astonishing $900 million through its Series F funding round. This funding has catapulted the company’s valuation to a staggering $4 billion CAD, making it the most valuable cloud-based legal software firm in the world.

Clio’s latest growth spurt comes at a time when the tech landscape is undergoing significant changes. This funding round not only marks the largest software investment in Canadian history—surpassing the previous record held by 1Password—but also signifies a major milestone in the vertical market software sector.

Backed entirely by American investors, including giants like New Enterprise Associates (NEA) and Goldman Sachs, the round had NEA leading with a hefty contribution of $500 million. Other notable contributors included Sixth Street Growth, Tidemark, and CapitalG.

CEO Jack Newton shared that the purpose behind this massive funding was to elevate Clio from $200 million in annual recurring revenue to the next level—aiming for the billion-dollar mark. He expressed excitement about the strategic experience these new investors bring, which will aid in scaling the business further.

Clio has proven its ability to thrive amidst a challenging fundraising environment. The company claims that it has maintained quick growth while achieving profitability, which understandably makes it a favorable choice for investors.

With this newly acquired capital, Clio intends to invest further in its core platforms, enhance its offerings in Fintech, and explore artificial intelligence solutions. They also plan to accelerate their international expansion and increase their workforce, which currently tops 1,100 employees.

The backers remain optimistic about Clio’s position in the legaltech space, with NEA’s Tony Florence praising it as a “best-in-class” software business. As Clio continues to innovate and expand, its presence in the market appears stronger than ever.

Rachel Adams

Times News Global is a dynamic online news portal dedicated to providing comprehensive and up-to-date news coverage across various domains including politics, business, entertainment, sports, security, features, opinions, environment, education, technology and global. affairs. Our commitment lies in sharing news that is based on factual accuracy, credibility, verifiability, authority and depth of research. We pride ourselves on being a distinctive media organization, guided by the principles enshrined in Article 19 of the Universal Declaration of Human Rights. Made up of a team of ordinary people driven by an unwavering dedication to uncovering the truth, we publish news without bias or intimidation.