Legal technology services company Clio said on Tuesday it has raised $900 million in new funding to expand internationally and strengthen its artificial intelligence services and legal payments platform.
The Series F round, led by New Enterprise Associates (NEA), values the Canadian software maker at $3 billion, the largest investment ever in legal software, according to Clio, and the deal is among the five largest software-as-a-service (SaaS) venture capital deals this year.
The company's last funding round raised $110 million in April 2021. Clio said it has since surpassed $200 million in revenue as it expanded into Asia and “moved upmarket to become the leader in mid-market cloud legal practice management software.”
Clio says more than 1,000 mid-sized businesses use its technology.
Clio founder and CEO Jack Newton said the investment “marks the beginning of an exciting new chapter of growth”. news release“We're incredibly proud of our growth so far, but the real opportunity is yet to come. AI is ushering in an exciting and important new era for legal tech.”
New investors in the round — Goldman Sachs, Sixth Street, Capital G and Tidemark — joined the four venture capital firms currently backing Clio. NEA co-CEO Tony Florence will join the board of Burnaby, B.C.-based Clio.
