Canadian cloud-based legal-tech company Clio announced a new valuation of US$1.6B after raising US$110M in its Series E funding. The funding round was led by funds and accounts advised by T. Rowe Price Associates, Inc. and also included OMERS Growth Equity. This investment signals a historic moment in the growth of legal technology, with Clio becoming the first legal practice management unicorn globally.
Jack Newton, CEO and Founder of Clio: “This investment is indicative of the explosive demand for legal technology that empowers lawyers to be cloud-based and client-centered. The support from T. Rowe Price funds and accounts and OMERS Growth Equity will enable us to continue to create a more equitable and accessible legal system by making it easier for clients and law firms to work together through cloud-based technologies.”
Clio will use the funding to further invest in its platform, strategic acquisitions, and partnerships aligned with the company’s mission to transform the legal experience for all. The funding will also expedite Clio’s plans to grow its workforce by 250 employees—an increase of 40 percent—in 2021, with a focus on bolstering its product and engineering teams to continue innovating and evolving its product offerings. It is reported that this workforce growth will take place in the UK and Ireland.
“We are excited to invest in Clio on behalf of our clients. Clio has significant growth opportunities given the company’s innovative product offerings and leading market position in the legaltech space. We look forward to collaborating with the team and working to accelerate the company’s efforts to improve technology offerings to the legal industry,” said Andrew Davis, Director of Private Investments at T. Rowe Price Associates, Inc.
“OMERS Growth Equity is thrilled to become an investor in Clio. We have followed Clio for a number of years, and remain impressed by the continued ability of Jack Newton and his team to execute, innovate, and deliver an amazing experience to their customers. We believe Clio has clearly established itself as a market-leading legaltech firm, and will deliver growth for decades to come,” said Mark Shulgan, Managing Director and Head of OMERS Growth Equity.
Clio’s belief is that the future of legal services is cloud-based and client-centered, and that fostering these advancements will drive positive social change and create a more inclusive legal system. Clio offers billing, case management, contract management, document management, calendaring, online payments, time & expense tracking, client intake, workflow automation and client relationship management software.