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Clio co-founder and CEO Jack Newton. (Clio Photo)
Clio raised $900 million, boosting its valuation to $3 billion in what the company describes as the largest capital raise for a cloud-based legal software company ever.
Founded in 2008 and based in the Vancouver, B.C., area, Clio serves thousands of law firms that use its software to run their business and manage relationships with clients.
Clio is generating $200 million in annual recurring revenue. It has more than 1,100 employees.
New Enterprise Associates led the Series F round, which comes three years after a $110 million round that valued Clio at $1.6 billion. Other backers in the round include Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark.
The company is led by CEO and co-founder Jack Newton, an author and podcast host who also co-founded the Legal Cloud Computing Association.
“We started Clio with a vision to make running a law firm much easier, more lucrative for legal professionals, and more convenient for clients,” Newton wrote in a blog post.
Legal tech startups pulled in $356 million as of June (not including Clio’s latest round), down slightly compared to last year, according to Crunchbase.
There are a number of more nascent startups using AI and other technologies to help lawyers streamline tedious tasks, including Seattle-area companies AllDrafts, Clearbrief, Prophia, and Predict.law.
