NEA-led investment, the largest transaction
ever in cloud legal technology, includes participation from Goldman
Sachs Asset Management, Sixth Street Growth, CapitalG, and
Tidemark
- New Enterprise Associates (NEA) leads Clio's Series F
funding round with a US $500M+ equity investment, along with
participation from Goldman Sachs Asset Management, Sixth Street
Growth, CapitalG, and Tidemark
- This marks the largest capital raise and equity value for
cloud legal software ever, and a top five largest capital raise for
a vertical market software company in history
- Marking a new era in its growth journey, Clio will advance
its industry-leading operating system for the legal sector and
deepen its global market presence
NEW YORK, July 23, 2024 /PRNewswire/ -- Clio, the global
leader in legal technology, announced it has raised US $900 million, based on a US $3 billion valuation, in a Series F investment
round led by New Enterprise Associates (NEA). The round also
includes new partners Goldman Sachs Asset Management, Sixth Street
Growth, CapitalG, and Tidemark, who join current investors TCV, JMI
Equity, funds and accounts advised by T. Rowe Price Associates,
Inc. and by T. Rowe Price Investment Management, Inc.,
respectively, and OMERS. Marking a new era in its growth journey,
Clio will continue to expand its multi-product platform, including
further investments in its burgeoning AI portfolio and integrated
legal payments. It will also accelerate its rapid market expansion
upmarket and internationally, deepening its organic growth to more
than 130 countries across the globe.
For 16 years, Clio has been at the forefront of creating
innovative, cloud-based solutions tailored to the unique needs of
the legal industry. Clio is the operating system for law firms,
powering every aspect of the legal process. It simplifies law firm
management by centralizing client intake, case management, document
management, legal payments, and more. With more than 250+ legal
technology software integrations, Clio is also the world's largest
legal technology platform, endorsed by more than 100 law societies
and bar associations worldwide, including all 50 state bar
associations in the United
States.
"This historic raise was heavily oversubscribed, further
demonstrating the overwhelming demand and confidence in Clio's
future," said Jack Newton, CEO and
Founder of Clio. "I'm thrilled to embark on this journey with NEA
and our group of exceptional investors. The Clio operating system
is the undisputed platform of the legal technology sector,
engineered to not only meet but anticipate future industry demands.
We are pioneering this future for our customers, driven by our
mission to transform the legal experience for all. Our commitment
to delivering unparalleled value propels every decision we make,
and we are inspired by the massive opportunities ahead."
Tony Florence, Co-CEO at NEA, has
joined Clio's Board of Directors. Mr. Florence commented, "Clio
embodies everything NEA looks for in a growth-stage investment: an
exceptional, purpose-driven team, market and product leadership,
and stellar business physics. Clio is mission critical to law
firms, and the company's best-in-class retention and NPS are
testaments to the team's ability to continuously innovate, deliver
immense value, and meet the dynamic needs of the legal sector. With
the right foundation in place for continued market expansion and
advanced AI capabilities, we believe the best is yet to come. We
look forward to applying NEA's company-building expertise to
partner with Jack and the Clio team on their next phase of
growth."
Clio raised its Series E funding in April
2021, a US $110M growth equity
round. Since then, Clio has grown its revenue beyond US
$200M ARR and has expanded
internationally to the APAC region, as well as upmarket to become
the leader in mid-market cloud legal practice management software,
serving more than 1,000 mid-sized firms in the United States alone. Clio's all-in-one
payments business has skyrocketed since its launch in 2022, now
processing billions of dollars annually in legal-specific
transactions. Additionally, Clio's platform has been expanded to
include:
- Clio Duo proprietary generative AI solution to help lawyers
complete routine tasks, and leverage their firm analytics to run a
more efficient practice; including audit log functionality for
court discovery (available in 2024)
- Clio Accounting to manage firm finances in one system of
record, designed to help keep law firms compliant
- Module for personal injury lawyers with distinct litigation
needs, and procedures for medical recordkeeping, this add-on offers
rapid settlement estimates for high volume case assessments
- Clio Draft intelligent document
automation and court form libraries in 50+ jurisdictions
- Electronic court filing services available directly in Clio to
streamline court interactions
- Legal Aid and nonprofit grant billing models, eligibility
calculators, and dashboards
- Google Local Service Ads directly embedded in the Clio platform
to generate, screen, and intake local leads
"While we're immensely proud of our growth to date, the real
opportunity lies ahead of us," continued Newton. "AI is ushering in
an exciting and important new era for legaltech, and Clio is
leading that transformation. There's much to accomplish for the
success of our customers so they can thrive in an economy that
embraces technology in every interaction."
Clio has more than 1,100 employees located across hub locations
in North America, EMEA, and APAC
regions. The company is actively hiring across all areas of its
business including product, R&D, sales, marketing, and customer
success.
Law firms Osler, Hoskin & Harcourt LLP and Wilson Sonsini Goodrich & Rosati served as
legal counsel to Clio. William Blair
acted as Clio's exclusive financial advisor.
For more information, please visit clio.com.
About Clio
Since its inception in 2008, Clio has
revolutionized the landscape of legal technology, emerging as the
undisputed leader of innovation and integration. By offering
advanced yet intuitive legal software, Clio has redefined
efficiency and client service, setting the standard for legal
professionals across the globe. With an unwavering commitment to
groundbreaking innovation and customer success, Clio stands as the
preeminent authority in legaltech, continuously pushing the
boundaries of the sector's evolution. Explore the future of legal
technology with Clio at www.clio.com.
About NEA
New Enterprise Associates, Inc. (NEA) is a
global investment firm focused on helping entrepreneurs build
transformational businesses across multiple stages, sectors, and
geographies. Founded in 1977, NEA has over $25 billion in assets under management as of
December 31, 2023, and invests in
technology and healthcare companies at all stages in a company's
lifecycle, from seed stage through IPO. The firm's long track
record of investing includes more than 270 portfolio company IPOs
and more than 450 mergers and acquisitions.
NEA's dedicated $3.2 billion
growth fund aims to back high-growth, market-leading companies
generating over $25 to $50 million in revenue. NEA's growth investing
practice has a flexible mandate, can invest $50 to $300 million
or more, and seeks to tailor transactions to align with a company's
long-term goals, including minority investments to fuel growth,
majority buyouts, recapitalizations, and more.
For more information, please visit www.nea.com.
Media contact: Pamela Smith, media@clio.com,
1-800-347-8314
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