Clio, a NYC-based company which specializes in legal technology, raised US$900M in Series F funding, at US $3 Billion valuation.
The round was led by New Enterprise Associates (NEA). Other investors included Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, Tidemark, TCV, JMI Equity, T. Rowe Price Associates, Inc. and by T. Rowe Price Investment Management, Inc., respectively, and OMERS.
The company intends to use the funds to expand its multi-product platform, including further investments in its AI portfolio and integrated legal payments. It will also accelerate its rapid market expansion upmarket and internationally.
Led by CEO and Founder Jack Newton, Clio offers cloud-based solutions used to the needs of the legal industry. Its operating system improves law firm management by centralizing client intake, case management, document management, legal payments, and more.
Additionally, the 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.
With more than 250+ legal technology software integrations, its legal technology platform is used by more than 100 law societies and bar associations worldwide, including all 50 state bar associations in the United States.
Clio raised its Series E funding in April 2021, a US $110M growth equity round.
FinSMEs
23/07/2024