Cloud-based legal technology company Clio has announced a new valuation of US$1.6 billion after raising $110 million in its Series E. This investment signals an important stage in the growth of legal technology, with Clio becoming the first legal practice management unicorn globally.
“This investment is indicative of the explosive demand for legal technology that empowers lawyers to be cloud-based and client-centred,” said Jack Newton, CEO and founder of Clio. “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.”
The legal industry is in the midst of a swift and massive transformation to cloud technology due to the need for law firms to find new ways to deliver services to clients. Although these needs were brought on by the events of the past year, the move to digital-first law firms is a permanent one as consumer expectations and behaviours change.
To spearhead this new era of legal services, 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 40% in the UK and Ireland in 2021, with a focus on bolstering its product and engineering teams to continue innovating and evolving its product offerings.
“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.
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