Clio closes $20 M SeriesC to bring legal industry into the cloud
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Acton Capital Press
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March 25, 2014
Dublin, March 25, 2014 – Clio, the most comprehensive cloud-based practice management platform for the legal industry, announced today that it raised $20 million in Series C financing led by Bessemer Venture Partners. The round included follow-on investment from Acton Capital and Point Nine as well as new investment from Canada-based Version One Ventures. Over the next 12 months, Clio will use the new funding to accelerate product development and sales, and fuel international expansion.
The Series C funding brings total capital raised to $27 million. As the vertical SaaS market takes shape, this investment is another proof point that cloud tech is hitting the tipping point of broad adoption by traditional industries like legal. Over 80% of lawyers in the U.S. practice at firms of less than 10 employees; these small firms rely on Clio to automate time-consuming administrative tasks, which allows them to focus on their core business.
“Increasingly, we see SaaS companies strike gold by providing specialized solutions tailored to a specific vertical rather than going for a ‘one-size-fits-all’ enterprise software.” --Trevor Oelschig, Bessemer Venture Partners
Bessemer Venture Partners is a global firm with offices in Menlo Park, Cambridge, New York, Mumbai, Bangalore, Herzliya, Sao Paolo and Minecraft. With $4 billion under management, Bessemer Venture Partners invests in early-stage, hyper-growth startups, partnering closely with entrepreneurs to build durable businesses. Prior investments include LinkedIn, Skype, Pinterest, Box and Twilio. “This investment in Clio furthers our strategy to find best-of-breed vertical solutions. Clio has already shown incredible traction in the legal space and demonstrated a deep understanding of how to tangibly improve the day-to-day workflow for lawyers,” said Trevor Oelschig, partner at Bessemer Venture Partners.
Clio is the most comprehensive cloud-based practice management platform for the legal industry. First launched in 2009, Clio has legal professionals in 50 countries using the service. With the help of the cloud, Clio eases the process of time tracking, billing, administration, and collaboration for law firms of all sizes. Based in Vancouver, B.C. and launched in 2009, Clio has legal professionals in 50 countries using the service. Clio has raised $27 million from investors including Acton Capital.
Over the next 12 months, Clio plans on doubling its headcount to more than 200. This includes aggressive growth in Clio’s new North American sales office in Toronto, as well as new sales and support hires in Europe, where they recently opened a data centre in Dublin. The company recently released an iPhone application and will continue to aggressively invest in mobile. Clio is also introducing features to improve collaboration and efficiency.
“We offer our customers one of life’s most precious resources: time,” said Jack Newton, CEO and founder, Clio. “This funding will allow us to further our reach and hone our product to continue to help lawyers focus on the parts of their business they enjoy.”
“We’ve found that our users save an average of eight hours per week, giving them more time to spend on life outside of work.” --Jack Newton, Clio
With the help of the cloud, Clio eases the process of practice management, billing, time tracking, and collaboration for law firms. There are no expensive servers to buy or rent and no need for technical staff to customize or maintain the software. Clio customers enjoy a seamless and secure experience whether accessing their account from a phone, tablet, or computer.
