Clio Raises US $900M in Funding at US $3B Valuation
Summary
Clio, a NYC-based company which specializes in legal technology, raised US$900M in Series F funding, at US $3 Billion valuation. 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. Led by CEO and Founder Jack Newton, Clio offers cloud-based solutions used to the needs of the legal industry. 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; • Electronic court filing services available directly in Clio to streamline court interactions; • Google Local Service Ads directly embedded in the Clio platform to generate, screen, and intake local leads.