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Vancouver-based legal software company Clio has become Canada’s latest tech “unicorn” after raising US$110 million in financing it hopes to use to launch an acquisition strategy and boost hiring.
The deal gives Themis Solutions Inc. which operates as Clio a valuation of more than US$1 billion, a milestone for tech startups known as “unicorn” status, and comes just a year and a half after it announced what was then the largest venture-capital investment for a Canadian company.
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Clio, a Vancouver, BC, Canada-based provider of a cloud-based legal technology platform, raised US$110M in Series E funding at a new valuation of US$1.6 Billion.
The round was led by funds and accounts advised by T. Rowe Price Associates, Inc. and also included Omers Growth Equity.
The company intends to use the funds to further invest in its platform, strategic acquisitions, partnerships and to grow its workforce by 250 employees in 2021, with a focus on bolstering its product and engineering teams to continue innovating and evolving its product offerings.
Led by Jack Newton, CEO and Founder, Clio provides a cloud-based and client-centered legal technology platform offering practice management, CRM and client intake software.
Clio Announces Series E Funding Round to Support Explosive Demand For Cloud-Based Legaltech
Clio 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. The 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.
Canada’s newest unicorn: Clio raises $110M at a $1.6B valuation for legal tech
Clio, a software company that helps law practices run more efficiently with its cloud-based technology, announced Tuesday it has raised a $110 million Series E round co-led by T. Rowe Price Associates Inc. and OMERS Growth Equity.
The round propels the Vancouver, British Columbia-based company to unicorn status, valuing it at $1.6 billion. Clio last raised in September of 2019 when it brought in $250 million in a Series D financing. With the latest funding, Clio claims that it’s the “first legal practice management unicorn” globally. The investment also brings its total capital raised since its 2008 inception to $386 million.
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Shopify Inc. underpins a global business ecosystem whose economic impact was worth more than US$307 billion in 2020, according to a new report commissioned by the e-commerce giant.
Shopify released its annual Economic Impact Report on Tuesday, one day before the release of first-quarter earnings that may show signs that growth is starting to slow for Canada’s largest company. The study, conducted by Deloitte, measures the effect of direct spending by the e-commerce company’s merchants, induced household spending by their employees and indirect spending by businesses in their supply chains.
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