Exit for Acton: US$250 million for LegalTech Clio from TCV and JMI
Vancouver/Dublin/Munich — Clio, the world’s leading provider of a cloud-based SaaS platform for lawyers and law firms, has closed one of the largest funding rounds in the LegalTech sector and in Canadian history. The technology and software investors JMI Equity and TCV (including Airbnb, Expedia, Facebook, FlixBus, Spotify) from California, USA invested US$ 250 million in a Series D round for further growth. Acton Capital has been a key supporter of Clio since 2012 and has now sold its stake as part of the transaction.
As an integrated, cloud-based SaaS platform, Clio handles the essential administrative tasks for lawyers and law firms. As a digitization driver in the industry, Clio offers an alternative to expensive, outdated and time-consuming client-server solutions for now more than 150,000 lawyers worldwide. This allows users to focus entirely on serving their clients, thereby increasing attorney productivity and improving access to legal advice.
Clio was founded in 2008 by Jack Newton and Rian Gauvreau in Vancouver, BC, and has been backed to date by venture capital investors including Acton Capital and Bessemer Venture Partners with funding totaling US$26 million. Clio now employs more than 400 people at locations in Vancouver, Calgary, Toronto, Los Angeles and Dublin. Clio will invest the new capital in the global expansion of its platform and thus in the implementation of the founders’ vision of realizing customer orientation in legal advice as well.
Christoph Braun, Managing Partner at Acton Capital: “Since our first investment in 2012, Clio’s success has always been based on the clear long-term vision of its founders and a client-centric product strategy. Today, Clio is the leading international LegalTech company in the world, enabling its customers to spend more time on behalf of their clients. We are proud to have been able to support Clio on its way to becoming the market leader.”
Clio provides a cloud-based software-as-a-service (SaaS) platform for lawyers and law firms worldwide. Clio handles key administrative and management tasks, such as client intake, CRM, billing, time tracking and documentation, to allow its now 150,000+ clients more time to serve their clients. With initiatives such as the Legal Trends Report or the Clio Cloud Conference in San Diego, the company is one of the digitization drivers in the industry. Clio employs over 400 people at locations in Canada, the U.S. and Europe and has received numerous awards as an innovation leader and employer (e.g. Canada’s Best Managed Companies, Deloitte Fast 50 and Fast 500 company, Company of the Year, Anchor Success by the British Columbia Tech Association). Details at clio.com.
About Acton Capital
Acton Capital Partners is an international growth investor based in Munich. Since 1999, the team has successfully invested in digital pioneers in Europe and North America. The investment focus is on scalable business models from the areas of Future of Work, digital marketplaces and platforms, ecommerce, FinTech and software-as-a-service. Some of the best known investments include Alando, HomeTogo, Etsy, iwoca and AlphaSights, details on actoncapital.com.