Clio, the leader in cloud-based legal technology, announced today it has raised $250 million USD in Series D funding from TCV and JMI Equity. The investment marks one of the largest private transactions in legal technology and a definitive shift for the future of the legal industry.
As reported by the World Justice Project, 59% of individuals in the United Kingdom experienced a legal problem in the past two years, but only 28% were able to access help with many (48%) seeking advice from a friend or family member. Yet, there were over 138,000 practising solicitors as reported by the Law Society of England and Wales, with 63% of those residing in Dublin.
"It’s clear something needs to change when the majority of legal problems don't receive legal assistance," said Jack Newton, CEO and Co-founder of Clio. "Clio is committed to building the essential operating system for solicitors, one that focuses relentlessly on unlocking new efficiencies and entry points to legal services. This will allow legal professionals to easily deliver exceptional client experiences, increase their productivity, grow their firms, and make legal services more accessible. This investment will accelerate our ability to realize this vision."
Founded in 2008, with their European headquarters based in Dublin, Clio will use these funds to amplify efforts to support access to legal services across Europe. Clio is the only legal case management software endorsed and approved by both the Law Society of England and Wales and the Law Society of Scotland due to their robust product, exceptional customer care, and commitment to helping law firms meet GDPR & SRA compliance responsibilities as data controllers.
“At TCV, we partner with innovative companies that are leaders in their industry and offer superior value propositions for their customers,” said Amol Helekar, Principal at TCV, and a member of Clio’s board of directors. “Clio has had long-standing success in transforming a vast industry that has been lagging in technology adoption and we are confident the company will continue to lead on a global scale. We are committed to supporting Clio with TCV’s resources and network in order to help them capitalize on their significant growth opportunities,” added Jake Reynolds, General Partner at TCV.
TCV and JMI have been investment partners to innovative technology companies such as Adaptive Insights, Airbnb, Eloqua, Expedia, Facebook, Netflix, PointClickCare, ServiceNow, and Spotify, and have helped these businesses achieve their growth objectives.
“We believe the legal software space presents significant opportunities for continued disruption, and Clio is the clear leader,” said Matt Emery, General Partner at JMI Equity who has joined Clio’s board of directors. “Clio is not only solving some of the biggest pain points for the legal profession, it is creating a platform for the future of legal services, and we look forward to partnering with the team in the company’s continued growth and success,” added Sureel Sheth, Principal at JMI.
Customers can expect to see ongoing investment in the depth and breadth of Clio’s offerings, with even more powerful and flexible tools for legal professionals to manage and grow their practices, making them more efficient and sustainable as businesses. Mark Britton, former Expedia executive and founder of legal marketplace Avvo.com, will also be joining Clio’s board of directors to provide his own industry experience as the company brings their vision for the future of legal to market.
Raymond James served as legal buyside advisor to TCV for this investment.
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About Clio
Clio (Themis Solutions Inc.), the leader in cloud-based legal technology, empowers legal professionals to be both client-centered and firm focused through cloud-based legal practice management software. Clio has been transforming the industry for over a decade with 150,000 customers spanning 100 countries, and the approval of over 66 bar associations and law societies globally. Clio continues to lead the industry with initiatives like the Legal Trends Report, the Clio Cloud Conference, and the Clio Academic Access Program. Learn more at clio.com/uk.
About TCV
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $12 billion in leading technology companies and has helped guide CEOs through more than 120 IPOs and strategic acquisitions.
TCV’s software and legal technology investments include Alarm.com, Altiris, Ariba, Avalara, Avetta, Avvo, AxiomSL, CCC Information Services, ExactTarget, ETQ, FinancialForce, Genesys, IQMS, LegalZoom, OpenText, OSIsoft, Rapid7, Rave Mobile Safety, RELEX Solutions, Sitecore, SiteMinder, SMT, Splunk, Toast, Xero, and more. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, please visit tcv.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 145 businesses in its target markets, successfully completed over 95 exits and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information visit jmi.com.
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