B.C. legal tech firm Clio nets US$900M in historic funding round

Authorized tech firm Clio stated on Tuesday it had raised US$900 million in an funding spherical led by enterprise capital agency New Enterprise Associates (NEA), in one of many largest fundraises by a Canadian startup.

The Sequence-F funding spherical values the corporate at US$3 billion and contains recent funding in addition to a secondary sale of shares by some insiders, Clio informed Reuters.

Clio was earlier valued at US$1.6 billion, when the corporate raised greater than US$100 million in April 2021.

Within the newest spherical, NEA will make investments US$500 million in Clio, whereas the remaining US$400 million comes from new buyers Goldman Sachs Asset Administration, Sixth Avenue Progress, CapitalG and Tidemark, together with some current buyers.

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Vancouver, British Columbia-based Clio presents a platform for regulation companies to handle purchasers and instances and course of funds, amongst different capabilities.

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The corporate, launched in 2008, at the moment clocks greater than US$200 million in annualized income.

Clio stated it should use the funds to advance its platform and develop its buyer base.

NEA Co-CEO Tony Florence will be part of the board of administrators at Clio following the funding spherical.

Regulation companies Osler, Hoskin & Harcourt LLP and Wilson Sonsini Goodrich & Rosati served as authorized counsel to Clio and William Blair acted as the corporate’s unique monetary advisor.