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Legal tech firm Clio smashes Canadian software financing record with US$900M raise

BURNABY, B.C. — Clio has raised a US$900-million round of funding that the legal tech firm says is the largest software raise in Canadian tech history. The Burnaby, B.C.-based company says the Series F investment is based on a US$3 billion valuation.
Canadian Press
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Clio has raised a US $900 million round of funding that the legal software firm says is the largest raise in Canadian tech history. A man uses a computer keyboard in Toronto in this Sunday, Oct. 9, 2023 photo. THE CANADIAN PRESS/Graeme Roy

BURNABY, B.C. — Clio has raised a US$900-million round of funding that the legal tech firm says is the largest software raise in Canadian tech history.

The Burnaby, B.C.-based company says the Series F investment is based on a US$3 billion valuation.

The funding round was led by New Enterprise Associates, whose portfolio includes investments in fintech firms Plaid and Robinhood and cybersecurity company Cloudflare.

Also part of the round are Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark, who join current investors TCV, JMI Equity, funds and accounts advised by T. Rowe Price Associates, Inc.

Past investor Ontario Municipal Employees Retirement System is also back again, too.

Clio was started in 2008 and has grown so steadily that it now employs 1,100 employees.

This report by The Canadian Press was first published July 23, 2024.

The Canadian Press