Vancouver-based Clio, a provider of cloud-based management tools for the legal industry, announced today that it has landed $6 million in financing to help expand its business.
The company said it plans to use the funding to extend its product leadership position, aggressively develop new functionalities and support its growing customer base.
In addition, the company is aiming to expand its footprint beyond the U.S. – which currently accounts for 95% of Clio’s sales – into markets including Europe, Canada and Australia.
The funding was led by Munich-based Acton Capital Partners, with existing investors such as Point Nine Capital also participating.
“The legal space is ripe for disruption,” said Boris Wertz, Acton’s Vancouver-based venture partner and a new member of Clio’s board. “Although this industry has traditionally been regarded as slow to adopt technological changes, recent investments show it’s now ready to benefit from technological innovations like cloud computing.”
Clio founder and CEO Jack Newton said the company will use the financing to add new features to the technology and continue the company’s growth.
“Clio has seen incredible growth since our launch nearly four years ago because legal professionals have recognized that, through the cloud, we can deliver unprecedented levels of mobility, security and efficiency to their practices,” he said.
Jenny Wagler
@JennyWagler_BIV