Led by New Enterprise Associates (NEA), the investment round saw participation from new partners such as Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark, as well as current investors TCV and JMI Equity. The capital injection is set to support Clio’s expansion strategy, with the firm planning to grow its multi-product platform, including making further investments in its artificial intelligence (AI) portfolio and integrated legal payments. Additionally, the funds aim to accelerate the company’s market expansion locally and internationally, working towards deepening its organic presence to over 130 countries across the world.
Clio’s development strategy and mission
According to Clio’s officials, the company plans to leverage the newly acquired capital to further improve and optimise its capabilities, with it being committed to enhance the legal experience for all participants. Since its last investment from April 2021, Clio made several advancements in its development strategy, including growing its revenue and expanding internationally to the APAC region.
To further work on expanding its services and features, Clio recently launched Clio Accounting as a new addition to its fintech solutions portfolio. Being a specialised bookkeeping and accounting solution, Clio Accounting intends to meet the different financial needs and demands of law firms. Moreover, the software minimises the time spend on these tasks and decreases the likelihood of errors.
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