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Clio Closes $20 Million Series C Financing With Bessemer Venture Partners
Tuesday, March 25, 2014Company Profile | Careers | Follow Company
Bessemer Venture Partners Leads Round as the Firm Invests Deeper in Vertical SaaS Market; Funding to Drive Aggressive Growth
Vancouver, BC, March 25, 2014--(T-Net)--Clio (www.clio.com), a comprehensive cloud-based practice management platform for the legal industry, announced today that it raised $20 million in Series C financing led by Bessemer Venture Partners.
Over the next 12 months, Clio will use the new funding to accelerate product development and sales, and fuel international expansion. The Series C funding brings total capital raised to $27 million.
BVP, an early-stage investor in companies such as Skype, LinkedIn, Yelp, Pinterest, and more, adds Clio to an impressive roster spanning 103 years and 108 IPOs.
The $20 million C round included follow-on investment from Acton Capital Partners and Point Nine Capital, as well as new investment from Version One Ventures.
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Five years ago, Jack and Rian launched Clio from a drawing on a napkin with the dream of giving lawyers an alternative to restrictive, expensive locally-hosted practice management software.
With the help of the cloud, Clio eases the process of practice management, billing, time tracking, and collaboration for law firms. First launched in 2009, Clio now has over 100 employees and legal professionals in 50 countries using the service.
Over 80% of lawyers in the U.S. practice at firms of less than 10 employees; these small firms rely on Clio to automate time-consuming administrative tasks, which allows them to focus on their core business.
"We offer our customers one of life's most precious resources: time," said Jack Newton, CEO and founder, Clio. "We've found that our users save an average of 8 hours per week, giving them more time to spend on life outside of work. This funding will allow us to further our reach and hone our product to continue to help lawyers focus on the parts of their business they enjoy."
Over the next 12 months, the company plans on doubling its headcount to more than 200. This includes aggressive growth in Clio's new North America and Europe sales office in Toronto, as well as new hires in Europe, where they recently opened a data center in Dublin.
The company recently released an iPhone application and will continue to aggressively invest in mobile. Clio is also introducing features to improve collaboration and efficiency.
"Increasingly, we see SaaS companies strike gold by providing specialized solutions tailored to a specific vertical rather than going for a 'one-size-fits-all' enterprise software," said Trevor Oelschig, partner at Bessemer Venture Partners. "This investment in Clio furthers our strategy to find best-of-breed vertical solutions. Clio has already shown incredible traction in the legal space and demonstrated a deep understanding of how to tangibly improve the day-to-day workflow for lawyers."
About Clio
Clio is the most comprehensive cloud-based practice management platform for the legal industry. With the help of the cloud, Clio eases the process of time tracking, billing, administration, and collaboration for law firms of all sizes. Based in Vancouver, B.C. and launched in 2009, Clio has legal professionals in 50 countries using the service. Clio has raised $27 million from investors including Bessemer Venture Partners. Learn more at www.clio.com.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) invests in early-stage, hyper-growth startups, partnering closely with entrepreneurs to build durable businesses. BVP is a global firm with offices in Menlo Park, Cambridge, New York, Mumbai, Bangalore, Herzliya, Sao Paolo and Minecraft. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like LinkedIn, Yelp, Skype, CornerstoneOnDemand, Pinterest, Box and Twilio. Over 100 BVP companies have gone public. Learn more at bvp.com and twitter.com/BessemerVP.
day workflow for lawyers.”
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