$6 Million Raised by Legal Management Platform Clio in Series B Funding
Clio, a leading provider of cloud-based management tools for the legal industry today announced that it has raised a total of $6 million in the firm’s Series B round of financing. The announcement was made at LegalTech New York. Leading the funding was Acton Capital Partners, an equity investor based in Munich. Point Nine Capital and other existing investors also participated in the round.
Boris Wertz, a new member of the Board of Director of Clio and Acton’s Vancouver-based Venture Partner, said, “The legal space is ripe for disruption. Eventhough this industry has traditionally been regarded as slow to adopt to technological changes, recent investments show it is now ready to benefit from technological innovations like cloud computing. We believe that Clio will be able to take advantage of this tremendous opportunity by implementing their vision of moving the legal industry to the cloud.”
According to the American Bar Association, approximately more than 80% of the law firm market is composed of small firms or solo practitioners.
For the part of Jack Newton, the founder and CEO of Clio, he said, “With few support staff and no IT departments, these professionals are often overwhelmed by the administrative side of their business.”
Newton also said, “Clio is specifically designed for these lawyers. By transferring their practice management to the cloud, we give these lawyers tools to manage their practices and build client relationships that are both more secure and more collaborative.”
This new funding will be utilized by Clio to enhance its product leadership position, aggressively develop brand new functionalities, as well as to support its flourishing customer base.