It’s been a landmark week for Canadian startups, highlighted by significant funding rounds. Vancouver-based Clio, a legal tools platform, recently secured a $900 million Series F funding round, achieving a valuation of $3 billion. This achievement marks the largest funding round ever for a Canadian startup, according to Crunchbase data.
The Series F round was led by New Enterprise Associates and included new investors such as Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark. Previous investors TCV, JMI Equity, funds and accounts advised by T. Rowe Price Associates and T. Rowe Price Investment Management, and Omers Private Equity also participated.
Clio’s software is designed to help law firms automate key processes including client intake, accounting, and document management. The company has actively embraced generative AI to enhance its offerings. Its Clio Duo generative AI solution assists lawyers with routine tasks and uses analytics to improve efficiency, including audit log functionality for court discovery.
“While we’re immensely proud of our growth to date, the real opportunity lies ahead of us,” said Jack Newton, Founder and CEO of Clio. “AI is ushering in an exciting and important new era for legaltech, and Clio is leading that transformation. There’s much to accomplish for the success of our customers so they can thrive in an economy that embraces technology in every interaction.”
Clio has experienced substantial growth, currently generating over $200 million in annual recurring revenue and employing more than 1,100 people. The company’s previous funding round, a Series E, raised $110 million, valuing the company at $1.6 billion. Founded in 2008, Clio has now secured a total of $1.3 billion in funding.
This recent funding round has brought significant attention to the Canadian startup ecosystem, which is often overshadowed by its U.S. counterpart. The success of both Clio and Toronto-based Cohere, which raised a $500 million Series D at a $5.5 billion valuation, demonstrates the strength and potential within Canada.
