January 30th, 2012 by Gwynne Monahan
NEW YORK, NY and VANCOUVER, BC – January 30, 2012 – Clio, the leader in cloud-based management tools for the legal industry, announced today at LegalTech New York that it has raised $6 million in its Series B round of financing. The funding was led by Acton Capital Partners, a Munich-based growth equity investor; existing investors, including Point Nine Capital, also participated in the round.
“The legal space is ripe for disruption,” said Boris Wertz, Acton’s Vancouver- based Venture Partner and a new member of Clio’s Board of Directors. “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. We believe that Clio can take advantage of this tremendous opportunity by implementing their vision of moving the legal industry to the cloud.”
According to the American Bar Association, more than 80 percent of the law firm market is made up of solo practitioners or small firms. “With few support staff and no IT departments, these professionals are often overwhelmed by the administrative side of their business,” said Clio Founder and CEO Jack Newton. “Clio is designed specifically for these lawyers. By moving 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.”
Clio will use this new funding to extend its product leadership position, aggressively developing new functionalities and supporting its growing customer base. In addition, the company aims to expand its footprint beyond the U.S. (which currently represents 95% of Clio’s sales) into other markets including Europe, Canada and Australia.
“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,” said Newton. “We look forward to using this latest financing to deliver a broad range of exciting new features to our users while continuing to deliver the world-class support they have come to expect.”
Clio is a comprehensive web-based practice management product specifically designed for solo practitioners and small-to-medium-sized law firms. Clio can be accessed using PCs and Macs as well as mobile devices including iPhone, iPad and other mobile devices.
Secure and easy-to-use, Clio provides case/matter management, time tracking, billing/reporting, client contact and document management, task scheduling, trust accounting, and detailed reporting. In addition, Clio includes Clio Connect, a secure portal for exchanging information and collaborating with clients, and Clio Express, an offline time capture application.
About Acton Capital Partners
Acton Capital Partners is an independent, partner-led growth equity investor in the internet and mobile communications sector. The investment focus of Acton’s Heureka Growth Fund, established in 2008, is consumer-oriented business models in media, e-commerce and online marketplaces. The Heureka Growth Fund’s current portfolio includes companies such as Glasses Direct, mytheresa.com and Yatego. The Acton team has also managed the corporate venture capital company of Hubert Burda Media, one of the leading German media groups. Investment success stories include AbeBooks, Etsy, Indochino and zooplus. More information is available at www.actoncapital.com.
About Point Nine Capital
Point Nine Capital, “The Angel VC”, is an early-stage venture capital firm based in Berlin, Germany. Point Nine Capital was launched in June 2011, when Team Europe announced that it would team up with serial entrepreneur and angel investor Christoph Janz to expand its investment activities and give them a new dedicated name. The fund, in operation as TEV Fund since end of 2009, has invested in more than eighteen companies such as Cibando, myGengo, SponsorPay, StyleSeat, Unbounce and has a special focus on SaaS, lead generation, eCommerce and mobile startups. More information is available at www.pointninecap.com.