FOR IMMEDIATE RELEASE:
Cloud-Based Legal Management Platform Clio Raises $6 Million in Series B Funding
Acton Capital Partners Leads Investment Round to Accelerate Market-Leader’s Growth
NEW YORK, NY and VANCOUVER, BC - January 30, 2012 - Clio http://www.goclio.com/, 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
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
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.
Clio is based in
Vancouver, B.C., and was founded by Jack Newton and Rian Gauvreau in 2007. Visit
call 1-888-858-2546 or follow on Twitter @goclio.
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
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.
This release is available online at http://www.goclio.com/press/releases/20120130-Cloud-Based-Legal-Management-Platform-Clio-Raises-6-Million-in-Series-B-Funding.html