On September 4th, 2019, Clio, a Vancouver-based legal technology company, announced that it has secured CAD$330 million in Series D funding from US-based growth equity firms TCV and JMI Equity. The deal represents the largest venture capital investment in a Canadian company since 2000.
Themis Solutions Inc., which carries on business as Clio, provides cloud-based programs to more than 150,000 clients in the legal sector across the United States, Canada and 98 other countries. The company offers software to help track lawyers’ time, manage cases and facilitate billing, and plans to further develop its current offerings and create more tools to aid legal professionals. The current funding round brings Clio’s total funding to more than CAD$367 million to date.
JMI Equity and TCV both provide growth-stage capital to technology and software firms. Before joining to invest in Clio, the two firms had previously partnered on deals with Netflix, Airbnb, Facebook, PointClickCare, and Spotify.
Jack Newton, Clio’s chief executive and co-founder, said the following about the deal: “This is a monumental moment for [Clio] and the Canadian tech scene. More than that, this investment allows us to continually reimagine what’s possible for the future of legal services, and that’s an exciting moment for all”.
TCV and JMI Equity’s investment in Clio comes during a banner year for Canada’s technology sector. According to a recent report from the Canadian Venture Capital and Private Equity Association, venture capital investments in Canada hit a record CAD$2.15 billion in the first half of 2019.
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