Clio Raises $20M in Latest Financing Round

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Clio, which has developed a Web-based practice management platform for small and midsize law firms, said this week it has raised $20 million in its third round of funding.

Bessemer Venture Partners led the Series C activity. Clio so far has raised $27 million overall in private financing from firms including Acton Capital Partners, Point Nine Capital, Version One Ventures and Bessemer.

"Increasingly, we see SaaS companies strike gold by providing specialized solutions tailored to a specific vertical rather than going for a 'one-size-fits-all' enterprise software," said Trevor Oelschig, partner at Bessemer Venture Partners. "Clio has already shown incredible traction in the legal space and demonstrated a deep understanding of how to tangibly improve the day-to-day workflow for lawyers."

Clio will use the money for product development, sales and international expansion. To the first point, the company said it will continue to invest in mobility; for example, it recently released an iPhone application. And, to the latter point, Clio plans to double its employee numbers over the next year, bring the total to more than 200 people. That growth is slated for the Toronto office and Clio's Europe sales office.

Clio is also introducing features to improve collaboration and efficiency.

"We've found that our users save an average of 8 hours per week, giving them more time to spend on life outside of work," said Jack Newton, CEO and founder of Clio. "This funding will allow us to further our reach and hone our product to continue to help lawyers focus on the parts of their business they enjoy."

Clio sells through channel partners and earlier this year revamped its Clio Certified Consultant (CCC) program to include a new payment setup, a Preferred Partner Program and adjusted rules of engagement.

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