Vancouver’s Clio, a cloud-based management tools for the legal industry, announced today 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.”
Clio helps helps small and mid-sized law firm with their manage their IT departments by providing a set of online tools to access back-end information such as practice management and time and billing records. The company will use the 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.