Vancouver's Clio announced today that it raised $20 million in Series C financing led by Bessemer Venture Partners.
Over the next 12 months, Clio says will use the new funding to accelerate product development and sales, and fuel international expansion. The Series C funding brings total capital raised by the Canadian company to $27 million.
As the vertical SaaS market takes shape, this investment is another proof point that cloud tech is hitting the tipping point of broad adoption by traditional industries like legal. Over 80% of lawyers in the U.S. practice at firms of less than 10 employees; these small firms rely on Clio to automate time-consuming administrative tasks, which allows them to focus on their core business.
“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. “This investment in Clio furthers our strategy to find best-of-breed vertical solutions. 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.”
Over the next 12 months, the company plans on doubling its headcount to more than 200. This includes aggressive growth in Clio’s new North America and Europe sales office in Toronto, as well as new hires in Europe, where they recently opened a data center in Dublin. The company recently released an iPhone application and will continue to aggressively invest in mobile.
“We offer our customers one of life’s most precious resources: time,” said Jack Newton, CEO and founder, Clio. “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. 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.”