Big news is breaking at Legal Tech New York today, and we’re especially proud here at Stem Legal because it involves one of our clients, Clio. Jack Newton, Rian Gauvreau and friends have just announced that Clio has raised $6 million in its Series B round of financing from Acton Capital Partners, a Munich-based growth equity investor, and a series of existing investors that includes Point Nine Capital.
This is a major deal, and not just for Clio, which will use the funding to extend its product leadership, develop new functions, and support and expand its customer base beyond the United States. This is a powerful vote of confidence for the entire cloud-based legal services area, from law practice management providers like Clio to the growing number of virtual law practices and online legal collaborators. It demonstrates the seriousness with which outside investors view the extraordinary potential of this burgeoning field.
Boris Wertz, Acton Capital’s Vancouver-based Venture Partner, makes a telling point in Clio’s press release announcing the investment. “The legal space is ripe for disruption,” he says, adding that although the legal industry has been more a laggard than a leader when it comes to the adoption of technological innovations, that’s now changing. Clio’s cloud computing success is just one illustration, albeit an important one, of that emerging reality.
If you’re interested in learning more about this announcement, check out Clio’s blog today for the latest news. On behalf of everyone here at Stem, our sincere congratulations to Clio on this breakthrough funding announcement!