Clio, the Canada-based developer of a web-based management system for law practices, has secured $6m in series B funding, it emerged on Monday. Acton Capital Partners, the former corporate venturing fund for media conglomerate Hubert Burda, led the round.
Acton was joined in the round by existing investors, which were unnamed apart from venture capital firm Point Nine Capital. Clio made the announcement at the LegalTech New York trade show.
Founded in 2007, Clio provides cloud-based management tools to aid small legal firms and solo practitioners unable to afford support staff or an IT department. Users can store their data in the cloud and access it from anywhere.
Boris Wertz, the Vancouver-based venture partner for Acton and now a member of the Clio board of directors, said: "The legal space is ripe for disruption. 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 will invest the capital in expanding its customer base, 95% of which is currently based in the US, outwards into Europe, Canada and Australia, while continuing to grow its existing business and extending the functionality of its management system.