B.C. Software Firm gets Record Venture Capital Funding

Clio is a tech company in Vancouver that makes software for smaller law firms. The software handles tasks like cases, clients, and billing. These services are managed through the cloud.

On Wednesday it was announced that venture capital firms TCV and JMI would be pouring the equivalent of $340 million dollars CAD into the legal software company. It has been said that the percentage of people that need legal aid isn’t getting any smaller. The cost of retaining counsel is outside some people’s financial scope. The goal is to create a cost-effective and efficient software platform to offset some of the costs associated with seeking legal help.

The Background

Clio, also known as Themis Solutions Inc. was started in Burnaby. The company was founded by two good friends named Jack Newton and Rian Gavreau. The idea was birthed after they spoke to the B.C. legal counsel. The two started to better understand the challenges that smaller firms face running their businesses. 

“We intend to completely redefine the way legal services are delivered, and democratize access to legal assistance by way of the cloud over the next decade,” said Newton in a media release.

“This is a monumental moment for us and the Canadian tech scene. More than that, this investment allows us to continually reimagine what’s possible for the future of legal services and that’s an exciting moment for all.”

How Big is This?

To put this into perspective, this is the largest investment of this kind by a venture capital firm. Clio currently has customers in about 100 countries. They cater to approximately 150,000 people. The software company has also received the approval of 66 bar associations and law societies according to Global News.

The two firms that bought in are known most recently for their investment in companies like Netflix, Spotify, and Airbnb. I am looking forward to seeing how this influx of capital is better able to help these smaller firms and help keep the cost of legal counsel down.