Clio, a Vancouver-area software company, whose objective is assisting lawyers to undertake their roles over the internet has made history in Canada by raising two hundred fifty million dollars ($250M) in venture capital funding.
Notably, Themis Solutions Inc. that functions as Clio has asserted that American equity firms JMI Equity and TCV will invest the stipulated amount.
Clio’s lucrative deal
The deal made is valued at over three hundred and thirty-three million Canadian dollars (C$333.5M)
According to Refinitiv, a financial data company, the deal struck is the most significant venture capital investment to have ever been witnessed in a Canadian firm.
Interestingly, Clio is not very famous among consumers, but the services rendered are exceptional.
For instance, it offers cloud-based programs to at least one hundred fifty-thousand (150,000) lawyers, especially for Canadian and American firms in the small and medium category.
Clio has proved to be a creative software firm. For instance, the innovative cloud-based programs it offers have billing, case management, and time tracking capabilities.
According to Jack Newton, Clio’s chief executive, and co-founder, the financing will be instrumental in propelling the firm to the next growth phase. As a result, he speculated that the company could evolve to become a considerable force in the law sector.
Canadian companies have been beneficiaries of venture capital funds. According to Refinitiv, in 2019’s first half, Canadian firms raised almost three billion dollars ($2.77B).
Clio’s financing depicts the untapped potential of the internet. Explicitly, Newton stipulated that Clio’s clientele represents only thirty percent (30%) of small legal companies utilizing its software. He expects this to expand once the venture capital funds are incorporated.
On the other hand, Singapore’s Vanda Global Fund Limited has emerged to be hedge fund of the year based on its outstanding performance. Expressly, as per July 2019, it had increased by two hundred and seventy-eight percent (278%).