Legaltech

Following a historic round of funding, Burnaby legaltech Clio announced another milestone: A first-ever spot on Forbes’ Cloud 100 list, a definitive annual ranking of top private cloud companies around the globe. And in a competitive year for cloud companies, according to Mary D’Onofrio, partner at Bessemer Venture Partners, which sponsors the list.

“Across nine years of data, we have yet to see as competitive of a cohort as the 2024 Cloud 100,” D’Onofrio stated. “The list value reached $820 billion this year, the highest list value in Cloud 100 history.” Clio ranked 56th; other Canadians on the list include 1Password (43rd) and Cohere (99th).

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Clio, a Burnaby-based legal tech giant, has secured a record-breaking US$900 million in a Series F funding round led by New Enterprise Associates. The investment, the largest in Canadian history, values Clio at US$3 billion.

The funds will be used to expand Clio’s multi-product platform, according to a statement from the firm, as well as enhance its AI portfolio and grow its legal payments integration. With over 250 legal tech integrations, Clio is a leading legal operating system, endorsed globally by numerous law societies. “We are pioneering [the] future for our customers,” stated CEO Jack Newton.

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