It’s been a big week so far for Canadian startups.
A day after Toronto-based Cohere raised a $500 million Series D at a $5.5 billion valuation, Vancouver-based legal tools platform Clio locked up a $900 million Series F at a $3 billion valuation.
The new round was led by New Enterprise Associates and included new investors Goldman Sachs Asset Management, Sixth Street Growth, CapitalG and Tidemark. Previous investors who were involved in the round included TCV, JMI Equity, funds and accounts advised by T. Rowe Price Associates and by T. Rowe Price Investment Management and Omers Private Equity.
Clio’s software lets law firms automate processes such as client intake, accounting and document management. Not surprisingly, the startup also has embraced generative AI. Its Clio Duo generative AI solution helps lawyers complete routine tasks and leverage use analytics to run more efficiently. The AI platform includes audit log functionality for court discovery.
“While we’re immensely proud of our growth to date, the real opportunity lies ahead of us,” said Jack Newton, founder and CEO. “AI is ushering in an exciting and important new era for legaltech, and Clio is leading that transformation. There’s much to accomplish for the success of our customers so they can thrive in an economy that embraces technology in every interaction.”
Clio has grown beyond $200 million in annual recurring revenue and more than 1,100 employees.
The company last raised a $110 million Series E at a $1.6 billion valuation. Founded in 2008, the company has raised a total of $1.3 billion.
Canada’s moment
With the U.S. dominating the venture market, it can sometimes overshadow the Canadian startup ecosystem.
Not this week however, with both Cohere and Clio going huge.
In fact, Clio’s new raise is the largest by a Canadian startup ever, per Crunchbase data. The round supasses Toronto-based 1Password’s $620 million Series C that valued the cybersecurity startup at $6.8 billion.
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Illustration: Dom Guzman
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