Legal Tech Startup Clio Raises Whopping $900M At $3B Valuation

It鈥檚 been a big week so far for Canadian startups.

A day after Toronto-based raised a $500 million Series D at a $5.5 billion valuation, Vancouver-based legal tools platform locked up a $900 million Series F at a $3 billion valuation.

The new round was led by and included new investors , , and . Previous investors who were involved in the round included , , funds and accounts advised by Associates and by Investment Management and .

Clio鈥檚 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 , 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.鈥�

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鈥檚 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鈥檚 new raise is the largest by a Canadian startup ever, per Crunchbase . The round supasses Toronto-based 鈥檚 $620 million Series C that valued the cybersecurity startup at $6.8 billion.