Today, legal tech company Clio closed a $250 million Series D round led by TCV and JMI Equity, which have previously partnered with Airbnb, Facebook, Netflix and Spotify.
The deal marks one of the largest investment rounds ever – and the largest of 2019 – in the legal tech space – said the company.
The reason for the big money is Clio is very scalable. Clio offers sole practitioners and small to mid-size law firms a suite of cloud-based solutions that includes legal practice management and client intake and CRM software.
Clio also announced today that Mark Britton has joined its board. The investor and entrepreneur is founder and former Chairman and CEO of legal marketplace Avvo, which was acquired nearly two years ago by holding company Internet Brands (owner of Martindale, Nolo, and Lawyers.com).
As to what this all means, the answer is a simple one: big money sees legal tech scalability and has gone for it. The fact that Britton is involved makes sense given his role in Avvo, which is also a very scalable platform.
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