It’s been a big week so far for Canadian startups.
The day after Toronto Cohere raises $500 million in Series D funding at a $5.5 billion valuation, Vancouver-based legal tools platform Clio secured $900 million in Series F funding at a valuation of $3 billion.
He led the latest round New company collaborators and latest investors were included Goldman Sachs Asset Management, Growth on Sixth Street, Capital G AND TidemarkPrevious investors involved in this round include: TCV, JMI’s Equityfunds and accounts advised by T. Rowe Price Collaborators and by T. Rowe Price Investment management and Omers Private Capital.
Clio’s software lets law firms automate processes like client onboarding, accounting, and document management. It’s no surprise that the startup has also embraced generative AI. Its Clio Duo generative AI solution helps lawyers perform routine tasks and leverage usage analytics to be more efficient. The AI platform includes audit trail functionality for courtroom disclosure.
“While we are extremely proud of our progress to date, the real opportunity is still ahead of us,” he said. Jack NewtonFounder and CEO. “AI is ushering in an exciting and important new era for legaltech, and Clio is leading this transformation. There is much work to be done to ensure our customers’ success so they can thrive in an economy that embraces technology in every interaction.”
Clio has grown to greater than $200 million in annual revenue and employs greater than 1,100 people.
The company recently raised $110 million in Series E at a valuation of $1.6 billion. Founded in 2008, the company has raised $1.3 billion in total.
Canada’s Moment
The United States’ dominance of the enterprise capital market can sometimes overshadow the Canadian startup ecosystem.
Not this week though, as each Cohere and Clio are having fun with huge successes.
Clio’s latest raise is the Canadian startup’s biggest ever, based on Crunchbase data. Round ahead of Toronto 1PasswordThe $620 million Series C funding values the cybersecurity startup at $6.8 billion.