Canadian cloud-based legal technology company Clio is to expand its office in Dublin after it raised $110m in fresh funding.
The Series E investment, led by funds that were advised by T Rowe Price Associates and OMERS Growth Equity, values the business at $1.6 billion - making it the first legal practice management technology unicorn in the world.
The business said it now plans to grow the number of staff in Dublin to 25 from the current 18 over the course of this year, with a focus on its product and engineering teams.
"This investment is indicative of the explosive demand for legal technology that empowers lawyers to be cloud-based and client centred,' said Jack Newton, CEO and founder of Clio.
"The support from T Rowe Price funds and accounts and OMERS Growth Equity will enable us to continue to create a more equitable and accessible legal system by making it easier for clients and law firms to work together through cloud-based technologies," the CEO said.
Clio has been operating in Dublin since 2013 when it announced that it was opening its European headquarters here.
The company said the funding will be used to further invest in its platform, strategic acquisitions and partnerships.
Founded in 2008 in Vancouver in Canada, Clio makes software to help legal firms to manage their practice and grow their firms through cloud-based technology.
Its products are used by 150,000 legal professionals in 100 countries and is approved by more than 66 bar associations and law societies.
Globally it employs over 500 people across five different locations.
Clio secured a CA$6m Series B investment in 2012 from German-based Acton Capital, followed by a CA$20m Series C investment in 2014 by Bessemer Venture Partners.
Then in 2019 it received one of the largest investments in legal tech and Canadian history with a US$250m Series D funding round led by TCV and JMI Equity.
Legal tech is a rapidly growing area, with over 900 firms globally raising $6.6 billion in investment in recent years.
