British Colombia-based startup Clio announced that it has received $6 million in a series B funding round, led by Acton Capital Partners. Existing backers, including Point Nine Capital and others, decided increase their investment in the company and also participated in the round.
Clio offers up a cloud-based set of tools specifically designed for the overwhelming majority of the legal industry: small firms and individual lawyers who could use the advantages of cloud-based services, but don’t have the budget to set up a deployment. These account for 80 percent of the law firm market, according to American Bar Association Clio cited in a release, and the startup is not sharing this vision with any other cloud company – at least for the time being.
“The legal space is ripe for disruption,” said Boris Wertz, Acton’s Vancouver-based Venture Partner and a new member of Clio’s Board of Directors. “Although this industry has traditionally been regarded as slow to adopt technological changes, recent investments show it’s now ready to benefit from technological innovations like cloud computing. We believe that Clio can take advantage of this tremendous opportunity by implementing their vision of moving the legal industry to the cloud.”
There have been a couple of other startup funding rounds this month, one of which also ties in pretty well with the cloud agenda. AppDynamics raised $20 million in a third round of funding from several high-profile investors. The round was led by Kleiner Perkins, and existing investors Greylock Partners and Lightspeed Venture Partners both participated.
Before AppDynamics it was GetGlue that received a sizable capital injection. What Clio and GetGlue have in common involves the fact they both add an interesting twist to their respective offerings. In the latter’s case, it’s mixing social directly with TV streaming. That idea got it $12 million from Time Warner and other investors.
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