This Clio company profile covers the company's valuation, revenue, funding rounds, investors and history. Clio works in legal technology, with a focus on vertical SaaS. It was founded in 2008 and is headquartered in Vancouver, British Columbia, Canada. Its latest valuation on record is US$5 billion (November 2025). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
More than US$500M ARR — Annual recurring revenue (company-reported), as of 2026. Source: BetaKit.
| Metric | Value | As of | Source |
|---|---|---|---|
| ARR history | US$100M (June 2022) → US$200M+ (July 2024) → ~US$400M (Nov 2025) → US$500M+ (2026) | 2026 | TechCrunch, BetaKit |
| Profitability | EBITDA positive for several years, per the CEO | July 2024 | TechCrunch |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Nov 2025 | Series G | US$500M | US$5B | NEA (lead); Goldman Sachs Asset Management, TCV, Sixth Street Growth, JMI Equity | Bloomberg |
| Jul 2024 | Series F | US$900M (primary and secondary) | US$3B | NEA (lead); Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, Tidemark, TCV, JMI Equity, T. Rowe Price-advised funds, OMERS | TechCrunch |
| Apr 2021 | Series E | US$110M | US$1.6B | Not detailed in source | TechCrunch |
Clio timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2008 — Clio is founded in Vancouver by Jack Newton (CEO) and Rian Gauvreau.
- Apr 2021 — Series E: US$110M, valuing the company at US$1.6B.
- Jul 2024 — Series F: US$900M (primary and secondary), valuing the company at US$3B. Investors: NEA (lead); Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, Tidemark, TCV, JMI Equity, T. Rowe Price-advised funds, OMERS.
- Nov 2025 — Series G: US$500M, valuing the company at US$5B. Investors: NEA (lead); Goldman Sachs Asset Management, TCV, Sixth Street Growth, JMI Equity.
- 2026 — ARR history: US$100M (June 2022) → US$200M+ (July 2024) → ~US$400M (Nov 2025) → US$500M+ (2026).
- July 2024 — Profitability: EBITDA positive for several years, per the CEO.
Investors
Overview
Clio makes cloud software for law firms: case and matter management, time tracking, billing, document handling, client intake and payments. Its customers are mostly small and mid-sized firms that used to run on spreadsheets, desktop software and paper. Jack Newton and Rian Gauvreau started it in Vancouver in 2008, well before most lawyers trusted the cloud with anything.
That early bet has paid off. Clio is now one of the most valuable private software companies to come out of Canada, and one of the few that discloses its recurring revenue, which makes it a useful benchmark for anyone studying vertical SaaS.
Revenue and growth
Unusually for a private company, Clio has shared its ARR at each major milestone, and the numbers show a business that sped up after it got big rather than slowing down:
- June 2022: about US$100 million ARR
- July 2024: more than US$200 million
- November 2025: around US$400 million, announced with the Series G
- 2026: more than US$500 million, about six months later
Part of the jump from 2024 to 2025 came from acquisitions, most notably vLex, a legal research company. Even so, doubling ARR in roughly 18 months at this size is rare. Clio's CEO has also said the company has been EBITDA positive for several years, so it isn't buying that growth with heavy losses.
Funding history
Clio took its time with outside money. For years it grew mostly on its own revenue. The big rounds came later and were led by growth investors.
In April 2021, it raised US$110 million at a US$1.6 billion valuation. In July 2024, it raised US$900 million at US$3 billion in a Series F led by NEA, which put in more than US$500 million on its own. A large part of that round was secondary, giving early investors and employees a chance to sell shares. Goldman Sachs Asset Management, Sixth Street Growth, CapitalG and Tidemark joined as new investors.
In November 2025 came a US$500 million Series G at a US$5 billion valuation, again led by NEA. It was announced alongside, but separate from, the roughly US$1 billion acquisition of vLex.
Why Clio matters as a comparable
If you're valuing or pitching a vertical SaaS company, Clio is one of the cleanest reference points around. It sells to a single profession, it has published growth figures, and it's profitable. Comparing its valuation with its disclosed ARR at each round gives you real data points instead of guesses. See our guide to building a comparable companies list.
It's also a good example of buy-and-build working inside a software company. The vLex deal added a whole product line and a lot of revenue in one move, which is the same logic private equity uses in its add-on strategies.
Why legal software is a strong vertical SaaS market
Law firms have several traits that make them attractive software customers. They're numerous: most lawyers work in small and mid-sized firms. They bill by the hour or by matter, so time tracking and billing are central to revenue. They handle sensitive client documents that must be organised, secured and retained. And until the last decade or so, many relied on desktop software, paper files and spreadsheets. Moving those firms to cloud practice management creates sticky, recurring revenue, because once a firm runs its matters, billing and documents in one system, switching is painful.
Clio has expanded from practice management into adjacent products: client intake and relationship management, payments, document automation and, through vLex, legal research. Each new product increases revenue per customer and deepens the relationship, which helps explain its fast ARR growth.
AI and the legal profession
Generative AI is changing legal work quickly, from drafting documents and summarising cases to answering research questions. That's both an opportunity and a threat for legal software companies. Clio has positioned AI as central to its strategy, and the vLex acquisition brought a large legal research database and AI research tools. Owning the data that AI tools need, and embedding AI into the daily workflow where lawyers already work, are strong defences against new AI-only competitors.
Competitive landscape
Clio competes with other practice management platforms, large legal information companies, and a wave of AI-native legal startups. Its advantages are scale, a large customer base across many countries, a broad product suite and now its own research data. The main risks are integration challenges from large acquisitions and the pace of change in legal AI.
What to watch next
Watch ARR growth after the vLex integration, adoption of its AI products, further acquisitions and any signs of IPO preparation. As one of Canada's largest private software companies with disclosed metrics, Clio's next valuation event will be a key benchmark for the sector.
Key facts at a glance
Clio is a Vancouver legal software company founded in 2008 by Jack Newton and Rian Gauvreau. It raised US$110 million at US$1.6 billion in 2021, a US$900 million Series F led by NEA at US$3 billion in 2024, and a US$500 million Series G led by NEA at US$5 billion in November 2025, alongside its roughly US$1 billion acquisition of vLex. It reported more than US$500 million in ARR in 2026 and says it has been EBITDA positive for several years.
What this means if you're…
Selling to Clio: a profitable company of more than 1,100 people that is integrating a large acquisition usually needs help with systems integration, data, security, finance operations and international expansion.
Building legal tech: Clio's partner ecosystem and integrations marketplace are a real route to its customers, and it's also a likely acquirer in the space.
An investor: watch whether growth holds up once the acquired revenue is in the base, and whether Clio heads towards an IPO.
Latest developments (October 2026)
Clio completed its roughly US$1 billion acquisition of vLex in November 2025 and closed a US$500 million Series G led by NEA at a US$5 billion valuation, plus US$350 million of debt, according to BetaKit. The deal added vLex's legal research database and its Vincent AI to Clio's practice management software, putting Clio in more direct competition with Thomson Reuters, LexisNexis, Harvey and Legora. Third-party estimates suggest recurring revenue continued to grow in 2026. Clio's chief executive has said a listing is possible but has set no timetable.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Clio do?
Clio is a legal technology / vertical saas company headquartered in Vancouver, British Columbia, Canada. It was founded in 2008.
What is Clio's valuation?
Clio was valued at US$5 billion as of November 2025, according to Bloomberg. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Clio make?
Clio reported More than US$500M ARR (annual recurring revenue (company-reported)) as of 2026, according to BetaKit.
What was Clio's latest funding round?
The most recent financing we have verified is a series g in Nov 2025: US$500M, at a valuation of US$5B. Source: Bloomberg.
Who are Clio's investors?
Investors named in public announcements include NEA, Goldman Sachs Asset Management, TCV, Sixth Street Growth, JMI Equity, CapitalG, Tidemark, T. Rowe Price and OMERS.
Who founded Clio?
Clio was founded in 2008 by Jack Newton (CEO) and Rian Gauvreau.
Is Clio a public company?
No. Clio is a private company (private, growth-equity backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Clio headquartered?
Clio is headquartered in Vancouver, British Columbia, Canada. See our guide to raising money in Canada for context on the Vancouver startup ecosystem.