Clio: valuation, funding & revenue

Revenue

More than US$500M ARR — Annual recurring revenue (company-reported), as of 2026. Source: BetaKit.

Funding history

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.

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.

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.

1. Bloomberg
2. TechCrunch, BetaKit
3. TechCrunch