Big news this morning from Clio, the cloud-based practice management platform: It announced this morning that it has raised $20 million in Series C financing led by Bessemer Venture Partners. Clio says it will use the new funding to accelerate product development and sales and fuel international expansion.
Clio says it plans on doubling its workforce over the next year, to more than 200. The expansion will come in the U.S. and Canada, as well as in Europe, where Clio recently opened an office in Dublin. Clio says it will also continue to invest aggressively in mobile.
The announcement includes this quote from Bessemer partner Trevor Oelschig:
Increasingly, we see SaaS companies strike gold by providing specialized solutions tailored to a specific vertical rather than going for a ‘one-size-fits-all’ enterprise software. This investment in Clio furthers our strategy to find best-of-breed vertical solutions. Clio has already shown incredible traction in th elegal space and demonstrated a deep understanding of how to tangibly improve the day-to-day workflow for lawyers.
Two years ago, Clio raised $6 million in financing. At the time, it was the first major capital investment in any cloud-based practice management application.