Clio Announces Financing, Document Assembly

I am here at LegalTech in New York where I had an opportunity to meet yesterday with Jack Newton and Rian Gauvreau, founders of Clio, the cloud-based practice management application. They had big news to share: Clio has raised $6 million in financing. This is the first major capital investment in any cloud-based practice management application, so it will be interesting to see where Clio goes from here.

Jack and Rian said the financing will be used to further enhance the Clio platform and add new functionality. Clio also plans to expand its marketing beyond the U.S. into other markets, including Europe, Canada and Australia.

The Series B financing was led by Acton Capital Partners, a Munich-based growth equity investor. Existing Clio investors, including Point Nine Capital, also participated in the round.

Document Assembly

In news of a more practical sort, Clio also announced that it now offers a document assembly function. I wrote just last week about the new document assembly feature in Rocket Matter, another cloud-based practice management platform. Now Clio customers can also upload templates for common documents and extract information from their matters and contacts to fill out the forms.

One difference with Clio’s functionality is that you can upload templates either from Microsoft Word or in PDF format. Rocket Matter requires the templates to be created in Word. This means that a WordPerfect user could create a template by typing the characters that create the merge field — Clio provides a guide for creating these fields — and then save the document as a PDF and upload it.

Now when Clio users go to their Documents tab, there is a new button, “Create.” From here, you can create a document using a previously uploaded template or start by uploading a new template.