Cloud based legal practice management software firm Clio has raised $20m to fund acceleration of its product development and expansion plans.
Bessemer Venture Partners. which has backed the likes of LinkedIn, Yelp and Skype, led the deal with the SaaS company. It currently operates mainly in north America and will be boosting its head count there as well as expanding its recently opened office in Dublin as a launch pad to Europe. It has also released an iPhone app as part of its mobility investment programme.
“Increasingly, we see SaaS companies strike gold by providing specialised solutions tailored to a specific vertical rather than going for a ‘one-size-fits-all’ enterprise software,” said Trevor Oelschig, partner at Bessemer Venture Partners. “This investment in Clio furthers our strategy to find best-of-breed vertical solutions.”
This $20m financing includes follow-on investment from Acton Capital Partners and Point Nine Capital, as well as new investment from Version One Ventures.