A €225-million stake in cloud provider Clio marks one of the largest investments to date in legal technology.
TCV and JMI Equity have previously invested in platforms, such as, Netflix, Airbnb, LegalZoom, and Avvo.
Clio says it plans to use the money to build a complete operating system for lawyers as a portal between those in need of legal services and those who can provide it.
Mark Britton, former Expedia executive and founder of legal marketplace Avvo.com, will also be joining Clio’s board of directors.
Clio cites a World Justice Project survey on access to justice, which shows that 59% of people in Britain experienced a legal problem in the past two years, but only 28% were able to access help. A full 48% sought advice from a friend or family member.
"It’s clear something needs to change when the majority of legal problems don't receive legal assistance," said Jack Newton, CEO and chief executive and co-founder of Clio.
"Clio is committed to building the essential operating system for solicitors, one that focuses relentlessly on unlocking new efficiencies and entry points to legal services."
Founded in 2008, with their European headquarters based in Dublin, Clio’s case-management software is endorsed by the Law Society of England and Wales and the Law Society of Scotland.
TCV board member Amol Helekar said that Clio had succeeded in transforming a vast industry that had been lagging in technology adoption.
“We believe the legal software space presents significant opportunities for continued disruption, and Clio is the clear leader,” said Matt Emery of JMI Equity, who has joined Clio’s board of directors.
Established for over a decade, Clio has 150,000 customers spanning 100 countries.