Law Firm Software Maker Clio Valued at $1.6 Billion in Round

Legal technology company Clio reached a valuation of $1.6 billion in a new $110 million funding round.

Clio, which provides software for law firms, has raised the money from funds and accounts advised by T. Rowe Price Associates Inc. and from OMERS Growth Equity. The company’s earlier investors include TCV, Bessemer Venture Partners and JMI Equity.

“The legal industry has been behind many other industries in terms of the level of tech adoption relative to what’s possible,” said TCV principal Amol Helekar, explaining why his firm invested. “It’s transforming the practice of law for good.”

Clio, the operating ...