according to Florence, NEA has helped over **300 businesses** do just that to date.

For his part, Florence does not believe this round signals any intention either way.

“I don’t think they’re in any rush,” he said.

“We [at NEA are] not in a rush.

It’ll be driven by the market opportunity at the time.

But everything that we’re doing is not mutually exclusive for that, including raising this big round.

”Newton said that raising entirely from US investors “wasn’t a deliberate choice,” but acknowledged that, “The number of investors in Canada that can write the kind of cheques that we’re seeing from this consortium that’s in this round is pretty limited.

” As to where Clio fits into the legal tech space, Newton admitted that there may be some larger, more highly-valued legacy companies in the sector, such as in the on-premise arena.

But among firms Clio views as directly comparable in cloud-based legal tech, Newton argued that Clio stands alone.

Other members of this group include players like NetDocuments, MyCase, and Rocket Matter.

Meanwhile, companies like Thomson Reuters and LexisNexis also own software businesses or offer products in the same space Clio serves.

“Of our peer set, we’re far and away the most valuable company in that segment,” Newton claimed.

Florence agrees, citing the strength of Clio’s platform approach, products, management team, and the progress it has achieved to date.

“We view them as the clear market leader,” he said.

“We’ve got a long, long heritage of investing in best-in-class enterprise software companies, and we view Clio as a best-in-class, generational software business,” Florence said.