American growth equity firms TCV and JMI Equity will invest a combined US$250 million in equity for a minority stake in Clio, which provides cloud-based software for about 150,000 lawyers in small- and medium-sized firms. Clio—which doesn’t disclose financial information—will use the money to enhance the scope of its software offerings to help lawyers attract clients. (The Logic)

Talking point: It’s been a record year for VC activity in Canada, which saw $2.15 billion in VC investment in the first half of 2019. This deal—the country’s biggest since 2000—exceeds 2019’s next largest investment into Hamilton, Ont.-based Fusion Pharmaceuticals by almost US$150 million. It also surpasses the combined total for VC investments in Vancouver-based companies this year by nearly US$130 million. It’s in line with the trend for VC deals in the country, which have been getting bigger and leaning toward later-stage companies. This year, deal size is up 26 per cent, compared to the average from the past five years.