UK-based legaltech start-up Clara has received a boost via investment from Dubai International Financial Centre’s FinTech Fund.
The amount of investment has not been disclosed but it comes from the $100 million fund announced in 2017 to help establish, grow and upscale start-up and growth stage companies seeking access to MEASA markets.
“DIFC continues to be a catalyst for innovation in the region by investing in businesses that can help transform the finance industry,” Arif Amiri, CEO of DIFC Authority, said. “We are therefore delighted to announce the DIFC’s FinTech Fund investment in Clara, a rapidly growing legaltech start-up that will make doing business easier for emerging companies and other businesses that form part of the region’s largest financial services ecosystem.”
The platform automates many of the tasks currently performed by lawyers for start-ups including forming companies, drafting agreements, building cap tables, structuring data rooms, and predictively educating founders on legal concepts.
Clara, which will provide its corporate services platform to DIFC companies, has raised $3.5m in seed financing from institutional investors, including 500 Startups and Techstars.
“Start-ups are looking for a new approach to help them overcome the pain and complexity of dealing with legal matters,” said Patrick Rogers, CEO and co-founder of Clara. “We are thrilled to be setting up in the DIFC which will allow us to completely streamline the customer experience of incorporating DIFC entities – adding further value to the Clara platform, which digitises and automates start-up legals.”
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