The founding team behind Clara, which is into legaltech services. Image Credit: Clara

Dubai: UK-based legal-tech firm Clara has secured the rights to incorporate companies at two key jurisdictions for raising venture capital - Cayman Islands and Abu Dhabi Global Market (ADGM).

This comes after Clara acquired Foundra Corporate Services, a provider of company formation services in ADGM and its partnership with an affiliate in the Cayman.

“Startups are looking for a new approach to help them overcome the pain and complexity of dealing with legal matters,” said Patrick Rogers, CEO of Clara. “These transactions will allow us to completely streamline the customer experience of incorporating Cayman and ADGM companies – adding further value to the Clara platform, which digitizes and automates startup legals.”

Under the terms of the transactions, Foundra and its Cayman affiliate will be re-branded as “Clara Formations”.

Foundra, which was established in 2018, quickly emerged as a provider of incorporation services for ADGM. To date the company has established more than 400 companies.