Dubai: The Dubai International Financial Centre (DIFC) has invested in Clara, the UK-based legaltech startup, through its fintech fund. Clara’s platform digitises and automates many of the legal tasks business owners need to perform, including setting up companies in different jurisdictions.
With Clara’s new license, the legaltech start-up will now be able to provide its streamlined corporate services platform to DIFC companies. This is the third jurisdiction to license Clara to set up companies.
“DIFC continues to be a catalyst for innovation in the region by investing in businesses that can help transform the finance industry,” said Arif Amiri, CEO of DIFC Authority.
The $100 million DIFC FinTech Fund that backed the Clara investment was launched in 2017 to help companies seeking access to Middle East, Africa and South Asian markets. “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 of Clara.
A team of lawyers and technologists leads Clara. The company’s 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. The company has raised $3.5 million in seed financing from institutional investors, including 500 Startups and Techstars.