The Dubai International Financial Centre (DIFC) is to invest in the UK-based legaltech start-up, Clara.
Clara’s platform digitises and automates many of the legal tasks that founders need to perform, including setting up companies within different jurisdictions.
The legaltech is led by a team of lawyers and technologists who hold diverse backgrounds working within the legal industry. 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.
Clara has raised $3.5 million in seed financing from institutional investors, including 500 Startups and Techstars. They are expected to open an office in Dubai following the investment of DIFC’s Fintech Fund.
The investment reflects the DIFC’s commitment to driving the automation and digitisation of legal services. The investment is by the DIFC Fintech Fund, a $100 million fund announced in 2017 to help establish, grow and upscale start-up and growth stage companies seeking access to MEASA markets.
Additionally, recognising the growth opportunities associated with operating in DIFC, given the Centre is home to the largest and most comprehensive fintech and innovation ecosystem in the region, under Clara’s new license, it 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.
Commenting on the announcement, Arif Amiri, CEO of DIFC Authority, said, “DIFC continues to be a catalyst for innovation in the region by investing in businesses that can help transform the finance industry. We are therefore delighted to announce investment from DIFC’s Fintech Fund in Clara, a rapidly growing LegalTech start-up that will make doing business easier for early stage companies and other businesses that form part of the region’s largest financial services ecosystem.”
Adding to this, Patrick Rogers, CEO and Co-Founder of Clara comments, “Start-ups are looking for a new approach to help them overcome the pain and complexity of dealing with legal matters. We are thrilled to be setting up in 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.”