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The Dubai International Financial Center has just announced its most recent investment in the UK-based Legaltech startup Clara through their DIFC Fintech Fund. Launched in 2017, the DIFC Fintech Fund was set to establish, grow, and upscale startup and growth-stage companies seeking access to MEASA markets.
Clara is led by a team of seasoned lawyers and technologists who have worked at some of the top companies within their sectors. The platform automates many of the tasks currently performed by lawyers for startups including forming companies, drafting agreements, building cap tables, structuring data rooms, and predictively educating founders on legal concepts.
Recognizing the growth opportunities associated with operating in the DIFC, given the Centre is home to a comprehensive FinTech and innovation ecosystem, Clara is set to provide its streamlined corporate services platform to DIFC 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 the DIFC’s FinTech Fund investment in Clara, a rapidly growing Legaltech startup that will make doing business easier for emerging companies and other businesses that form part of the region’s largest financial services ecosystem.”
Clara has so far raised $3.5M in seed financing from institutional investors, including 500 Startups and Techstars, yet this investment comes as a booster and a market access opportunity for the legal platform. “Startups 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 digitizes and automates startup legals.”
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