The leading international financial hub in the Middle East, Africa, and South Asia (MEASA) region, Dubai International Financial Centre (DIFC) has invested in UK-based legaltech startup Clara in order to support the expansion into the Middle East region.
Clara’s cutting-edge technology digitizes and automates many of the legal tasks founders need to perform, such as forming businesses in several jurisdictions. Further, the investment reflects the DIFC’s commitment to driving the automation and digitization of legal services.
The investment was made by the DIFC FinTech Fund, a $100 million fund announced in 2017 to support establish, grow, and upscale startup and growth-stage firms looking for access to MEASA markets.
According to the company, “Recognizing the growth opportunities associated with operating in the 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 grant Clara a license to set up companies.
“Startups 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 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.”
“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,” said Mr. Arif Amiri, CEO of DIFC Authority.
Clara is led by a group of seasoned lawyers and technologists who have worked with some of the industry’s most prestigious firms. The company’s 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.