Dubai International Financial Centre (DIFC) said Monday it has invested in UK-based legaltech start-up, Clara.
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 Middle East, Africa and South Asia (MEASA) markets.
The investment reflects the DIFC’s commitment to driving the automation and digitisation of legal services, the financial center said in a statement.
It didn’t disclose a value for the investment.
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.
Clara’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.
(Writing by Brinda Darasha; editing by Seban Scaria)
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© ZAWYA 2021