UAE's LegalTech Clara Secures Investment From Plug and Play
UAE-founded legaltech startup Clara has secured an undisclosed investment from the global innovation platform, Plug and Play. In addition to the investment, the legal tech startup has entered a partnership to provide access to its range of products to startup founders in Plug and Play’s ecosystem.
Founded in 2018, Clara reduces the burden of startups in terms of legal paperwork, thus maximising efficiency in their businesses. The startup’s legal operating system digitizes and automates tasks for founders which are usually performed by lawyers. The services include; legal, document generation, digital company formations, cap table and data room management via its predictive educational function. So far, Clara has created profiles for over 4,000 global startups till date.
Co-Founder and Chief Executive Officer of Clara, Patrick Rogers said, “We’re thrilled to welcome Plug and Play as an investor and a partner. Plug and Play is the world’s largest global innovation platform, supporting more than 15,000 startups per year, across its 60+ accelerator programs. It’s also one of the most active investors in the world, investing in early-stage companies globally. This investment demonstrates Plug and Play’s belief that the Clara platform can be of tremendous support to the thousands of startups it supports each year.”
Plug and Play is a global innovation platform that links businesses, institutions of higher learning, venture capital firms, and governmental organizations. The Silicon Valley-based organization founded in 2006, helps businesses and the public sector at every level of the innovation process, from planning through implementation. The business has made investments in hundreds of businesses such as Dropbox, Guardant Health, Honey, Lending Club and PayPal, just to mention a few.
According to Partner at Plug and Play, Carolin Wais Clara continues to help founders to navigate the complex world of startup law in a way that has not been done before. She expressed excitement in Plug and Play’s investment in Clara and believes that its category-creating product is valuable to startups and the investors who back them.
The fresh investment comes after Clara raised undisclosed seed funding from the LegalTech Fund in April last year.
LegalTech
The existence of technology has disrupted many industries including legal business.
In this latest style of delivering legal services, several companies have developed groundbreaking technology dubbed LegalTech to help customers and workers be more efficient. This type of technology saves time and money for both law firms and clients, thus making work and life easier. Some legal tech in the UAE are; LegalTech Me, Beveron Technologies, APP4Legal and others.
Support for LegalTech
Legal tech startups continue to grow in the MENA region thanks to the support from the government in the future technology space. In Gulf Cooperation Council (GCC) nations, legal tech startups are emerging more frequently than ever as governments attempt to assist the expanding market and remote work encourage more lawyers to embrace innovation, according to a report.
Meanwhile, the Director of Plug and Play Saudi Arabia, Henrik Bærentsen said “This investment exemplifies our continued dedication to investing in the best startups across the kingdom and the region. As one of the world’s most active and successful early-stage tech investors, we are fully committed to fostering the Kingdom’s entrepreneurial ecosystem. We believe in empowering aspiring entrepreneurs and top talents, enabling them to drive the digital transformation that aligns with the ambitious goals outlined in Vision 2030. Together with Clara, we will continue to make a significant impact, and support the growth and success of startups in the region.”