The DIFC’s funding comes as part of its $100 million FinTech fund and strategy working to attract startups to expand into the MENA region.
The Dubai International Financial Centre (DIFC) has invested an undisclosed amount in UK-based legal tech startup Clara, with the company setting up an office within the DIFC financial hub following the new funds.
DIFC’s investment is part of its $100 million FinTech fund and strategy to support the expansion of startups into the Middle East, as well as to help establish, level-up, and give companies access to MENA and South Asian markets.
“The DIFC continues to be a catalyst for innovation in the region by investing in businesses that can help transform the finance industry,” said Arif Amiri, chief executive of the DIFC Authority.
“We are therefore delighted to announce investment from DIFC’s FinTech Fund in Clara,” he continued, describing it as “a rapidly growing LegalTech startup that will make doing business easier for early stage companies and other businesses that form part of the region’s largest financial services ecosystem.”
Led by a team of lawyers and tech experts, Clara’s platform automates a range of tasks conducted by lawyers in service of startups, including the drafting of agreements and legal steps within the process of establishing companies.
Patrick Rogers, Clara CEO and co-founder, identified that "start-ups are looking for a new approach to help them overcome the pain and complexity of dealing with legal matters.”
DIFC’s funding comes as a growing number of startups operate within the hub, a number which grew by 20% in 2021 to reach 2,919, weathering disruptions to business caused by the COVID-19 pandemic.