Clara team members | Image credit: Clara
London-based Clara, a legal OS providing an integrated set of self-service tools to help founders digitally form, manage and scale their startups, announced on Tuesday that it has raised funding from The LegalTech Fund to take its Seed funding to more than $3.5M (approximately €3.22M).
The platform is emerging from its beta phase.
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The investor
The LegalTech Fund supports a range of legal space disruptors globally. The fund says it was drawn to Clara’s mission to help founders change the world by making the legal experience fundamentally efficient through a fully integrated platform.
The fund claims that the $1T legal services will continue to grow as the world becomes more complex and the regulatory environment continues to adapt. Innovative technology is just starting to enter the market and will make legal work more efficient, increase access to legal services, and enable next-generation governance tools.
Zach Posner, co-founder and MD of The LegalTech Fund, says, “Even though Clara has just come out of beta, what they’ve built so far has helped thousands of founders navigate the complex world of startup law in a way that has not been done before. We’re excited about our investment in Clara – a company that we believe is building a category-creating product.”
Other investors in Clara include Techstars, 500 Global, Wamda Capital, and Shorooq Partners.
The $1T legal services will continue to grow as the world becomes more complex and the regulatory environment continues to adapt. Innovative technology is just starting to enter the market and will make legal work more efficient, increase access to legal services, and enable next-generation governance tools.
Legal operating system that digitises and automates startup legal expertise
Founded in 2018, Clara is led by a team of entrepreneurs who have worked at the upper echelons of the legal and technology industries. They include Ahmed Arif, Arthur Guest, Hannah McKinlay, Lee McMahon, and Patrick Rogers.
Clara is a legal operating system that digitises and automates startup legal expertise. The legaltech startup educates and empowers founders to address many of the tasks currently performed by lawyers, including incorporating companies, drafting agreements, building cap tables, and structuring data rooms. At the same time, Clara also acts as a collaboration and information sharing tool for founders, investors, and lawyers so that the key players in the global startup ecosystem can work together efficiently.
Patrick Rogers says, “We’re thrilled to welcome The LegalTech Fund as an investor. Their team’s understanding of the legal space, relationships with key global players in the legal ecosystem and operational acumen make them an incredible partner for us – particularly in the context of our move into new jurisdictions later this year.”
A first of its kind legal OS, Clara aims to become an integral part of the software stack for startups around the world having already worked with accelerators like Techstars and 500 to help their cohorts form companies and organise their legals.
As part of Clara’s free Start subscription, founders can access many of the tools they need to get their startup off the ground. This includes educating on key legal concepts, access to legal documents, the ability to create cap tables, as well as shareable data rooms and a health check to fill any critical gaps before speaking with investors.
More than 1,200 startups have used Clara’s beta platform to guide them on legal best practices, and save time and money. The company says it will expand the platform into new jurisdictions in the coming year and continue to release new and improved features to its users.
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