Legal operating system Clara, which provides an integrated collection of tools to help organizing and managing of firms, has raised over $3.5 million in seed funding, according to a Tuesday (April 12) report from TechFundingNews.
The seed funding comes from The LegalTech Fund, a global fund working on promoting numerous legal disruptors, the report noted. The company is exiting beta, which means it should have more features and functionality, and the company plans to expand its jurisdictions and provide “new and improved” services.
The London-based company is a legal operating system, digitizing and automating legal expertise for startups. That consists of establishing companies, preparing agreements, building cap tables and arranging data rooms, per the report.
Clara, in addition, also works as a collaboration and information sharing tool for founders, investors and lawyers.
The report said founders can access various tools as part of Clara’s free Start subscription, such as legal education, access to legal documents, being able to develop cap tables, shareable data rooms and more.
The report added that Clara’s goal of helping founders make legal experiences more transparent had drawn The LegalTech Fund’s attention.
The LegalTech Fund’s co-founder and Managing Director, Zach Posner, stated, “Despite the fact that Clara is still in beta, what they’ve produced thus far has assisted thousands of entrepreneurs in navigating the difficult world of startup law in a way that has never been done before. Clara is a firm that we feel is building a category-defining product, therefore we’re excited about our investment.”
Read more: LegalTech Meets Law Firms’ Need for Digital-First Invoice, Data Solutions
Litera, another company working in LegalTech solutions, also recently bought Prosperoware, which provides software solutions to help teams work better.
“We’ve been really focused in on how we continue to build out our platforms, solve more problems for the legal industry and the broader corporate market,” Haley Altman, global head of corporate development at Litera, told PYMNTS.
