[SAN FRANCISCO] 15th May 2023
LEGAL TECH STARTUP CLARA RECEIVES INVESTMENT FROM GLOBAL INNOVATION PLATFORM, PLUG AND PLAY
Plug and Play, Silicon Valley’s largest global innovation platform, has announced a new partnership and investment in Clara, the legal operating system that empowers tech founders to digitally form, manage, and scale their startups.
Clara enables startups to concentrate on developing their businesses rather than becoming mired in legal paperwork. The company’s category-creating legal operating system digitizes and automates legal tasks for founders, including digital company formations, cap table and data room management, and automated legal document generation (covering SAFEs, ESOPs, and more), all supported by the platform’s predictive educational function.
Launched in 2006, Plug and Play is a leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, with 50+ locations across five continents, Plug and Play leverages accelerator programs and corporate innovation programs to assist corporate and government entities in every stage of their innovation journey, from education to execution. With the largest tech startup scale-up network and an independent in-house venture capital arm driving innovation across multiple industries, Plug and Play has invested in hundreds of successful companies, including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi.
Commenting on the announcement, Patrick Rogers, Co-Founder and CEO of Clara 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.”
With over 4,000 global startups having created profiles on Clara to date, startup founders within the Plug and Play ecosystem will now gain preferential access to Clara’s range of products and tailored educational support that Clara and Plug and Play will co-design.
“Clara is helping thousands of founders navigate the complex world of startup law in a way that has not been done before”, said Carolin Wais, Partner at Plug and Play. “We are excited about our investment in Clara – a company that we believe is building a category-creating product that is proving to be of immense value to startups – and the investors who support them.”
Rogers added, “Plug and Play’s global reach and deep understanding of the issues startups face in navigating hurdles such as company formation and cap table management make them an incredible partner for us – particularly in the context of Clara’s increasing global reach”.
Commenting on the announcement, Henrik Bærentsen, Director of Plug and Play Saudi Arabia, said, ” We are truly excited and proud to be a part of Clara’s remarkable journey. Clara’s exceptional team and their outstanding service have truly impressed us. We have had the privilege of collaborating with Clara in various of our innovation programs, providing invaluable support to startups within the Kingdom. Now, we are eager to expand this collaboration on a regional and global scale, demonstrating our unwavering commitment to Clara as our newest portfolio company.
Henrik added, “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, support the growth and success of startups in the region.”
Clara (Techstars ‘19) is a LegalOS that provides digital tools to help founders form, manage and scale their startups. Clara educates and empowers founders to perform many of the tasks currently performed by lawyers, including incorporating companies, generating documents, building cap tables and structuring data rooms. At the same time, Clara 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 more efficiently. Clara is led by a seasoned team of entrepreneurs who have worked at the upper echelons of the legal and technology industries.