UK legaltech company Definely, created to make legal documents easier to read, edit and understand, has successfully raised $7 million Series A funding.
Available via subscription, Definely’s software assists lawyers at every pre-execution stage of the contract lifecycle, helping its customers draft, proof and understand legal documents quickly.
Headquartered in London, and with over 60 employees located globally, the company is now focused on adding to its existing base of 40,000 active users from the largest companies and law firms in the UK, US, Canada and Australia. As the company advances how it incorporates AI, it will also actively look to expand its highly-experienced technical team.
According to Feargus MacDaeid, co-founder and CSO of Definely:
“Before we built Definely, lawyers that needed to access information and understand contracts would use Ctrl+F keys, multiple windows, scroll through hundreds of pages, or simply print out documents so that they could reference all the information in one place.
As someone who is visually impaired, you can imagine the challenge this represented for me.
It sounds like an obvious problem, but you wouldn’t believe how many hours law firms can spend just looking for the right information.”
Conceived after a chance meeting of two former Magic Circle lawyers, Definely’s co-founders have had a less-than conventional path to creating one of the UK’s fastest-growing LegalTech startups.
Registered as legally blind, Feargus MacDaeid struck up an unlikely friendship with Nigerian migrant Nnamdi Emelifeonwu – when the pair worked together at law firm Freshfields Bruckhaus Deringer – that would see the pair develop technology that has now been proven to give lawyers significant daily time savings when working on contracts.
“Definely is a testament to the power of diverse perspectives and accessibility first in innovation. So we built the simplest delivery possible for our tech, incorporating it via a Microsoft Word Plugin so that it integrates with every lawyer’s existing workflow and tooling. It was this in part, that allowed us to become such an entrenched provider of legal technology to some of the world’s largest law firms and corporations so quickly”, added Nnamdi Emelifeonwu, Co-Founder & CEO of Definely.
Definitely serves law firms and Fortune 500 companies including Allen & Overy (now A&O Shearman), Slaughter & May, Dentons, Deloitte, P&O Cruises and many more.
Octopus Ventures led the investment with participation from Cornerstone VC and Zrosk Investment Ltd. It also saw participation from angels Claire Hughes Johnson, Comron Sattari, Ajay Patel, and Babatunde Soyoye join the cap table. Edward Keelan, partner at Octopus Ventures joins the board.
Edward Keelan, partner at Octopus Ventures, shared:
“At Octopus Ventures, we’re backing the entrepreneurs who make it their mission to empower people and change industries for the better. Definely is a fantastic example of this – what started as a solution to improve accessibility in the legal industry, has evolved into a product that boosts productivity for all lawyers.
By leveraging their powerful AI and strong relationships with companies like Microsoft, Definely is well-positioned to make significant inroads into this $60bn industry."
Lead image: Definely. Photo: uncredited.
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