UK legaltech Definely today announces a strategic investment from Raine Ventures, the venture arm of US investment firm The Raine Group. The financial specifics have not been disclosed.
Launched in 2020, Definely makes it easier for lawyers to read, edit, and understand legal documents. The company offers a subscription-based suite of productivity tools to assist lawyers at the pre-execution stage of the contract lifecycle.
The investment from Raine Ventures positions Definely to capitalise on its early success in the US market. Raine manages investment strategies across growth equity and venture capital, with current assets under management exceeding $3.4 billion. Raine’s extensive industry network and expertise in the technology, media, and telecom (TMT) sectors make them an ideal partner for Definely's expansion plans.
This move comes at a pivotal stage in Definely’s growth, following its successful Series A announcement in May. As Definely seeks to strengthen its foothold in the United States and break into new industries, Raine's global network and strategic guidance, which have benefited numerous fast-growing TMT enterprises, are expected to be invaluable assets. This new partnership will accelerate Definely's expansion plans, particularly in enhancing its US footprint and penetrating new industry sectors, aligning perfectly with the company's current momentum and future goals.
Nnamdi Emelifeonwu, CEO and co-founder of Definely, shared:
"Bringing Raine Ventures onto our cap table, as a US-based investment firm with a strong track record and network, allows Definely to double down on its early success in the US market and capitalise on the US opportunity at a pivotal stage in our growth.
We are excited for what the future holds as the relationship continues to grow."
Gordon Rubenstein, Managing Partner of Raine Ventures, shared:
"Definely presents a compelling investment opportunity due to its innovative AI-driven tools that enhance efficiency, accuracy, and productivity during the pre-execution stage of the contract lifecycle.
The company is solving a critical pain point for lawyers across the legal industry, and we are thrilled to partner with the Definely team and help catalyse this next phase of growth."
The investment will support Definely's hiring plans and product development initiatives. It also provides access to Raine's vast network in the US market, offering the potential for new customer relationships and strategic partnerships.
Definely is currently operational in Europe, North America, Africa, Australia, and Asia.
Lead image: Definely. Photo: uncredited.
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