A leading legal tech start-up has secured a significant multimillion pound funding deal with Octopus Ventures, a prominent early-stage investor. Definely, founded in 2020, has announced that it has raised $7m (£5.9m) in funding from a group of investors led by Octopus Ventures.
Definely, which currently employs 60 individuals, partners with some of the world’s largest law firms such as A&O Shearman and Slaughter & May to streamline the process of drafting contracts and generate time savings for lawyers. The company was founded by Feargus MacDaeid, who is registered as legally blind, and Nnamdi Emelifeonwu, both former lawyers at the Magic Circle law firm Freshfields Bruckhaus Deringer.
The start-up plans to use the newly acquired funding, which will be announced publicly on Wednesday, to expand its operations to the United States. It also intends to implement retention plans for key staff members and diversify its product offerings to cater to other legal and professional workflows. Definely’s client base extends beyond the legal sector and includes renowned companies such as Deloitte, the accountancy firm, and P&O Cruises.
Nnamdi Emelifeonwu, the founder of Definely, expressed the company’s commitment to utilizing innovation to redefine excellence in the ever-evolving landscape of law and technology. He stated, “With GenAI as our ally, we’re poised to pioneer a new standard of proficiency in legal solutions, seamlessly navigating complexities across diverse industries.”
Octopus Ventures has previously invested in other successful start-ups such as Elvie, a femtech products company, and Olio, a food waste app. The funding provided by Octopus Ventures will undoubtedly propel Definely towards its goal of revolutionizing the legal tech industry and expanding globally.
