A legal technology start-up that works with some of the world’s largest law firms to help craft more efficient contracts has closed a multimillion-dollar funding deal with prominent early-stage investor Octopus Ventures.
Sky News understands that Definely, founded in 2020, will announce this week that it has raised $7m (£5.9m) in funding from a group of investors led by Octopus Ventures.
Definely, which employs 60 people, works with major global law firms such as A&O Shearman and Slaughter & May to generate substantial time savings for lawyers.
The company was founded by Feargus MacDaeid – who is registered as legally blind – and Nnamdi Emelifeonwu, two lawyers who worked together at law firm Freshfields Bruckhaus Deringer Magic Circle.
It intends to use the new funding, which will be announced more broadly on Wednesday, to expand into the US, as well as to provide retention plans to key employees.
The company also plans to diversify the products it offers into other legal and professional workflows.
London-based Definely’s clients outside the legal sector include Deloitte, the accounting firm, and P&O Cruises.
Emelifeonwu, Founder of Definely, said: “In the ever-evolving landscape of law and technology, our commitment lies in harnessing the power of innovation to redefine excellence.
“With GenAI as our ally, we are poised to pioneer a new standard of proficiency in legal solutions, seamlessly navigating the complexities of diverse industries.”
Other start-ups backed by Octopus Ventures include Elvie, the femtech products company, and Olio, the food waste app.
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