Nigeria-led legal tech start-up, Definitively announced a round of funding of Â£ 2.2million. The tour de table was led by Microsoft’s venture capital fund, M12, and supported by CRE Venture Capital. This funding brings the startup’s total funding to Â£ 3.4million following a funding round in September 2020.
Founded in 2017 by Nigerian Nnamdi Emelifeonwu who is currently its CEO and Feargus Macdaeid, Definely is a London-based legaltech that uses artificial intelligence (AI) to simplify drafting, reading and understanding contracts.
The startup takes all the stress lawyers went through when they scour endless pages of paper and electronic copies of legal documents to find and make sense of the key information they need.
It is no longer news that the use of technology is a sure way to improve productivity. The legal arena is no different, as law firms that make full use of technology today have continued to outperform their peers in increasing profitability and winning new business according to a report by Wolter Kluwers.
Definely’s business is simply to help law firms take advantage of technology. The startup said it has intuitive software that optimizes the contract drafting and review process for lawyers, allowing them to easily access and edit key information with one click, no matter where they are in the world. their document.
The startup shows a 500% year-over-year growth rate in the user base. Some of its users include some of the world’s largest law firms, financial institutions, and multinational corporations, including Deloitte, Allen & Overy, and Dentons.
He also expects his growth rate to increase even more as he envisions exponential growth in the demand and adoption of legal technology globally. According to the startup, the use of technology will be a major criterion for organizations looking to hire law firms.
So the legaltech company says it will use the latest funding to “accelerate product development, expand its world-class team and continue to expand into markets beyond the UK.”
Definely co-founder and CEO Nnamdi Emelifeonwu said legal technology is no longer a nascent industry as it is quickly becoming an integral part of the way legal practitioners work today.
âLegal technology is emerging from its infancy and integrating into the workings of today’s lawyer. Not only does it speed up the review and drafting process, but above all it allows a lawyer to be more precise in his results, as he never has to leave his post and lose context when working on a document. “, did he declare.
Definely has built up considerable traction along the way. The startup was recognized as one of the top 10 most exciting scalings in the UK in the 2021 Tech Nation Rising Stars competition
The startup was also one of 6 Nigerian-led startups selected for the first Â£ 2million Google for Startups fund for Black Founders in Europe. And recently the startup won the ‘Most promising mature company‘at the KPMG Black Entrepreneurs’ Awards.
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