Definely, a London, UK-based legaltech company focused on simplifying legal documents, has raised $7 million in Series A funding.
Investors
The round was led by Octopus Ventures, with participation from Cornerstone VC and Zrosk Investment Ltd. Notable angels Claire Hughes Johnson, Comron Sattari, Ajay Patel, and Babatunde Soyoye also joined the cap table.
Octopus Ventures is a venture capital firm managing £1.9 billion for retail and institutional investors and invests £200 million yearly. The firm invests in the later stages of growth, providing capital, expertise, and partnership. It has built expertise across seven sectors: B2B software, climate tech, consumer tech, deep tech, fintech, biotech, and health, and has backed more than 180 businesses across the UK and Europe.
Octopus Ventures' Edward Keelan, partner at Octopus Ventures, now joins CRE Venture Capital and Zrosk Investments on the board.
Definely Use of Funds
The company plans to utilize the funding to further enhance its suite of productivity solutions for lawyers. Additionally, Definely intends to grow its customer base, with a specific focus on adding to its existing 40,000 active users from leading companies and law firms across the UK, US, Canada, and Australia.
About Definely
Founded in 2020, Definely is a legaltech company that makes it easier for lawyers to read, edit, and understand legal documents. The company offers a subscription-based suite of productivity solutions designed to assist lawyers at every stage of the contract lifecycle. Its flagship product, Definely Vault, leverages AI techniques to simplify contract management and streamline document review processes. Headquartered in London, the company serves a diverse clientele, including elite law firms and Fortune 500 companies such as Allen & Overy (now A&O Shearman), Eversheds, DLA Piper, Deloitte, Ericsson, and Barclays, among others. Definely is currently operational in Europe, North America, Africa, Australia, and Asia.
Funding Details
Company: Defeyene Legal Solutions Limited
Raised: $7.0M
Round: Series A
Funding Month: May 2024
Investors: Octopus Ventures
Additional Investors: Cornerstone VC and Zrosk Investment Ltd, Claire Hughes Johnson, Comron Sattari, Ajay Patel, Babatunde Soyoye
Company Website: https://www.definely.com/
Software Category: Legal
Source: https://www.definely.com/news/definely-secures-7m-in-series-a-funding-to-change-how-the-worlds-top-lawyers-access-and-understand-contracts