By Sodeinde Temidayo David
Nigeria-led legal tech startup Definely has secured $ 3 million in a funding round led by Microsoft’s M12 venture fund and backed by CRE Venture Capital.
This latest funding brings the startup’s total funding to $ 4.7 million after a seed round in September 2020.
The legal tech company said it will use the fresh capital to accelerate its product development, add to its world-class team and drive further expansion into markets outside the UK.
Founded in 2017 by Mr. Nnamdi Emelifeonwu and Mr. Feargus Macdaeid, Definly is a London-based legal tech that uses artificial intelligence (AI) to make it easy to draft, read and understand contracts.
The startup relieves attorneys of the stress of searching through endless pages of soft and hard copies of legal documents to find and understand the most important information they need.
It’s no longer news that using technology is a surefire way to improve productivity, so Definely is just helping law firms use technology.
The firm has intuitive software that streamlines the contract creation and review process for lawyers, allowing them to access and edit important information with a single click, no matter where they are in their document.
The startup boasts a 500 percent year-over-year growth rate in its user base. Users include the world’s largest law firms, financial institutions, and multinational corporations such as Deloitte, Allen & Overy, and Dentons.
According to the organization, the use of technology will be an important standard for companies looking to hire law firms.
The company’s Chief Executive Officer (CEO) Mr. Nnamdi Emelifeonwuw emphasized that legal technology is no longer a fledgling sector as it is fast becoming an integral part of the work of today’s legal professionals.
“Legal technology emerges and becomes embedded in the way the modern lawyer works. In any case, not only does it speed up the review and drafting process, but most importantly, it allows a lawyer to be more precise in their findings as they never have to leave their offices and lose context while working on a document, ”he said.
Defined has gained considerable traction along the way, as the startup was recognized as one of the top 10 most exciting early-stage scaleups in the UK during the Tech Nation Rising Stars competition in 2021
The company was also one of six Nigerian-led startups selected for the first Google for Startups fund of £ 2 million for black founders in Europe. The startup was recently named Most Promising Mature Business at KPMG’s Black Entrepreneurs’ Awards.