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Octopus gets arms around legal tech start-up Definely

7 May 2024, 07:13 | Updated: 7 May 2024, 09:03

A legal tech start-up which works with some of the world's largest law firms to aid more efficient drafting of contracts has struck a multimillion pound funding deal with Octopus Ventures, the prominent early-stage investor.

Sky News understands that Definely, which was 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 the Magic Circle law firm Freshfields Bruckhaus Deringer.

It wants to use the new funding, which will be announced more widely on Wednesday, to expand to the US as well as to provide retention plans to key staff.

The company is also aiming to diversify the products it offers to other legal and professional workflows.

Among London-based Definely's clients outside the legal sector are Deloitte, the accountancy firm, and P&O; Cruises.

Mr Emelifeonwu, Definely's founder, 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're poised to pioneer a new standard of proficiency in legal solutions, seamlessly navigating complexities across diverse industries."

Among the other start-ups Octopus Ventures has backed are Elvie, the femtech products company, and Olio, the food waste app.