Definely Raises $30M Series B to Revolutionize Contract Review

Definely Secures $30 Million to Revolutionize Legal Contract Review

Nnamdi Emelifeonwu often pondered the work experience of his colleague, Feargus MacDaeid, a registered blind lawyer practicing at the global firm Freshfields in the U.K.

When Emelifeonwu inquired about improvements to MacDaeid’s workflow, the response was direct: a need for assistance in navigating definitions within intricate contracts without losing contextual understanding, as he shared with TechCrunch.

Recognizing the broad applicability of a solution, Emelifeonwu and MacDaeid collaborated in 2017 to establish Definely, an AI-powered legal tech startup designed to facilitate seamless contract review and editing.

Series B Funding and Company Growth

Based in the U.K., Definely recently announced the completion of a $30 million Series B funding round. This investment comes from a diverse group of European and North American investors, including Revaia, Alumni Ventures, and Beacon Capital.

Prior to this, the company successfully raised a $7 million Series A round in May of the previous year.

Definely’s Productivity Suite

Definely provides a comprehensive productivity suite aimed at optimizing the legal drafting and review process. Key features include:

• Draft: Enables lawyers to navigate definitions and clauses within contracts without disruption.
• Vault: Allows for the quick insertion of pre-approved clauses with a single click.
• Proof: Leverages AI to identify inconsistencies and broken cross-references.
• PDF: Facilitates the extraction and analysis of key information from scanned legal documents.

“We are expanding upon these existing capabilities with the recent launch of Enhance, an agentic AI system,” Emelifeonwu stated. “This system features AI agents that integrate directly with Microsoft Word.”

These agents work collaboratively to automate tasks related to drafting, reviewing, and proofreading, thereby enhancing efficiency for legal professionals within their familiar work environment.

Fundraising and Expansion Plans

Emelifeonwu characterized the latest fundraising process as challenging.

However, he also acknowledged the rewarding nature of the experience.

The company connected with its lead investor, Revaia, through a mutual introduction. Notably, all other investors approached Definely directly; the company did not proactively solicit investment during this Series B round.

The newly acquired capital will primarily support the company’s continued expansion into the U.S. market, which currently contributes 30% of its total revenue.

Further investment in AI development and strategic hiring are also planned.

Competitive Landscape

Definely operates within a competitive landscape alongside companies such as Luminance, Robin AI, and ContractPodAI, all focused on innovating within the legal contract space.

A Vision Rooted in Personal Experience

Emelifeonwu, a Nigerian immigrant to the U.K., harbored aspirations of becoming a lawyer from a young age. Upon entering the profession, he felt a strong pull towards entrepreneurship.

“I’ve consistently generated ideas and explored various ventures, but when an opportunity arose that directly addressed challenges I encountered as a lawyer, I knew I had to pursue it,” he explained.

Significance for Black Founders

Emelifeonwu recognizes the importance of this funding round, particularly given the statistical underrepresentation of Black founders in venture capital fundraising.

“Successfully raising this capital and building towards a global business represents both a personal achievement and, hopefully, a demonstration that success is attainable,” he said. “My hope is to inspire a new generation of innovators who may not follow conventional paths but possess equal potential to create significant impact.”