Legal tech startup, dealWIP, which had a focus on deal flow management has put itself on ice, with its co-founder and CEO, Tunji Williams, joining Litera Microsystems. The other two co-founders, Alex Nordholm, Head of Product, and Operations Head, James Clarkin-Breslin, are returning to other jobs also, Williams told Artificial Lawyer.
The company was in the MDR Lab and received lots of plaudits, but Williams said that they simply ran out of money.
He told this site: ‘We raised just under $1M in total funding. [But] as a team, we came to the conclusion that in order to have the long-term impact we envision, we would need greater scale, resources and distribution to effectively take advantage of the massive commercial opportunity that the Transaction Management space presents in the future. dealWIP, unfortunately, was not the right vehicle at this time. It was a painful realization, but we had to make an honest assessment for our investors, our stakeholders and ourselves. As for me, I could not be more excited and confident about Litera’s positioning in this market. I’m energized by the leadership’s focus and vision and I can’t wait to be helpful.’
Williams will now be working at Litera Microsystems, which itself recently acquired another deal flow company, Doxly, run by Haley Altman.
In an additional statement to close contacts, shared with Artificial Lawyer, he also said:
‘First and foremost, thank you for everything you have done to support us and our mission and dealWIP. It’s been a great honor to get to know you and grow closer to you over the course of our journey.
After three years of building dealWIP, we’ve decided to press pause on the company. Simply put, we ran out of money trying to reach escape velocity with our dream. It hurts, but it happens. I’d be lying if I said it hasn’t been painful to fall short. It’s been really painful. But the thing about reaching for your dreams publicly, is that when you fall, you have to do that publicly, too. And, that’s okay. I wouldn’t change a thing.
I haven’t worked a day in more than three years. I’ve had the divine privilege of living and breathing my vision into life with a wonderful team of faithful partners and friends. When we started dealWIP, we thought we came together to build software to change the world of corporate transactions forever. But we’re the ones changed forever. What we set out to build was beautiful software and a company that would work and treat people the way we wish the world would. In that, I think we succeeded.
My purpose today is the same as it was three years ago. I’m here to build software technology that serves and honors the humanity in working professionals, all while giving them the ability to scale and expand their natural potential. I’m inspired to build tools that bring joy to people as they work, and brighten the way we relate and transact with one another, especially when the stakes are high. The work we do is an extension of who we are, and that’s why we set out to build transaction management software to help reflect the best in every corporate transaction professional who puts their heart and soul into their craft each day.
A mentor of mine taught me that one can achieve anything in this life if willing to subdue ego, share credit, and keep one’s eye on the prize. I plan to do just that. I am so grateful and fortunate today to have the unique opportunity to join the blockbuster team at Litera Microsystems as the company’s new Director of Strategy for Transaction Management.
I’m thankful to Avaneesh Marwaha and the entire leadership team at the company for bringing me into the fold. I’ll have the special honor of supporting the dynamic and tenacious, Haley Altman—a leader whose vision, humility and determination I admire immeasurably. While the position is new for me, the vision and commitment are the same. One world, one software platform, for all transactions. Please stay tuned.
Tunji Williams | Co-Founder & CEO ‘
This is very sad news, Artificial Lawyer knows the team well and they had brilliant energy and ideas. No doubt they will be doing plenty of excellent things in the future.
The other issue is what this says about the wider legal tech startup market. Is this the beginning of a wider trend now?