Aiming to transform how law firms manage growth and client relationships, Sydney legal tech platform Nexl has raised $35 million (US$23 million) in a Series B funding round led by Tidemark Capital.
Founded in 2018 by Philipp Thurner, Nexl is a platform that combines customer relationship management (CRM), referral tracking, pipeline tracking and business development to help streamline office operations and the commercial side of running a law firm.
Thurner, a former employee at commercial law firm Gilbert + Tobin, initially created Nexl to be a ‘LinkedIn for lawyers’ but following multiple iterations has transformed the platform. To date, Nexl is used by 150 law firms worldwide.
The latest funding round will help the company’s development of its AI-powered platform and progress its acquisition strategy.
“By partnering with Tidemark, Nexl gains not just capital but also access to a playbook and community that has powered some of the most successful vertical SaaS companies in the world,” Thurner said.
“When every lawyer is empowered to contribute to growth, and BD and marketing step into their rightful place as strategic partners rather than support functions, firms unlock their true potential. This investment reinforces our role as the long-term growth partner for law firms ready to elevate how they operate and compete.”
The latest funding round was led by US equity firm Tidemark Capital, which was founded by long-time tech investor Dave Yuan, who has previously pumped capital into tech giants like Facebook, Xero, AppNexus and LinkedIn.
Yuan’s current investments include TikTok developer ByteDance, online travel service Klook, developer software company Hashi Corp, Brazilian neobank Nubank and online marketplace Rover.
“Nexl represents a step-function change in legal CRM – purpose-built from the ground up to solve challenges unique to law firms,” said Yuan, who is also a Tidemark partner and Nexl board member.
“By fusing relationship intelligence with CRM, they’ve created a rich user experience that occupies a true control point in the industry.”
