Law tech management platform Nexl nabs $35 million Series B

Sydney legal practice collaboration and CRM platform Nexl has raised US$23 million (A$35m) in a Series B.

The round was led by Dave Yuan’s US growth equity firm Tidemark Capital.

Philipp Thurner, former head of innovation at Gilbert and Tobin, and now based in New York, founded Nexl in 2018, pivoting in 2021 to help law firms collaborate across marketing, business development and operations to drive revenue, improve profitability and strengthen service delivery and client relationships.

The AI-driven growth platform modernises the business side of law, uniting front-office functions for customer relationship management (CRM).

While headquartered in Sydney, Nexl has leadership hubs in New York and Chicago, with more than 150 firms, including AmLaw 100 leaders, as clients worldwide. 

Nexil has now raised more than $45 million in the past two years, following a $6.6 million Series A in December 2023 and $4 million in March that year.

Thurner, the CEO said Nexl enables data-driven to address one of the legal industry’s biggest challenges: making business development both scalable and lawyer-friendly, offering insights and activity support lawyers need to be prepared and engaged in business development. 

“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,” he 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 funding will be deployed on several fronts, including new leadership hires and strategic acquisitions, as well as further development of the AI capacity of the platform. 

Tidemark founder Dave Yuan, who’s on the Nexl board, said the platform is purpose-built from the ground up to solve challenges unique to law firms.

“Nexl represents a step-function change in legal CRM,” he said.

“By fusing relationship intelligence with CRM, they’ve created a rich user experience that  occupies a true control point in the industry. We’re thrilled to partner with Nexl for the long haul as they continue to become the go-to platform for law firms globally.” 

Tidemark has created a large global community of SaaS founders and operators, and at his previous firm, Yuan invested in Nasdaq-listed LegalZoom.