Legal industry collaboration platform Nexl has successfully raised $6.6 million in a Series A funding round, co-led by Shearwater Capital and existing backer EVP. This recent round brings Nexl’s total funding in 2023 to an impressive $10 million. Philipp Thurner, the founder and CEO of Nexl, aims to modernize the business law landscape through innovative collaboration tools.
Nexl was initially conceptualized in 2019 with the ambition of becoming a LinkedIn-style network for lawyers. However, the concept faced challenges in gaining financial traction. Undeterred, Thurner pivoted the underlying tech platform into a Customer Relationship Management (CRM) solution for the legal industry, officially launching in January 2021. This strategic shift allowed Nexl to address the critical issue of inaccurate relationship data prevalent in the legal sector.
In December of the founding year, Nexl secured $820,000 in a Seed round backed by Vulpes and Saniel Ventures. As the platform evolved, Thurner identified the need for improved collaboration across law firm departments, leading to the development of a software platform that enhances collaboration within the industry.
In March of the current year, Nexl secured an additional $4 million in funding, signaling a strong endorsement of its innovative approach to legal tech. The all-in-one platform seamlessly integrates CRM with relationship intelligence, email marketing, and project management. Its adoption has extended across practices in Europe, the United States, and Australia, including some of the top law firms in the nation.
The latest infusion of $6.6 million in Series A funding is earmarked for further expansion in Nexl’s core market, the United States, and for ongoing product development. The platform has gained significant traction and user adoption, with law firms recognizing the need for a cohesive, business-like approach to their operations.
Nexl’s founder and CEO, Philipp Thurner, expressed his excitement about the strides the platform has made and emphasized the success of Nexl’s clients, who are driving innovation in the legal industry. Thurner highlighted the shared vision to modernize the business of law, making business operations within law firms more significant and democratizing the power structure.
Thurner emphasized that Nexl’s goal is to cultivate a more cohesive, business-oriented approach within law firms. He noted that clients using Nexl are at the forefront of this transformative change, and the rapid progress, including two funding rounds in just 12 months, speaks volumes about the mutual success and commitment of the legal industry to collaborative, data-driven strategies.
Zac Zavos, Co-founder of Shearwater Capital, shared insights into Nexl’s strong growth, stating that law firms expressed a clear need for a relationship management platform that would work seamlessly out-of-the-box, a gap Nexl effectively addresses. He recognized Nexl’s robust growth as a reflection of how well the platform meets the crucial needs of law firms.
The funding rounds and Nexl’s continuous growth underscore the legal industry’s recognition of the importance of collaborative, data-driven strategies. Nexl’s unique approach to legal tech positions it as a leader in modernizing the legal landscape, providing innovative solutions that resonate with the evolving needs of law firms globally. As Nexl continues to expand its presence and enhance its platform, it exemplifies the dynamic intersection of technology and law, setting the stage for a more collaborative, efficient, and innovative legal ecosystem.