Sydney-based legal software company Nexl has raised US$23 million (A$35 million) in its Series B funding round.
The investment was led by Tidemark Capital, a US-based growth equity firm founded by Dave Yuan.
Nexl was founded in 2018 by Philipp Thurner, who was previously the Head of Innovation at Gilbert and Tobin. He is now based in New York.
In 2021, Nexl shifted its focus to help law firms work better together across marketing, business development, and operations — aiming to increase revenue, boost profits, and improve client relationships.
Nexl is an AI-powered platform that helps modernize the business side of law firms, bringing together key tools for managing client relationships (CRM).
Although its headquarters are in Sydney, Nexl also has leadership teams in New York and Chicago. The company now works with over 150 law firms worldwide, including several top AmLaw 100 firms.
Nexl has now raised over $45 million in the past two years, including $6.6 million in a Series A round in December 2023 and $4 million in March 2023.
Its earlier investors include Shearwater Capital, EVP, Vulpes, and Saniel Ventures.
According to CEO Philipp Thurner, Nexl helps law firms use data-driven tools to solve a major industry challenge — making business development easier to scale and more lawyer-friendly. The platform gives lawyers the insights and support they need to stay prepared, proactive, and engaged in growing their business.
“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 new funding will be used for hiring more leaders, making strategic acquisitions, and enhancing the platform’s AI features.
Tidemark founder Dave Yuan, who is also on Nexl’s board, said the platform was specifically designed to solve problems unique to law firms.
“Nexl represents a step-function change in legal CRM,” he said.
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