Business law legaltech startup Nexl apprehends $6.6 million Series A

Legal industry collaboration platform Nexl has raised $6.6 million in a Series A as it looks to modernise business law.

The round was co-led by Shearwater Capital and existing backer EVP. The business has now raised $10 million in 2023.

Philipp Thurner, the former head of innovation at top tier law firm Gilbert and Tobin, founded Nexl in 2019 by with the goal of becoming a LinkedIn-style network for lawyers, going on to raise $820,000 in a Seed round backed by Vulpes and Saniel Ventures in December that year .

But that concept failed to gain financial traction, so Thurner turned the underlying tech platform into a CRM (Customer Relationship Management) for the industry, launched in January 2021.

He subsequently identified the problem of inaccurate relationship data and over the last two years, developed the software platform to enhance collaboration across law firm departments.

In March, Nexl raised $4 million.

The all-in-one platform combines CRM with relationship intelligence, email marketing, and project management. It’s now being used by practices in Europe, the US and in Australia, including the nation’s top six law firms. The new capital will be used to expand in Nexl’s core market in the United States and for product development.

Nexl founder and CEO Philipp Thurner said Nexl set out to modernise law with collaboration tools.

“I am incredibly excited about the remarkable strides we’ve made, a reflection of the success of our clients who are the true innovators and bold leaders in the legal industry,” he said.

“They embrace our shared vision to modernise the business of law, enhancing the significance of business operations within their firms and democratising the power structure.”

Thurner said it’s about developing a more cohesive, business-like approach in law firms.

“Our clients are the vanguard of this change, and our rapid progress, with two funding rounds in just 12 months amidst a tough VC climate, speaks volumes about our mutual success,” he said.

“This is not just about funding; it’s a clear indicator of the legal industry’s commitment to collaborative, data-driven strategies.”

Shearwater Capital cofounder Zac Zavos said: “All our customer research told us law firms wanted a relationship management platform that would work out-of-the-box and existing incumbent players didn’t meet this need for law firms. Nexl does this and their strong growth is a reflection of how well they address this problem.”