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Funding

Gilbert & Tobin’s former innovation boss raises $4 million for his law firm data startup

- March 14, 2023 2 MIN READ
NEXL CEO and founder Philipp Thurner
NEXL CEO and founder Philipp Thurner
Customer relationship management (CRM) and revenue operations software startup Nexl has raised $4 million in new capital, backed by B2B-focused VC EVP alongside follow-on funds from Vulpes and Saniel Ventures.

Nexl was founded 3.5 years ago by Philipp Thurner, who was head of innovation at top tier law firm Gilbert and Tobin. The software platform helps law firms build stronger client relationships, capturing important relationship data points across firms without data-entry, then mapping all relationships and interactions between firm members, prospects, and clients on an ongoing basis.

“Relationships are everything in professional services, yet the management of these relationships usually relies on decentralised and largely disorganised communication and information-sharing practices,” Thurner said.

“Management and growth teams within law firms will generally have very little visibility as to the strength of individual client relationships and the context behind each.”

He plans to use the fresh cash to accelerate product development, increase acquisition efforts in major markets, and new hires.

Nexl now has staff across six continents and is used by more than 100 law firms in 37 countries.

Thurner said the Nexl platform is changing the way law firms connect in a deeper way than ever before possible to stay competitive and meet client expectations, while working in a collaborative environment.

“The legal industry is under severe pressure to evolve and thrive in a digital, hybrid and remote environment, which to date firms have struggled with,” he said.

“Nexl has positioned itself to be a partner to professional service firms in the face of these rising pressures.”

Nexl pivoted in late 2020, 17 months after it launched in mid 2019 with the goal of becoming a LinkedIn-style network for lawyers, going on to raise $820,000 in a Seed round in December that year. The idea failed to gain financial traction, so Thurner scrapped that idea and instead turned the underlying tech platform into a CRM for the industry which launched as Nexl 2.0 in January 2021.

 

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