Nexl, the all-in-one collaboration platform trusted by over 100+ law firms around the world has successfully raised $6.6M in Series A funding. The investment round was co-led by Shearwater Capital and one of Nexl’s existing investors, Australian-based B2B venture capital firm EVP, bringing Nexl’s total funding for 2023 to $10M.
In 2021, Nexl made its debut as a revolutionary “no-data-entry” CRM, aiming to address the long-standing issue of inaccurate relationship data within the legal industry. However, the company soon discovered a series of ever more pressing challenges faced by firms across the world — essentially, collaboration across law firm departments. Recognizing the importance of overcoming this obstacle, Nexl set itself a goal to continue to evolve.
Over the past two years, Nexl has undergone a transformation. Fast forward to 2023, and Nexl continues to not only uphold its commitment to resolving relationship data problems for law firms but has also expanded its offerings to encompass a comprehensive suite of collaboration tools and business of law products.
Today, Nexl is more than just a “no-data-entry CRM” and has evolved into an all-in-one collaboration platform, positioning Nexl at the forefront of modernizing the business of law as the industry enters into an unprecedented era of change.
With traditional methods of collaboration and nurturing client relationships no longer meeting the evolving demands of law firm clients, law firms are looking for new ways to drive alignment, run their firms like a business, and manage their client relationships in a coordinated, collaborative way.
Nexl works by first, automatically capturing important relationship data points across firms and actively mapping all relationships and interactions between firm members, prospects, and clients on an ongoing basis. The result is deep “relationship intelligence” into both existing and prospective client interactions, holistically across the firm. With this relationship data and insights captured, Nexl gives firms the tools they need to drive firm-wide collaboration through its suite of collaboration products and solutions – including its latest addition, Nexl’s Email Marketing System — Nexl Engage. This means that firms are given the data and the tools they need to collaborate and drive forward their business of law initiatives.
Off the back of the company’s Series A, Philipp Thurner, CEO and Founder of Nexl says the company is deeply focused on its mission to modernize the business of law — through collaboration — and empower its clients with the tools, knowledge, and insights they need.
“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. They embrace our shared vision to modernize the business of law, enhancing the significance of business operations within their firms and democratizing the power structure. This shift towards a more cohesive, business-like approach in law firms is something we’re proud to support”, he said.
Funds raised from the company’s Series A will enable Nexl to focus on its core market in the United States and boost Nexl’s go-to-market capabilities. It will also turbocharge the company’s product development and enable Nexl to continue its mission of modernizing the business of law.
Zac Zavos, Co-Founder and Managing Partner at Shearwater Capital, on why Shearwater invested in Nexl 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. We’re really happy to be a part of the journey.”
Daniel Szekely, Partner at EVP, on why EVP invested in Nexl again said: “Traditional sales-oriented CRMs are not effective in professional service firms. It is staggering that until today, law firms haven’t had a way to effectively track and manage client relationships using suitable Relationship Management. The large number of leading global firms taking on Nexl’s solution is a testament to the obvious call to market in the industry and an exceptional team that deeply understands the problem solution and has built a fit-for-purpose product delivering real value.”
