Robert Ambrogi Blog
As the investment dollars keep flowing into legal tech, today’s beneficiary of that trend is Nexl, an AI-powered CRM and “growth platform” for law firms, which has closed a $23 million Series B funding round.
The round was led by Tidemark Capital, whose founder Dave Yuan said that Nexl “represents a step-function change in legal CRM.”
“By fusing relationship intelligence with CRM, they’ve created a rich user experience that occupies a true control point in the industry,” said Yuan, who sits on Nexl’s board. “ We’re thrilled to partner with Nexl for the long haul as they continue to become the go-to platform for law firms globally.”
Founded in 2018, Nexl is unlike legacy CRMs, the company says, because of its ability to integrate relationship intelligence, revenue insights and market data within a single platform.
The platform is designed to be used by a firm’s lawyers, marketers and business development teams alike, as a single, firm-wide growth and CRM platform.
Nexl will use this funding to accelerate development of this platform, to pursue acquisitions, and to strengthen its leadership team.
“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,” said Philipp Thurner, founder and CEO of Nexl.
“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.”
Nexl says its platform is used by more than 150 law firms worldwide.
Tidemark is known for its expertise in vertical SaaS, having developed the Vertical SaaS Knowledge Project, and built one of the largest global communities of SaaS founders and operators. The firm also brings legal industry perspective: at his previous firm, Yuan invested in LegalZoom, and at Tidemark, the team is also an investor in Clio.