Australian-headquartered CRM and revenue operations platform Nexl has successfully raised $4m, with participation from leading Australian-based B2B venture capital firm EVP with follow-on participation from Vulpes, Saniel Ventures and The Legal Tech Fund.
Whereas a previous release indicated that six law firms are investing in Nexl, it has been clarified that this is in the context of using the platform as customers. The firms are Eversheds, Wiersholm, Dentons, Bartier Perry, Polsinelli, and Al Tamimi.
Founded by Philipp Thurner, who previously led innovation at Australian law firm Gilbert and Tobin, Nexl has around 140 law firms using its products, representing a total individual customer base of 50,000. The software is a subscription-based cloud application that actively captures important relationship data points across firms (without data-entry) and then passively maps all relationships and interactions between firm members, prospects, and clients on an ongoing basis. The result is, providing deep “relationship intelligence” into both existing and prospective client interactions, holistically across the firm without data entry.
“Relationships are everything in professional services, yet the management of these relationships usually relies on decentralised and largely disorganised communication and information-sharing practices,” said Thurner. “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.”
Nexl says that raising money in the toughest investment climate in recent memory is validation of its thesis. With this most recent funding round, Nexl will accelerate the development of its core product, increase acquisition efforts in major markets, and attract industry talent to build out its fast-developing ecosystem for partners and clients alike.
Last year, Nexl acquired legal tech customer success platform Jade, with founder Gillian Fishman joining as Nexl’s product success leader.
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