Australian legal-tech start-up Nexl has reached a valuation of over $100 million after securing $35 million (US$23 million) in new funding led by Tidemark Capital, headed by prominent Silicon Valley investor Dave Yuan — known for early investments in LinkedIn, Facebook, and LegalZoom.
From “LinkedIn for Lawyers” to Legal Operations Platform
Founded in 2018 by former Gilbert + Tobin lawyer Phil Thurner, Nexl originally launched as a professional networking tool for lawyers but pivoted after limited traction. It now offers an integrated legal operations and client relationship management platform used by more than 150 law firms worldwide.
New Investment and Growth Strategy
Thurner, now based in New York, said the company was growing rapidly and could have delayed raising funds to achieve a higher valuation but chose Tidemark for its strategic guidance and network. Yuan’s team conducted extensive due diligence, offering operational insights that reshaped Nexl’s investment approach.
Positioning in the Legal AI Landscape
Unlike AI companies such as Harvey (valued at US$5 billion) that automate back-office legal tasks, Nexl focuses on front-office business development. Its system combines CRM-style features with AI-driven insights to help firms improve client management, growth strategy, and performance tracking.
Next-Generation Product: Navidion
Following the capital raise, Nexl is developing Navidion, a data-driven platform allowing firms to query integrated internal and external information conversationally. It will generate intelligent recommendations for client engagement and business planning — “AI for the business of law,” as Thurner puts it.
Outlook
Thurner expects Nexl to continue expanding internationally, with potential future investment from private equity rather than an IPO. Yuan described Nexl as “a step-change in legal CRM” and predicted it would become the go-to global platform for law-firm growth. Thurner plans to lead the company for the next decade, leveraging Yuan’s mentorship and industry connections to scale Nexl’s global reach.
Source: AFR.com
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