Legaltech startup fynk has raised $3.5 million to bring AI-driven legal workflow tools to non-legal teams
This round comes just four months after the successful public launch of fynk in May 2024 and pre-seed financing of $1.5 million.
Founders Constantin Wintoniak, Dominik Hackl and Markus Presle have done it before: The trio founded prescreen.io, a cloud-based HR platform, quickly scaled the company and exited to XING for $20 million.
A real pain they had running pre-screen was the management of legal documents and the related workflows. Then, spending a few years at XING, they learned that large, public companies manage their legal docs with sophisticated and costly software suites like Ironclad or Icertis that are unaffordable for the vast majority of business owners.
Funk was founded with the needs of such business owners in mind. Like Hootsuite or Shopify, which have brought top-of-the-range functionality to the long tail of the market, Funk is all about value for money and features that cover the needs of 90% of companies.
fynk offers teams an intuitive solution for analysing, managing and processing contracts.It's AI-embedded tech makes its platform cost-effectively available to small and medium-sized companies, startups and agencies. Hundreds of thousands of documents are already being processed with fynk.
Companies that use fynk can save up to 9 out of 10 hours when working with contracts. And fynk is the foundation of a document library that serves as a cornerstone for future success and efficiency.
“One of the leaders who have inspired us is Henry Ford”, says Constantin Wintoniak, co-founder and CEO of fynk.
“When Ford introduced the Model T, cars were only used by an elite of people, nobody thought it would be possible to produce them at a price point the majority of people could afford. With the advancement in AI-technology, fynk is now able to deliver functionality that typically comes with six or seven figure annual contracts for just a few hundred dollars a month.”
3VC and 10x Founders led the investment alongside existing investors, including Hansi Hansmann (Hans(wo)men Group), Moritz Thiele (Finanzcheck), Ignaz Forstmeier (Personio), Domagoj Dolinsek (PlanRadar), Stefan Speiser (Latido), Alexander Brix (Canva) and Kai Romberg (Hg Capital).
Accordng to Peter Lasinger, General Partner at lead investor 3VC:
"The integration of AI technologies into contract management software is a game changer. It simplifies the analysis, content review and tracking of contracts in a way that was unthinkable until recently.
fynk has developed tools that enable SMEs to use modern contract management that was previously only available to large organizations with the necessary human resources."
"With its software, fynk is changing a market that has not been particularly notable for innovation in recent years. fynk's solution promises a time-saving product that also enables non-lawyers to multiply their productivity and thus ideally fulfills our investment credo. Apart from that, the founders have already proven in the past that they can scale a software company," says Felix Haas of 10x Founders, who is also host and chairman of Bits & Pretzels.
"This round will boost our product development and expand our range of features for both our existing and new clients. We will execute against our vision of quickly checking documents and contracts for deviations, publish intelligent, AI-supported 'playbooks' and automatically identify risks." emphasizes Wintoniak.
The financing round makes it possible to accelerate product development and expand international market presence. The company, whose customers are currently mostly located in the DACH region, currently offers its software in German and English.
Lead image: Fynk founders Markus Presle, Dominik Hackl and Constantin Wintoniak. Photo: uncredited.
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