Legal tech startup fynk raises $3.5 million to bring AI-powered legal workflow tools to non-legal teams
This round comes just four months after fynk’s successful public offering and $1.5 million in pre-seed financing in May 2024.
Founders Konstantin Wintoniak, Dominik Hackl and Markus Presl have done this before. The trio founded prescreen.io, a cloud-based HR platform, quickly expanded the company, and exited to XING for $20 million.
The real challenge in performing pre-screening was managing the legal documents and associated workflows. They then spent several years at XING, where they helped large publicly traded companies manage their legal documents using sophisticated and expensive software suites like Ironclad and Icertis that were beyond the reach of most business owners. I learned that you are managing.
Funk was founded with the needs of business owners in mind. Similar to Hootsuite and Shopify, which have brought top-of-the-line functionality to the long tail of the market, Funk is focused on value for money and features that cover the needs of 90% of businesses.
fynk provides teams with an intuitive solution for analyzing, managing, and processing contracts. The AI-infused technology enables small businesses, startups, and agencies to use its platform cost-effectively. Hundreds of thousands of documents have already been processed with fynk.
Companies using fynk save 9 out of 10 hours when working on contracts. fynk is the foundation of a document library that is the foundation of your future success and efficiency.
“One of the leaders who inspired us is Henry Ford,” says Konstantin Wintoniak, co-founder and CEO of fynk.
“When Ford introduced the Model T, the car was only used by an elite group of people, and no one thought it would be possible to produce a car at a price that the majority of people could afford. Advances have enabled fynk to offer features that would normally be associated with a six- to seven-figure annual contract for just a few hundred dollars a month.”
The founders of 3VC and 10x are the founders of existing companies such as Hansi Hansmann (Hans(wo)men Group), Moritz Thiele (Finanzcheck), Ignaz Forstmeier (Personalio), Domagoj Dolinsek (PlanRadar), Stefan Speiser (Latido), Alexander Brix () led the investment with investors of Canva) and Kai Romberg (Hg Capital).
Peter Lassinger, general partner of lead investor 3VC, said:
“The integration of AI technology into contract management software is a game-changer. It simplifies contract analysis, content review, and tracking in ways that were unthinkable until recently.
fynk has developed tools that give small and medium-sized businesses access to modern contract management that was previously only available to large companies with the necessary talent. ”
“With its software, fynk is changing a market that hasn’t seen much innovation in recent years. fynk’s solutions promise time-saving products that can also double the productivity of non-lawyers. Ideally, it meets our investment creed: founders have already proven in the past that they can scale software companies,” says Felix of 10x Founders, who is also the organizer and chairman of Bits & Pretzels.・Mr. Haas says.
“This round strengthens our product development and expands our range of capabilities for both existing and new customers. Execute our vision of publishing “playbooks” and automatically identifying risks. . ” emphasizes Wintoniak.
This funding round will enable us to accelerate product development and expand our presence in international markets. The company’s customers are currently mainly in the DACH region and the software is currently available in German and English.
Lead image: Fynk founders Marcus Presl, Dominik Hackl and Konstantin Wintoniak. Photo: No credit.
