fynk, a startup that simplifies and democratizes access to AI-powered solutions that deliver significant time and cost savings, announced it has raised a €3.1 million funding round. Lead investors 3VC and 10x Founders, along with existing backers, are backing fynk based on its strong early traction and product-market fit. The additional investment comes only four months after fynk’s successful public launch in May 2024 and a €1.25 million pre-seed financing round.
The 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 (XETRA: NWRK01) for €22 million. One major pain point they encountered while running Prescreen was managing legal documents and related workflows. After several years at XING, they noticed that large, publicly traded companies manage their legal documents with sophisticated and costly software, unaffordable for most business owners.
fynk was founded with those business owners’ needs in mind. Like Hootsuite and Shopify, which brought top-tier functionality to a broad segment of the market, fynk focuses on providing value for money with features that meet the needs of 90% of companies. Its intuitive solution for analyzing, managing, and processing contracts, powered by innovative AI technology, makes these powerful tools cost-effective and accessible for small and medium-sized businesses, startups, and agencies.
Already, hundreds of thousands of documents are processed through fynk, and the number is growing rapidly. Companies using fynk can save up to 90% of the time typically spent on contract-related tasks. Furthermore, fynk establishes a document library that serves as a cornerstone for future success and efficiency.
“The integration of AI technologies into contract management software is a game changer. It simplifies the analysis, content review, and tracking of contracts in ways that were unimaginable until recently. fynk has developed a tool that enables SMEs to implement a modern contract management system, previously accessible only to large organizations with dedicated resources,” explained Peter Lasinger, General Partner at lead investor 3VC, regarding the investment decision.
“With its software, fynk is transforming a market that has seen little innovation in recent years. fynk’s solution not only saves time but also empowers non-lawyers to significantly increase their productivity, which aligns perfectly with our investment philosophy. Moreover, the founders have already proven their ability to scale a software company,” added Felix Haas of 10x Founders, who is also the host and chairman of Bits & Pretzels.
“We are excited to have secured two renowned investors, 3VC and 10x Founders, whose passion for exceptionally user-friendly products matches our own. The strong renewed commitment from our existing investors also underscores their immense trust in our phenomenal team,” emphasized Constantin Wintoniak, CEO of fynk.
Since the beginning, fynk’s vision has been to enable quick and easy assessments of archived documents and external contracts. “This financing round allows us to expand our feature set for both existing and new clients. We are committed to realizing our vision of enabling quick document and contract checks for deviations, publishing intelligent, AI-supported ‘playbooks,’ and automatically identifying risks,” Wintoniak adds.
The funding will accelerate product development and expand the company’s international market presence. While fynk’s current customer base is predominantly located in the D-A-CH region, its software is available in both German and English.
Contributors to the round also include existing investors Hansi Hansmann and Lisa Pallweber (Hans(wo)men Group), Moritz Thiele (CoastCap), Personio Co-Founder Ignaz Forstmeier, PlanRadar Founder Domagoj Dolinsek, Latido Founder Stefan Speiser, Alexander Brix (former Head of Operations Europe at Canva), and Kai Romberg, who played a key role in building Hg, Europe’s largest tech investor.
Read the orginal article: https://www.eu-startups.com/2024/10/vienna-based-fynk-raises-e3-1-million-to-bring-ai-driven-legal-workflow-tools-to-non-legal-teams/
