Vienna-based fynk, a SaaS company specialised in developing legal workflow tools, announced on Wednesday that it has raised €3.1M in funding.
The funding round was led by 3VC and 10x Founders, with participation from 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.
The funding announcement comes four months after the Austrian company’s public launch in May 2024 and a €1.25M pre-seed financing round.
The funding will accelerate product development and expand the company’s international market presence.
While fynk’s predominant customer base is in the DACH region, its software is available in German and English.
“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,” says Constantin Wintoniak, CEO of fynk.
fynk: Making legal tools accessible
Founded in April 2022 by Constantin Wintoniak, Dominik Hackl, and Markus Presle, fynk aim is to make enterprise-level legal tools accessible to all businesses.
Previously, the trio founded Prescreen.io, a cloud-based HR platform, scaled the company, and exited to XING for €22M.
While running Prescreen, they found it difficult to manage legal documents and workflows. They noticed that large, publicly traded companies use expensive software for this, which most business owners can’t afford.
Here’s where the fynk comes into play!
The SaaS company provides a simple, modern contract management software for the creation, review, signing, and analysis of large volumes of contracts.
The company offers an AI-powered solution for analysing, managing, and processing contracts, which is cost-effective and accessible for small and medium-sized businesses, startups, and agencies.
As per the company’s claims, hundreds of thousands of documents are processed through fynk, and the number is growing rapidly.
Companies using fynk can save up to 90 per cent of the time typically spent on contract-related tasks.
At present, fynk counts over 100 international companies among its clients.
The investor
3VC is a European venture capital fund that invests in selected startups with global ambition.
The VC partners with companies with strong ties to DACH, CEE and the Baltics, focusing on Series A with an initial ticket size of up to €10M.
“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,” explains Peter Lasinger, General Partner at lead investor 3VC, regarding the investment decision.
10x Founders is a network-powered early-stage investor that unites more than 200 entrepreneurs to back the most ambitious tech startups.
The VC focuses on backing ambitious founders in Europe and the US who are capable of building category-leading companies.
“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,” adds Felix Haas of 10x Founders, who is also the host and chairman of Bits & Pretzels.
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