Inadequate contract management costs companies worldwide $2 trillion in additional value every year
Vienna (OTS) – Constantin Wintoniak, Dominik Hackl and Markus Presle suddenly gained notoriety among German-speaking founders in 2017 at the latest with the sale of their company Prescreen to Xing for 17 million euros. Now numerous prominent business angels have invested in their new contract management software company funk involved in the preseed financing round.
The investors include Johann “Hansi” Hansmann (The Hans(wo)men Group), the family office CoastCap of Finanzcheck founder Moritz Thiele, Andreas Burike (AnyDesk), Personio co-founder Ignaz Forstmeier, PlanRadar founder Domagoj Dolinsek , Latido founder Stefanspeiser, Alexander Brix (Head of Operations Europe, Canva), Kai Romberg, who helped build Europe’s largest tech investor with Hg, and business lawyer Manuel Mofidian with his DeepTech incubator. In addition, the company secured FFG funding, so that this first financing measure raised a total of 1.25 million euros in growth capital for the “public launch” of the SaaS solution today.
Fast growing market
The global contract management software market was loud in 2023 Emergen Research has a volume of 2.75 billion US dollars and will reach a size of 9.23 billion US dollars in 2032 with a compound annual growth rate of 14.4%. The growth drivers are the increasing need for more efficient contract processes and better risk management, as well as changes in legal requirements. In addition, there is the integration of AI technologies into contract management software, which enable new application scenarios in the analysis and tracking of contractual agreements.
According to Deloitte Consulting, companies worldwide are missing out on $2 trillion in additional value creation due to poor contract management and outdated processes.
“The majority of companies with 10 to 500 employees still use word processing programs to create, coordinate and manage their contracts. So far, they have not had a suitable solution for switching to modern software, either technologically or in terms of costs. It is precisely these organizations that we are addressing with fynk in order to increase productivity, accuracy and cost efficiency in the management of contracts and to streamline the associated administration and coordination processes.”
explains Constantin Wintoniak, CEO and co-founder of fynk.
“Over the past two years, we have developed fynk, a simple, modern contract management software for creating, checking, drawing and analyzing large numbers of contracts in Vienna.”
said Wintoniak. The tool organizes contracts from start to finish in flexible, user-friendly contract management. This gives users complete transparency, control and management of all legal documents in the company. From anywhere, at any time, in a browser.
Monthly subscriptions start at 69 euros for two users. Larger packages with up to eight users including AI contract analysis and AI summary cost 299 euros per month. Customers include FC Nürnberg, Finmatics, Löwenteil and Unite.
“In our last software company, Prescreen, we had the challenge of keeping track of our contracts, deadlines, approvals, templates and risks. However, based on our market research, we have not found a user-friendly, intelligent and affordable solution for the SME sector. That was the trigger for us to start a new business again.”
comments co-founder and CSO Markus Presle on the genesis of fynk.
Contracts are the basis of every company and business transaction, but they are often treated carelessly and are often handled entirely using manual processes. “That’s exactly what we want to change with fynk and offer a modern solution for practically all companies. In addition, we use our proprietary AI functions in the product core to automatically analyze, check, search and process contracts.”
Wintoniak concluded.
About fynk
fynk was founded in April 2022 by Constantin Wintoniak, Dominik Hackl and Markus Presle. Today the SaaS company employs ten people in Vienna. The team will be expanded by five people by mid-year expanded. fynk is a simple, modern contract management software for creating, checking, drawing and analyzing large numbers of contracts. The official market launch took place in mid-May 2024. Further information can be found at https://fynk.com/
Questions & Contact:
Thomas Reiter, Reiter PR
+43 676 66 88 611
thomas.reiter@reiterpr.com
Further information about fynk at fynk.com or by email to presse@fynk.com