nQ Zebraworks, an organization whose “invoices-to-cash” resolution automates the billing cycle for giant and mid-sized regulation corporations, has closed a $4.5 million funding spherical, bringing its complete funding to $13.5 million.
The funding was spearheaded by the corporate’s lead investor Reckon Restricted and supported by key shareholders and will likely be used to drive development of its cloud-based platform.
“This extra funding in nQ Zebraworks allows us to capitalize available on the market alternatives that we’ve been constructing towards,” stated Invoice Bice, CEO of nQ Zebraworks. “It’s an thrilling time for our group as we leverage the nice basis we’ve constructed to drive gross sales development and ship worth to our shoppers.”
The corporate’s BillingQ product targets the issue of corporations that depend on a mixture of advert hoc functions and guide processes to ship payments, handle A/R follow-ups, analyze collections, and settle for funds.
Citing a examine by Citi Hildebrand, the corporate says that these guide and advert hoc processes final 12 months resulted in corporations seeing a 9.4% improve in accounts receivable and a 5% longer assortment cycle. Many corporations have sought to sort out this downside by including billing and collections workers, driving up their overhead.
BillingQ is designed to “turbocharge” this course of by automating the complete billing cycle for regulation corporations, from invoices to funds, in a cloud platform, whereas additionally integrating with corporations’ monetary administration techniques. The corporate says that BillingQ saves corporations 4–6 days per billing cycle whereas bettering collected realization charges and enhancing the consumer expertise.
nQ Zebraworks says its merchandise are utilized by tons of of mid-sized regulation corporations, 40% of AmLaw 200 corporations, and 12 of the 20 largest world corporations.
“Our ongoing funding in nQ Zebraworks displays our confidence within the development potential of its cloud-based options,” stated Sam Allert, group CEO of Reckon Restricted. “We’re dedicated to supporting its continued growth and market enlargement.”
nQ Zebraworks was shaped in 2020 on account of the merger of nQueue, then an organization that offered printing, scanning and cost-recovery options for regulation corporations, and Zebraworks, an organization began by Bice to assist transfer regulation corporations to the cloud.
Bice was previously the founding father of ProLaw, which Thomson Reuters acquired in 2001.
