nQ Zebraworks has announced the successful closure of a $4.5 million funding round, pushing its total investment to $13.5 million. This latest round of investment was led by Reckon Limited and included participation from key shareholders. The funds will be directed towards expanding the growth of its cloud-based platform aimed at automating the billing cycle for large and mid-sized law firms.
The company’s CEO, Bill Bice, emphasized that the fresh round of financing presents a strategic opportunity to maximize the market potential which they have been cultivating. nQ Zebraworks intends to enhance sales growth and deliver more value to its clients by leveraging this investment.
The core product, BillingQ, addresses inefficiencies faced by law firms relying on a variety of ad hoc applications and manual approaches for financial operations such as billing, managing accounts receivable (A/R) follow-ups, analyzing collections, and accepting payments. According to a study by Citi Hildebrand referenced by the company, these outdated practices have led to a 9.4% increase in accounts receivable and have extended collection cycles by 5% over the past year.
BillingQ is designed to automate the entire billing cycle, ranging from invoice generation to payment completion, through a cloud platform that integrates with firms’ existing financial management systems. nQ Zebraworks claims that this technological enhancement affords law firms a reduction of 4-6 days per billing cycle, improves collected realization rates, and enhances client experiences.
nQ Zebraworks’ automated solutions are reportedly utilized by hundreds of mid-sized law firms, along with 40% of the AmLaw 200 firms, and 12 of the 20 largest global law firms. The investment by Reckon Limited is a testament to their belief in the growth potential of nQ Zebraworks’ cloud solutions, as affirmed by Sam Allert, group CEO of Reckon Limited.
The origins of nQ Zebraworks trace back to a 2020 merger of nQueue, a company focused on printing, scanning, and cost-recovery solutions for law firms, and Zebraworks, founded by Bice to facilitate the transition of law firms to the cloud. Notably, Bice is also the former founder of ProLaw, acquired by Thomson Reuters in 2001.
For more detailed information, the original funding announcement can be accessed here.