nQ Zebraworks, a company whose “invoices-to-cash” solution automates the billing cycle for large and mid-sized law firms, has closed a $4.5 million funding round, bringing its total investment to $13.5 million. The investment was spearheaded by the company’s lead investor Reckon Limited and supported by key shareholders and will be used to drive growth of […]
nQ Zebraworks, a company whose “invoices-to-cash” solution automates the billing cycle for large and mid-sized law firms, has closed a $4.5 million funding round, bringing its total investment to $13.5 million.
The investment was spearheaded by the company’s lead investor Reckon Limited and supported by key shareholders and will be used to drive growth of its cloud-based platform.
“This additional investment in nQ Zebraworks enables us to capitalize on the market opportunities that we’ve been building toward,” said Bill Bice, CEO of nQ Zebraworks. “It’s an exciting time for our team as we leverage the great foundation we’ve built to drive sales growth and deliver value to our clients.”
The company’s BillingQ product targets the problem of firms that rely on a mix of ad hoc applications and manual processes to deliver bills, manage A/R follow-ups, analyze collections, and accept payments.
Citing a study by Citi Hildebrand, the company says that these manual and ad hoc processes last year resulted in firms seeing a 9.4% increase in accounts receivable and a 5% longer collection cycle. Many firms have sought to tackle this problem by adding billing and collections staff, driving up their overhead.
BillingQ is designed to “turbocharge” this process by automating the full billing cycle for law firms, from invoices to payments, in a cloud platform, while also integrating with firms’ financial management systems. The company says that BillingQ saves firms 4–6 days per billing cycle while improving collected realization rates and enhancing the client experience.
nQ Zebraworks says its products are used by hundreds of mid-sized law firms, 40% of AmLaw 200 firms, and 12 of the 20 largest global firms.
“Our ongoing investment in nQ Zebraworks reflects our confidence in the growth potential of its cloud-based solutions,” said Sam Allert, group CEO of Reckon Limited. “We’re committed to supporting its continued development and market expansion.”
nQ Zebraworks was formed in 2020 as a result of the merger of nQueue, then a company that provided printing, scanning and cost-recovery solutions for law firms, and Zebraworks, a company started by Bice to help move law firms to the cloud.
Bice was formerly the founder of ProLaw, which Thomson Reuters acquired in 2001.
