Total amount raised
$35 Million
Latest funding date
12/01/2023
Location
Paperless Parts has successfully raised funding over four rounds, with the latest being a Venture - Series Unknown round. The company is backed by investors such as OpenView, which has played a significant role in its financial journey.
Keep reading to explore the intricacies of Paperless Parts' fundraising journey and the investors backing this innovative platform.
What Is Paperless Parts?
Paperless Parts is a manufacturing intelligence company that provides quoting and estimating software for the manufacturing industry. The company is based in Boston, Massachusetts, with an additional location in Encinitas, California.
Founded to streamline workflow and increase profitability for manufacturers, Paperless Parts offers features like workflow centralization, costing and pricing automation, and enhanced buyer experience. The company employs between 11-50 people and is trusted by hundreds of manufacturers across North America.
How Much Funding Has Paperless Parts Raised?
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: February 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their quoting and estimating software.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand initial market reach.
- Series B
- Amount Raised: USD 30,000,000
- Date: September 2021
- Lead Investors: OpenView
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance AI capabilities, streamline the user interface, and expand the team.
- Series Unknown
- Amount Raised: USD 5,000,000
- Date: December 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and improving the platform.
Total Amount Raised: USD 35,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- OpenView
- Details: OpenView is a venture capital firm that focuses on expansion-stage software companies. They led the Series B funding round for Paperless Parts.
- Investment Focus Areas: Expansion-stage software companies, technology, growth-stage companies.
- Notable Investments: Not publicly disclosed.
What's Next for Paperless Parts?
Paperless Parts stands at the cusp of significant growth, driven by opportunities to enhance its AI capabilities and streamline its user interface. The company’s recent $30 million Series B funding will be pivotal in developing new features like fully automated pricing and a natural language processing engine. This financial backing underscores the substantial potential for future fundraising rounds, as investor interest remains high.
However, the path forward is not without challenges. Staying ahead in technology demands continuous investment, and scaling operations while maintaining quality service will be crucial. Recruiting top talent to expand their engineering and support teams will also be essential to sustain their rapid growth and meet industry demands.
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