Total amount raised
$34.2 Millions
Latest funding date
06/01/2023
Location
Parabola has successfully raised $24 million in its latest Series B funding round, backed by investors such as OpenView Partners, Matrix Partners, and Thrive Capital. The platform offers AI-powered workflow automation solutions designed to handle complex tasks involving messy data from various sources.
Keep reading to explore the intricacies of Parabola's fundraising journey and the investors backing this innovative platform.
What Is Parabola?
Parabola, founded in 2017 by Alex Yaseen and Michael Lang, is based in San Francisco, California. The company offers an AI-powered workflow builder designed to automate and streamline data processes that are typically manual and cumbersome.
Parabola allows non-technical teams to easily automate business processes by pulling in data from various sources such as spreadsheets, tools, emails, and PDFs. It provides a canvas to combine and transform data, making workflows repeatable, shareable, and usable for the entire team.
With a team of 11-50 employees, Parabola serves companies like Flexport, Sonos, Uber Freight, Brooklinen, and Chubbies. The platform is backed by investors such as OpenView Partners, Matrix Partners, and Thrive Capital.
How Much Funding Has Parabola Raised?
- Seed Round (Nov 10, 2015)
- Amount Raised: Not publicly disclosed
- Date: November 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company and develop the initial product.
- Seed Round (May 22, 2018)
- Amount Raised: $2.2 million
- Date: May 2018
- Lead Investors: Matrix
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the product and expand the team.
- Series A (Aug 11, 2020)
- Amount Raised: $8 million
- Date: August 2020
- Lead Investors: Matrix
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product features.
- Series B (Jun 28, 2023)
- Amount Raised: $24 million
- Date: June 2023
- Lead Investors: OpenView
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and invest in product R&D.
Total Amount Raised: $34.2 million. Current Valuation: Not publicly disclosed.
Key Investors
- OpenView
- Details: OpenView is a venture capital firm that led Parabola's Series B funding round. Blake Bartlett from OpenView will join Parabola's Board of Directors as part of this investment.
- Investment Focus Areas: High-growth software companies.
- Notable Investments: Datadog, Expensify, Calendly.
- Matrix
- Details: Matrix is an existing investor in Parabola, having participated in multiple funding rounds. The firm is known for its early-stage technology investments.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: HubSpot, Zendesk, Oculus.
- Thrive Capital
- Details: Thrive Capital is an existing investor in Parabola, participating in the Series B round. The firm focuses on internet and software investments.
- Investment Focus Areas: Internet, software companies.
- Notable Investments: Instagram, Stripe, Slack.
- Flexport
- Details: Flexport is a logistics platform that invested in Parabola's Series B round. The company is also a customer of Parabola, highlighting the platform's utility.
- Investment Focus Areas: Logistics, supply chain technology.
- Notable Investments: Primarily invests in logistics and supply chain startups.
- Webflow
- Details: Webflow is a new investor in Parabola, participating in the Series B round. The company focuses on web development and design tools.
- Investment Focus Areas: Web development, design tools.
- Notable Investments: Focuses on web development tools and platforms.
What's Next for Parabola?
Parabola stands at the cusp of significant growth, driven by the increasing demand for business process automation. With its recent $24 million Series B funding, the company is poised to expand its product capabilities and team, targeting sectors like e-commerce, retail, and logistics. The potential for cost savings and efficiency gains in these industries is immense, offering Parabola a substantial market opportunity.
Future fundraising seems promising, given the successful Series B round and the involvement of high-profile investors. However, Parabola will need to navigate challenges such as intense competition from established players and the need to maintain accessibility for non-technical users. As the company scales, ensuring the platform's robustness and user-friendliness will be crucial for sustained growth.
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