Total amount raised
$132.9 Millions
Latest funding date
08/01/2020
Location
Parsable has successfully raised funds through multiple rounds, with the latest being a Series D round closed on August 11, 2020. The company is backed by 20 investors, including Downing Ventures and Saudi Aramco Energy Ventures.
Keep reading to explore the intricacies of Parsable's fundraising journey and the investors backing this innovative platform.
What Is Parsable?
Founded in May 2013, Parsable is headquartered in San Francisco, California. The company was established by Chase Feiger, Ryan Junee, and Yan-David Erlich. Parsable operates within multiple industries, including collaboration, enterprise applications, ERP, enterprise software, information services, IT, manufacturing, messaging, mobile, and software.
Parsable offers a connected worker platform designed to enhance productivity, quality, and safety for industrial workers. The platform transforms traditional paper-based procedures into mobile, interactive work instructions, enabling real-time collaboration and data capture. This allows companies to gain valuable insights into their operations and improve efficiency at scale.
With an employee count ranging between 51 and 100, Parsable continues to innovate in the field of industrial software solutions, providing tools that digitize frontline operations and engage the workforce effectively.
How Much Funding Has Parsable Raised?
- Seed Round
- Amount Raised: $7.9M
- Date: August 2014
- Lead Investors: Andreessen Horowitz, First Round Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the company's vision of creating a digital record of human activity and integrating it into automated manufacturing systems to improve productivity, quality, and safety.
- Series B
- Amount Raised: $20M
- Date: June 2016
- Lead Investors: Saudi Aramco Energy Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and product development, enhancing its platform for industrial operations.
- Series C
- Amount Raised: $45M
- Date: April 2018
- Lead Investors: Future Fund, Lightspeed Venture Partners
- Valuation at Round: $250M
- Motivation Behind the Round: To further develop the platform and expand its reach, given the company's growth trajectory and subsequent funding needs.
- Series D
- Amount Raised: $60M
- Date: August 2020
- Lead Investors: Activate Capital Partners, Glade Brook Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth in Asia, EMEA, and Latin America, invest in the expanding network of global partners and integrations, and enhance the enterprise capabilities of the platform to improve safety, productivity, and quality for industrial frontline workers.
Total Amount Raised: $132.9M. Current Valuation: Not publicly disclosed.
Key Investors
- Activate Capital Partners
- Details: Founded in 2017, Activate Capital Partners is a growth equity firm focused on sustainable energy and industrial technology. David Lincoln, managing partner, will join Parsable's board of directors.
- Investment Focus Areas: Sustainable energy, industrial technology, digital transformation.
- Notable Investments: Not specified.
- Glade Brook Capital Partners
- Details: Glade Brook Capital Partners is an investment firm that provides growth capital to technology companies. Paul Hudson, founding partner and chief investment officer, will join Parsable's board of directors.
- Investment Focus Areas: Technology, SaaS, consumer sectors.
- Notable Investments: Not specified.
- Future Fund
- Details: Future Fund is Australia's sovereign wealth fund, investing in a diverse range of assets. It is an existing investor in Parsable.
- Investment Focus Areas: Diverse range of assets, technology, innovation.
- Notable Investments: Not specified.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm focusing on early-stage investments in the enterprise and consumer sectors. It is an existing investor in Parsable.
- Investment Focus Areas: Enterprise technology, consumer, health sectors.
- Notable Investments: Not specified.
- Saudi Aramco Energy Ventures
- Details: Saudi Aramco Energy Ventures is the corporate venturing subsidiary of Saudi Aramco, investing in energy and technology companies. It is a strategic investor in Parsable.
- Investment Focus Areas: Energy, industrial technology, innovation.
- Notable Investments: Not specified.
What's Next for Parsable?
Parsable stands at the cusp of significant growth opportunities, driven by its plans to expand into Asia, EMEA, and Latin America. The company aims to leverage the digital transformation in supply chain and manufacturing processes, targeting a global market of 2.7 billion non-desk workers. This expansion is bolstered by substantial growth metrics, including an 11x increase in registered users and a 190% rise in safety use cases.
Future fundraising opportunities appear promising, with potential for further investment rounds to support global expansion and platform enhancements. The company is also considering an initial public offering (IPO) in the next two to three years, reflecting strong investor confidence and market demand.
However, Parsable may face challenges such as navigating the complexities of international markets, integrating with diverse global partners, and maintaining a competitive edge in a rapidly evolving digital landscape. Addressing the skills gap due to a retiring industrial workforce and ensuring the platform's scalability will be crucial for sustained success.
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