Total amount raised
$4.3 Million
Latest funding date
6/1/2022
Location
Proper has successfully raised funds through a single Seed round, attracting investment from notable backers such as Redpoint, Y Combinator, BoxGroup, and Mischief. The platform offers automated financial reconciliation and streamlined accounting processes, integrating various financial data sources to provide a comprehensive financial data platform.
Keep reading to explore the intricacies of Proper's fundraising journey and the investors backing this innovative platform.
What Is Proper?
Proper is a financial operations platform based in San Francisco, California, offering reconciliation, ledgers, and financial workflow tools through software and APIs. The company operates in multiple industries, including accounting, financial services, fintech, payments, and risk management.
With a small team of 1-10 employees, Proper focuses on simplifying financial reconciliation and streamlining accounting processes. The platform unifies payments data across providers, automates reconciliations, and maintains compliance and financial accuracy.
How Much Funding Has Proper Raised?
- Seed Round
- Amount Raised: USD 4,300,000
- Date: June 2022
- Lead Investors: Redpoint, Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop a no-code financial operations dashboard and support the company's goal of making data management easier for fintech companies.
Total Amount Raised: USD 4,300,000. Current Valuation: Not publicly disclosed.
Key Investors
- Redpoint Ventures
- Details: Redpoint Ventures is a venture capital firm that invests in seed, early, and growth-stage companies. Founded in 1999, they have invested in over 578 companies.
- Investment Focus Areas: Technology startups, consumer and enterprise software, fintech, healthcare.
- Notable Investments: Stripe, Twilio, Netflix.
- Y Combinator
- Details: Y Combinator is a startup accelerator that provides seed funding, advice, and connections to early-stage startups. They have funded over 2,000 startups since their inception.
- Investment Focus Areas: Early-stage startups across various industries, including technology, healthcare, and fintech.
- Notable Investments: Airbnb, Dropbox, Stripe.
- BoxGroup
- Details: BoxGroup is an early-stage investment fund that invests in technology startups. They focus on providing seed-stage funding to innovative companies.
- Investment Focus Areas: Early-stage technology startups, consumer internet, enterprise software, fintech.
- Notable Investments: Warby Parker, Glossier, ClassPass.
- Mischief
- Details: Mischief is a venture capital firm that focuses on early-stage investments. They are known for backing innovative and disruptive startups.
- Investment Focus Areas: Early-stage technology startups, innovative and disruptive industries.
- Notable Investments: Notion, Clubhouse.
What's Next for Proper?
Proper is poised to capitalize on the growing demand for streamlined financial operations in the fintech industry. With its reconciliation software and plans to develop a no-code financial operations dashboard, the company is well-positioned to address the complexities of managing financial data from various sources. The fintech sector's rapid growth and increasing complexity present significant opportunities for Proper to expand its client base and product offerings.
As Proper continues to bring on new clients and enhance its platform, future fundraising opportunities are likely. The company's strong backing from investors like Redpoint Ventures and Y Combinator positions it well for additional funding rounds. However, Proper will need to navigate challenges such as competition from other fintech startups and the need for continuous innovation to maintain its competitive edge.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Proper and gather other critical business insights. Sign up for free to start transforming your sales strategy today.
