Parabola, the vendor that automates and documents the most complex business workflows, has raised $24 million in a Series B Funding round led by OpenView Partners. Existing investors Matrix Partners and Thrive Capital also participated. Parabola also attracted other new investors, including Flexport, Webflow, and the founders of Harry’s, Warby Parker, and Allbirds.
Parabola provides a productivity tool that helps organisations to map, document and create business workflows that automate the daily tasks within a business. Using a drag-and-drop interface, business users can create cross-system workflows leveraging more than 50 integrations with support for more, using its REST API and GraphQL API.
The platform allows users to extract, analyze, categorize and experiment with data to solve real use cases. It can leverage data sourced from spreadsheets or SaaS applications. It leverages AI to increase the efficiency of workflows and the no-code platform. Its most recent addition is Standardisation, which helps to clean up messy, error-prone data.
The initial focus is on four use cases:
- eCommerce and Retail, enabling organisations to streamline supply chains with custom dynamic workflows
- Freight and Logistics, handling complex shipping data and document processing
- Operations, enabling the automaton of data processing that is visible across operations teams
- SaaS, building custom reports and streamlining integrations
Alex Yaseen, Founder and CEO of Parabola, commented, “For the past few years, we’ve been working with incredible operators at category-defining companies who were drowning in manual work. Using Parabola, they’ve achieved tremendous value nearly overnight by automating the messy processes they thought were un-automatable. From modern companies like Sonos and Flexport to 90-year-old businesses like NFI that are rapidly transforming, Parabola has helped teams achieve immediate ROI. This new funding means we can help far more companies unlock the latent potential within their teams.”
Funding for growth and R&D
Parabola will use the funding to expand its team across several functions. It has 10 open positions in Marketing, Engineering, Customer Experience and Sales (though 14 on LinkedIn). It will also use the funding to develop the product further, building more automation and AI to support the daily work of business users, no matter their technical knowledge level.
It will also invest in its existing verticals and plans to open up more, though it did not indicate which verticals it will empower.
As part of the funding agreement, Blake Bartlett, a partner at Openview, will join the Parabola Board of Directors. Bartlett commented, “Automation has become a necessity. However, most people are still stuck in spreadsheets and are under-served by the existing technology. When we talked with Parabola’s customers, we knew we had found a company that was bottling magic. Teams using Parabola can actually do more with less – and that’s priority for virtually every business in 2023.”
Enterprise Times: What does this mean
Parabola last raised funds in 2020, a Series A that raised $8 million. At that time, its focus was on eCommerce. It now has wider ambitions and funds to match that growth. With this round, it will likely remain focused on the US market from its headquarters in San Francisco and another office in New York.
Openview sees an opportunity with Parabola. Categorised as a Data Integration tool by G2, it seems to deliver more than this. Parabola has attracted some significant brands during its lie, including Durex, SONOS and Volcom. Reid Sheldon, Head of Digital Marketing at Volcom, stated, “I’m a marketer, and I love the empowerment that Parabola provides me to be my own analyst and developer.”
In 2022 it added Flexport and Bain & Company as customers. The latter may be one of the reasons that Openview was impressed. While the company has not published a valuation nor revealed revenues, it did state that it ran 4,200,000 Flows while processing 240,000,000 steps.
For organisations looking to improve automation and data quality across a hybrid architecture, this solution could be worth looking at; Bain certainly seems to think so.