CHICAGO--(BUSINESS WIRE)--Paro, a Chicago-based startup disrupting the way companies access on-demand financial expertise, today announced a $25 million Series B funding round led by Madrona Venture Group, with participation from existing investors Revolution Ventures, Sierra Ventures and KGC Capital. This investment will fuel company growth domestically and position it for future international expansion, as well as propel Paro’s investments in its AI–powered professional services marketplace.
Amid a year of financial disruption and workplace shifts, companies have increasingly recognized the benefits of finding flexible, non-traditional solutions for common business needs. Leveraging the power of AI, Paro matches companies with highly specialized freelance finance talent, including CFOs, controllers, accountants and more, who have been pre-vetted to ensure every client receives access to deeply experienced professionals who are the best fit to solve their specific financial needs. In parallel, Paro harnesses AI to offer these finance experts the tools and insights they need to build their own businesses and enhance their professional success.
Paro has doubled since Q3 2020, and in the last year, 20% of Paro freelancers have billed $100K to $500K through its platform. Multiple freelancers are on track to bill more than $500K through Paro in 2021.
“2020 was a unique moment in the evolution of work, showing that even the most complex finance projects, such as ERP implementation, fundraising or M&A support, can be effectively executed in a remote work environment,” said Anita Samojednik, Paro CEO. “The power of our model lies in our ability to help companies address specific challenges by using technology to pair them with top-tier talent who have highly specialized skill sets. With this fundraise, we will continue to innovate and disrupt the traditional employment model to help companies and experts alike drive their businesses forward.”
Hope Cochran, Managing Director at Madrona Venture Group, said, “As a former CFO, I believe strongly that the office of the CFO is undergoing a digital transformation that is driven by technology innovation paired with experienced financial professionals. Paro enables businesses of all sizes to get access to this valuable human-based expertise through its intelligent marketplace, which immediately matches experts with specialized skills. The trajectory over the last nine months is dramatic, and we are excited to dig in and help the Paro team build.” As part of the financing, Cochran will join the Paro board of directors.
In September 2019, Paro closed its Series A investment for $10 million dollars, which was led by Mark Fernandes of Sierra Ventures.
Paro provides flexible finance and accounting solutions to businesses via its network of highly vetted freelance experts. Through its proprietary AI–powered platform, Paro precisely matches clients with the best-fit experts to solve problems and drive growth. Its carefully curated expert community provides a range of financial services to clients, from basic bookkeeping and accounting to highly specialized corporate development and strategic advisory. By freeing these professionals from the constraints of traditional employment, Paro empowers them to pursue meaningful work on their own terms while helping clients achieve their business goals.
Learn more at Paro.io.