The US-based startup, Parabol, a leading Agile meeting platform, raised US$ 8M in a Series A funding round on 2 March 2021.
Investors: The funding round was led by M12, Microsoft’s venture fund, with participation from CRV, Haystack, Techstars, and others.
Purpose of Funding: The funds will be utilized by Parabol to meet its customer demand for additional Agile meeting types and add new enterprise features. It is looking forward to expanding its ability to serve even more kinds of teams.
About Parabol
Founded in August 2015 by Jordan Husney and Taya Mueller, Parabol is a remote retrospective and meeting app that generates automatic insights about team performance from online collaboration activity. It helps remote teams to conduct structured meetings for Agile teamwork, such as retrospectives and daily stand-ups. It analyzes the meeting and provides some leadership insights to unlock better team performance.
Parabol’s distributed, cloud-based teams, allow to run meetings from anywhere, across different time zones. The team notes and tasks generated in the meeting are automatically combined into a meeting summary and posted to the team timeline as well as emailed to stakeholders. The tasks can be exported to Jira, Confluence, Github or Slack. For the entertainment of the employees, Parabol has also introduced Planning Poker cards into a virtual meeting space, called Sprint Poker.
Parabol’s claims that it has 100,000 registered users across more than 3,000 companies worldwide. Recently, the United States Airforce awarded Parabol a US$ 1.47 million contract via the Defense Department’s small business innovation research program, to bring Parabol’s Agile meeting platform to the U.S. military.
What the CEO has to say: “We’re proud to have helped so many organizations move their Agile development processes online during this pandemic. We believe nearly every user of the backlog management system, such as Microsoft DevOps, GitHub, Atlassian Jira, GitLab, and Clubhouse will use an application to facilitate meeting activities atop these systems. With new resources at our disposal, Parabol will establish the ‘agile meeting platform’ category and lead it.” — CEO and Co-founder of Parabol, Jordan Husney.
What the Investors have to say: “We’re excited about Parabol’s dual use as an enterprise solution with extensibility into the government and defence sectors. The macro trend of distributed teams and remote work is here to stay, beyond the COVID pandemic era. Parabol puts in-person and remote participants on an equal footing, whether teams are brainstorming plans for a product launch or helping to keep the country operating.” — Priyanka Mitra, Principal at M12.
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