Paro, a Chicago-based startup disrupting the approach to avail on-demand financial offerings, has secured US$ 25 million in a Series B funding round led by Madrona Venture Group on 20 July 2021.
Investors: Madrona Venture Group participated in the funding round as the lead investor with support from current investors, Revolution Ventures, Sierra Ventures and KGC Capital. The company has raised, in total, US$ 43.5 million to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards supporting its domestic growth and propel its international diversification plans. On top of that, it will fuel Paro’s funds in its AI-powered professional offerings platform.
Established in 2015 by Dan Wywrot and Michael Burdick, Paro offers accessible monetary resources and accounting services to enterprises through its system of extremely scrutinized freelance professionals. The startup’s exclusive AI-powered marketplace enables Paro to accurately link users with the most appropriate professionals to answer their issues and propel growth. Its meticulously framed expert community offers various financial offerings to users, from simple bookkeeping and accounting to majorly differentiated corporate development and tactical advisory. Paro liberates these experts from the barriers of orthodox employment. It supports them to continue productive jobs on their conditions while aiding clients to accomplish their business targets.
What the CEO has to say: “2020 was a special year in the modification of work, portraying that even the intricate funding tasks, namely ERP execution, fundraising or M&A reinforcement, can be successfully implemented in the remote working atmosphere. The strength of our paradigm lies in our potential to aid corporations to confront particular shortcomings by employing technology to match them with excellent talent who possess highly specialized abilities. The latest investments will propel our action to pursue innovation in the old-age employment model to assist companies and professionals fully realize their growth prospects.”- Anita Samojednik, CEO of Paro.
What the Investors have to say: “Being an erstwhile CFO, I think that CFO’s workplace is experiencing a digital advancement stimulated by technological creativity combined with experienced financial experts. Paro gives businesses of all sizes access to high-end human-based skills via its unique platform, which promptly links professionals with specialized skill sets. The projection over the preceding nine months is significant, and it is exhilarating to support the Paro team to grow resolutely.”- Managing Director at Madrona Venture Group.
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