Parabola – a collaborative data tool enabling non-technical teams to automate solutions for manual, spreadsheet-based processes – announced a $24 million Series B funding round led by OpenView with participation from existing investors Matrix Partners and Thrive Capital. And additional new investors include Flexport, Webflow, and the founders of Harry’s, Warby Parker, and Allbirds.
Through this funding round, Parabola will expand its product capabilities and grow its team in pursuit of empowering everyone to leverage automation and AI in their daily work, regardless of their technical capabilities.
The company provides a solution for businesses beyond hiring more people for every new problem. But non-technical teams can stop doing things manually and start creating, documenting and sharing reusable workflows. Combining the power of AI with familiar spreadsheet functionality, Parabola helps users extract, analyze, categorize, and experiment with data to solve real use cases.
This funding round will enable Parabola to double down on serving its e-commerce, retail, CPG, freight, and logistics customers while expanding to new verticals. OpenView’s Blake Bartlett will join the Parabola Board of Directors as part of this investment.
KEY QUOTES:
“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.”
– Alex Yaseen, Founder and CEO of Parabola
“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.”
– Blake Bartlett
