Paro Raises $10M to Transform Finance Departments
Platform democratizes access to enterprise-level finance professionals and puts finance on autopilot
Chicago, IL, September 26, 2019 – Paro, a Chicago-based startup disrupting how companies handle their finance and accounting functions on a global scale, announced today that it has raised $10 million to support the company’s continued growth.
The technology company secured funding from Sierra Ventures, an early-stage venture capital firm based in Silicon Valley, which led the round of financing, with existing investors, including Washington D.C.-based Revolution Ventures, KGC Capital, and Tom Williams participating.
Paro plans to use the funds to expand its suite of workflow automation tools for finance professionals, continue its acquisition of larger enterprise clients who want to work with the best finance talent in the country, and continue disrupting the old guard: accounting firms, temp agencies, and staffing agencies.
“The freelance economy is beginning to specialize by vertical and Paro has become the leader in providing on-demand finance teams to middle market and enterprise companies,” said Mark Fernandes, Managing Director at Sierra Ventures. “Paro is capitalizing on a multi-decade shift in how companies find, source, and work with talent, and their exceptional growth is a clear indicator of this trend.”
For its expert finance professionals, Paro automates business management and removes the unpleasantness typically associated with freelancing, enabling experts to focus on the kinds of client engagements they’re passionate about. Members of Paro’s network have the freedom to choose the work they love and the flexibility to work from anywhere in the country, all with the income predictability of a full-time position.
For Paro’s enterprise clients, Paro provides a better alternative to accounting firms and temp or staffing agencies with access to a network of highly-vetted finance experts. The platform’s data-driven matchmaking algorithm connects clients with perfect-fit subject matter experts and is so effective that 95% of clients choose to work with one of the first two experts with which they’re matched.
“Paro’s matchmaking algorithm enables seamless placement of industry experts to serve customers in need of mission-critical finance and accounting functions,” says Clara Sieg, Partner at Revolution Ventures. “With a powerful product experience and income predictability tools, Paro continues to attract the best-quality talent and provides better service to their customers at a fraction of the price of traditional accounting firms.”
Paro is excited to continue tackling the half-trillion dollar, global accounting and finance industry at a time when worker preferences are changing drastically. With an ambitious roadmap to lead the way, Paro is building out its team to take on the task. The company looks forward to changing how traditional finance institutions get work done.
Paro is reimagining the future of finance work for employers and professionals. It puts finance functions on autopilot by seamlessly matching companies with subject-matter experts and providing professionals with a platform to run their businesses. Paro’s exclusive network of top experts includes CPAs, CFOs, Controllers, Bookkeepers, Financial Analysts, Auditors, and much more. Learn more at Paro.io.
About Sierra Ventures
Sierra Ventures is a Bay Area based early-stage venture firm investing globally with a focus on Next Generation Enterprise and Emerging Technologies. With over three decades of experience and over $2 billion of assets under management, Sierra has created a vast network of successful entrepreneurs, Fortune 1000 CXOs, operational executives, and deep domain experts, providing a platform for entrepreneurs around the world. For more information visit Sierra Ventures.