Paro provided Ovation the tools, data, and know-how to raise $1.25 million in outside investment.
“My co-founder and I had never started a business before. We were so passionate about building our product and helping the scientists we work with, but didn’t know how to most effectively structure a business or raise capital. Paro helped us get back on track and developed a scenario analysis that we used to raise our next round.” – Barry Wark, Co-founder/CEO, Ovation
Ovation develops tools to help scientists focus on the science, and researchers manage data and collaborate more effectively.
While they had identified a need for a more flexible model, their accounting foundation was not strong enough to support the development of the model.
By working with a Paro expert, the client was able to gain the information they needed to determine whether or not investment would be the right choice. After receiving the due diligence report, they decided to make a $20+ million equity investment in the Chicago-based PaaS (Platform-as-a-Service) company.
Post-fundraise, it also served as a useful internal management tool that allowed the founders to continue focusing on their product, while Paro provided ongoing bookkeeping and accounting support, as well as tax services, even identifying and amending a filing mistake in the prior year’s filings.
After the help of a Paro expert, Ovation:
- Transitioned Ovation from QuickBooks Desktop (only accessible by an outside party) to QuickBooks Online and provided management access and training so they have anytime/anywhere access to their financial data.
Updated the prior year’s books to better align the data to the needs of the financial model.
- Set up processes to ensure accurate and consistent numbers moving forward—the only way to measure performance!
- Developed a timely and accurate invoicing process, as invoices were not being sent out on time or at all. This helped ensure that the books were correct and accelerated cash flow.