# Paro

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/paro

- Industry: Software
- Headquarters: Chicago, US
- Website: www.paro.io
- Total disclosed funding: $65M
- Latest round: Series C (Jun 14, 2023)
- Investors on record: 8

## About

Paro, Inc. is a finance technology company specializing in on-demand accounting and financial services, providing tailored solutions to businesses and accounting firms across various sectors.Paro, Inc. was founded in 2015 and is headquartered in Chicago, US. The company provides professional business finance and accounting services. In June 2023, Paro raised USD 25 mn in Series C funding led by Top Tier Capital Partners, with participation from Madrona Venture Group, Revolution Ventures, and Sierra Ventures. The total amount raised to date is USD 25 mn, with a current company valuation of USD 139.825 mn. The company's founder is Michael Burdick.Paro offers a comprehensive suite of professional business finance and accounting solutions designed to meet the diverse needs of businesses and accounting firms. Their core services include accounting, bookkeeping, fractional CFO services, financial planning and analysis, and tax compliance, all aimed at optimizing financial processes and strategies for their clients. By leveraging advanced technology and AI-driven tools, Paro facilitates seamless integration of finance functions, enabling clients to gain valuable insights, streamline operations, and enhance decision-making capabilities. Their services cater to a wide range of industries including startups, CPA firms, and established businesses across various geographical markets, including the United States and Canada. The company focuses on providing tailored solutions that range from day-to-day accounting support to strategic consulting, helping clients effectively manage financial complexities and achieve growth.Paro generates revenue primarily through a subscription-based model, providing clients with on-demand access to a network of finance professionals. Clients engage with Paro for various services, including bookkeeping, tax preparation, and strategic financial consulting, which are billed based on specific engagement terms and project scopes. This transactional structure allows for flexibility in pricing, enabling clients to select services tailored to their unique financial needs. Paro's emphasis on forming long-term partnerships with clients further supports recurring revenue streams, driven by their commitment to enhancing client operations and fostering loyalty. The company remains focused on delivering value through its flagship services, which are designed to alleviate the burdens of financial management and ensure compliance with regulatory requirements.In June 2023, Paro raised USD 25 mn in Series C funding, which will be utilized to enhance its platform and expand its business reach. The company aims to introduce new products aimed at optimizing financial processes by the end of 2023. Additionally, Paro plans to expand into new markets, specifically targeting regions within North America and Europe, with efforts to establish a presence by mid-2024. These initiatives are designed to support Paro's growth strategy and enhance its service offerings.

## Funding rounds

- Series C, Jun 14, 2023, $25M — Sierra Ventures, Madrona Venture Group, Top Tier Capital Partners, Revolution Ventures
- Series B, Jul 20, 2021, $25M — Sierra Ventures, Madrona Venture Group, Revolution Ventures, KGC Capital, Alumni Ventures Group
- Series B, Sep 26, 2019, $10M — Sierra Ventures, Revolution Ventures, KGC Capital
- Series A, Mar 5, 2018, $5M — Revolution Ventures, Global Founders Capital
- Seed, Mar 28, 2017 — FJ Labs

## Investors

- FJ Labs (https://capitalatlas.ai/funds/fj-labs) — Seed
- Revolution Ventures (https://capitalatlas.ai/funds/revolution-ventures) — Series A, Series B, Series C
- Global Founders Capital (https://capitalatlas.ai/funds/global-founders-capital) — Series A
- Sierra Ventures (https://capitalatlas.ai/funds/sierra-ventures) — Series B, Series C
- KGC Capital (https://capitalatlas.ai/funds/kgc-capital) — Series B
- Madrona Venture Group (https://capitalatlas.ai/funds/madrona-venture-group) — Series B, Series C
- Alumni Ventures Group (https://capitalatlas.ai/funds/alumni-ventures-group) — Series B
- Top Tier Capital Partners (https://capitalatlas.ai/funds/top-tier-capital-partners) — Series C