June 14, 2023
Paro, a Chicago-based startup disrupting the way companies access on-demand finance and accounting expertise, today announced it raised $25 million in Series C funding to further develop its platform supporting freelance experts and continue its expansion with enterprise clients. The funding round was led by Top Tier Capital Partners, with participation from existing investors Madrona Venture Group, Revolution Ventures, and Sierra Ventures. Paro has raised $67 million to date.
“Paro’s proprietary, AI-matching software solves a pain point felt in traditional marketplaces by proactively matching experts with the most appropriate job opportunities, enabling a trusted and reliable experience for all parties. Top Tier Capital Partners is excited to invest in Paro’s unique offering while supporting the company in its next evolution of growth,” said Garth Timoll, Sr., Managing Director at Top Tier Capital Partners, who has joined the Paro board of directors.
Paro also offers its network of finance experts the tools and insights they need, including marketing, business development, and back-office support, to pursue meaningful work on their own terms. By placing highly educated and experienced interim CFOs, controllers, accountants, analysts, bookkeepers, and more, at the best-fit opportunities, Paro has helped thousands of companies shed the limitations of traditional hiring.
In its next phase of growth, Paro plans to use the funding to continue accelerating business with existing clients while bringing its proven platform to more enterprises seeking strategic finance and accounting services. Paro will also scale its product innovation, including enhancements to its AI-powered suite of tools that helps experts optimize their earnings and business outcomes.
“The flexibility to tap on-demand experts with specialized financial knowledge within timing and cost constraints is something that every company is looking for right now. With our consistent focus on attracting the best experts, businesses of all sizes are engaging with our talent model. We help small businesses to large enterprises quickly access flexible and dynamic talent to achieve their goals.”– Anita Samojednik, CEO, Paro
Michael Burdick, Paro CSO and Co-founder, added, “An increasing number of professionals want to work on their own terms to feel both professionally and personally fulfilled. With Paro, that’s exactly what they get. We remain focused on providing the solutions that empower our experts and by extension the clients we match them with.”
Since its last funding round, Paro has tripled in revenue by increasing the average spend per client and helping freelancers improve their productivity. The company expects continued growth with enterprise clients given the current environment and work-from-anywhere trend.
Paro is an AI-powered marketplace that delivers finance and accounting solutions to businesses through a combination of expert fractional talent, data-driven tools and guiding insights. By harnessing the power of people and technology, its growth platform provides flexible options, ranging from transaction processing support to corporate development and financing strategy, to solve core business challenges and drive growth. The result enables businesses and experts to go beyond even their loftiest goals. Learn more at paro.ai.