LOS ANGELES, Nov. 19, 2019 /PRNewswire/ -- Parabol, a new meeting app for agile teams and remote workers, announced that it has raised $4 million in Series Seed funding. The round was led by venture capital firm, CRV, with significant participation from Haystack, which both focus on seed and early-stage investments in technology and new media companies. CRV and Haystack join leading collaboration software and early investor, Slack Fund in investing in Parabol, and its commitment to fostering effective communication and collaboration amongst development teams, with members both in-house and abroad.
Over 500 organizations, including dozens of major corporations, rely upon Parabol as an effective tool for establishing collaboration and connectedness. Parabol will use the funding to further enhance user experiences, and expand its sales marketing and product teams to better serve customers. "Parabol was created so that every meeting held amongst team members is actually worth the time invested. With the support of CRV and Haystack, we will make Parabol useful to more kinds of teams, and scale Parabol's infrastructure to match our rate of growth," said CEO and Founder of Parabol, Jordan Husney.
The first meeting app of its kind, Parabol is a mobile-ready SaaS application which helps development teams, consisting of both in-house and remote workers, to conduct retrospective meetings and check-ins through a user-friendly platform. Retrospectives feature five, structured meeting phases where teams are encouraged to evaluate their processes and make needed improvements at the conclusion of a project or cycle of iteration. Based on core values of transparency, empathy, experimentation and play, the Parabol app encourages participants to openly share recent experiences, issues and concerns within a safe and inclusive space. The apps makes it easy for users to form genuine connections and build work culture, independent of their physical location.
"Parabol is transforming the way agile teams across industries work together," said Izhar Armony, Partner at CRV. "We've been tracking the rapidly rising need for teams to collaborate at a distance, and believe in the way Parabol is enabling people to meet and work more effectively together."
"Parabol shows signs of incredible engagement and momentum, attracting a diverse set of users and customers by leveraging the company's product-led, bottom-up adoption model," said Semil Shah, a General Partner at Haystack. "Jordan and the team are building an incredible product and we're very excited about their drive to focus on product-led growth and the industry tailwinds behind them."