Total amount raised
$35 Millions
Latest funding date
Location
Paperless Parts has successfully raised significant funding through various rounds, with the latest round closing on December 22, 2023. The company specializes in quoting software for manufacturing, offering a centralized platform designed to streamline workflows and increase profitability.
Keep reading to explore the intricacies of Paperless Parts' fundraising journey and the investors backing this innovative platform.
What Is Paperless Parts?
Paperless Parts, founded on February 7, 2017, is a Boston-based company specializing in manufacturing software. The company was established by Jason Ray, Matthew Sordillo, and Scott Sawyer.
With a team of 11-50 employees, Paperless Parts offers a cloud-based platform designed to streamline and simplify machine shop operations. The software integrates with existing ERP systems, enhancing front-end operations and shop floor management.
How Much Funding Has Paperless Parts Raised?
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: February 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish initial operations and develop the core platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team.
- Series B
- Amount Raised: $30M
- Date: September 2021
- Lead Investors: OpenView
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To improve AI capabilities, streamline the user interface, and expand the staff at the Boston headquarters.
- Venture Round
- Amount Raised: $5M
- Date: December 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
Total Amount Raised: $35M
Current Valuation: Not publicly disclosed
Key Investors
- OpenView
- Details: OpenView is a venture capital firm that led the Series B funding round for Paperless Parts. They focus on expansion-stage software companies.
- Investment Focus Areas: Software, technology, growth-stage companies
- Notable Investments: Not publicly disclosed
What's Next for Paperless Parts?
Paperless Parts stands at the cusp of significant growth, driven by opportunities to enhance its AI capabilities and streamline its user interface. The company aims to develop new features like fully automated pricing and a natural language processing engine, which could revolutionize the manufacturing quoting process. With a recent $30 million Series B funding round, the financial backing is substantial, allowing for expansion and technological advancements.
Future fundraising opportunities seem promising, given the strong investor interest. This financial support will be crucial as Paperless Parts scales its operations and expands its team. However, challenges such as staying ahead of technological advancements and recruiting top talent remain. The company must also manage rapid growth while maintaining high levels of customer service and support.
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