Parabol, an Agile meeting platform, announced it has secured a Series A investment of $8 million led by M12, Microsoft’s venture fund, with continued participation from CRV, Haystack, Techstars, and others.
The announcement comes on the heels of Parabol’s latest milestone of registering 100,000 users across more than 3,000 companies worldwide to help them make their meetings more efficient and effective.
“We’re excited about Parabol’s dual use as an enterprise solution with extensibility into the government and defense sectors,” said Priyanka Mitra, Principal at M12. “The macro trend of distributed teams and remote work are here to stay, beyond the COVID pandemic era. Parabol puts in-person and remote participants on an equal footing, whether teams are brainstorming plans for a product launch or helping to keep the country operating.”
The startup will use its Series A funding to meet customer demand for additional Agile meeting types and add new enterprise features, expanding Parabol’s ability to serve even more kinds of teams.
Parabol was founded in August 2015 to help remote and hybrid teams conduct structured meetings essential to Agile teamwork, such as retrospectives and daily stand-ups. By effectively collecting input from all meeting participants regardless of their physical location, Parabol provides an experience that is superior to physical meeting rooms and collaboration with whiteboards. Parabol seamlessly integrates with widely-used applications such as Slack, Jira, and GitHub, and automatically captures and summarizes the meeting output for all participants.
“We’re proud to have helped so many organizations move their Agile development processes online during this pandemic,” said CEO and Co-founder of Parabol, Jordan Husney. “We believe nearly every user of backlog management systems—such as Microsoft DevOps, GitHub, Atlassian Jira, GitLab, and Clubhouse—will use an application to facilitate meeting activities atop these systems. With new resources at our disposal, Parabol will establish the ‘agile meeting platform’ category and lead it.”
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