Company is scaling life sciences and high tech industry solutions that put customers at the center of the product experience
Propel, the modern way to take products from concept to customer, today announced it has raised $20 million in Series C financing. The investment is led by Salesforce Ventures, with participation from existing investors Norwest Venture Partners, Cloud Apps Capital Partners, Green D Ventures and TIFF. The existing investors are joined by new investor Ankona Capital, a venture capital firm with experience in both supply chain and scaling enterprise B2B SaaS solutions. The company has raised a total of $48 million in funding to date.
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We’re excited to announce that we’ve raised $20M in #SeriesC funding led by @SalesforceVC. This capital will help our team continue to disrupt the manufacturing narrative and help the most innovative companies deliver products that customers love
With this new round of funding, Propel will continue its development of Product 360 – the only unified quality management (QMS), product lifecycle management (PLM) and commercialization solution built on Salesforce. By connecting product, quality, customer and supplier information in a single platform, Product 360 helps manufacturers launch products faster, simplify quality and compliance, and improve their employee user experience. This comprehensive approach is ideal for industries where success relies on getting high quality products to market fast, such as high tech, health and life sciences, consumer, and automotive suppliers.
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Propel’s Product 360 also supports high growth and enterprise businesses launching recurring revenue models that rely on long term customer engagement after the initial product sale. Enterprise-wide collaboration coupled with real time data allows companies to be more responsive to their customers, respond to unforeseen events faster, and make the right decisions.
“Now more than ever, new business models require faster innovation, supply chain resiliency, and global sales models to succeed,” said Ray Hein, CEO of Propel. “Progressive business and IT leaders recognize the need to put the customer at the center of the product experience. That’s why companies like Cisco, Guardant, Henry Schein, HP, Teladoc and Traeger have invested in Propel this year.”
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