Propel Raises $20M in Series C Funding
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Propel Raises $20M in Series C Funding

By CIOReview | Monday, October 18, 2021

Propel's Product 360 also helps high-growth and enterprise companies develop recurring revenue models that rely on long-term client interaction after the first product purchase.

FREMONT, CA: The Quality Management System (QMS) and Product Lifecycle Management (PLM) are two well-established disciplines that assist businesses in improving product quality and profitability. Propel recently raised 20 million dollars in Series C funding with the aim of upgrading Product 360, the only complete Quality Management (QMS), Product Lifecycle Management (PLM), and a commercialization solution based on Salesforce.

Salesforce Ventures was the lead investor, followed by participation from Norwest Venture Partners, Cloud Apps Capital Partners, Green D Ventures, and TIFF. Ankona Capital, a venture capital company with experience in both supply chain and scaling business B2B SaaS solutions, has joined the existing investors. To date, the company has received 48 million dollars in investment.

"Now more than ever, new business models require faster innovation, supply chain resiliency, and global sales models to succeed," said Ray Hein, CEO, Propel. "Progressive business and IT leaders recognize the need to put the customer at the center of the product experience. That is why companies like Cisco, Guardant, HP, Teladoc, Henry Schein, and Traeger have invested in Propel this year."

Product 360 helps manufacturers launch products quicker, simplify quality and compliance, and enhance the employee user experience by linking product, quality, customer, and supplier information in a single platform. This comprehensive strategy is suitable for high-tech, health and life sciences, consumer, and automotive suppliers, who rely on getting high-quality products to market quickly.

"Industry solutions are really resonating with our customers because they deliver industry-specific capabilities with a simple and easy-to-use IT stack," said Cindy Bolt, SVP Manufacturing, Automotive, Energy, Travel, Transportation, and Hospitality at Salesforce Industries. "This approach has been successful in financial services, communications, media, and insurance. The manufacturing and life sciences industries are quickly demanding these capabilities to evolve their businesses to respond to new market demands."

Propel's Product 360 also helps high-growth and enterprise companies develop recurring revenue models that rely on long-term client interaction after the first product purchase. Firms can be more responsive to their customers, respond to unforeseen events faster, and make better decisions with enterprise-wide cooperation and real-time data.

"The increase in demand for Propel from mid-market and enterprise companies shows that Propel is using to help drive revenue growth by enabling new customer engagement models," said Jared Smith, General Partner, Ankona Capital. "They are poised for growth, and we look forward to helping Propel capitalize on this unique market opportunity."