Propel Raises $18M in Series B Funding

propelPropel, a Santa Clara, California–based platform for companies to get to market fast by enabling collaboration across teams, divisions, partners, and customers, raised an $18m Series B funding.

The round, which brought total capital raised to date to $28m, was led by Norwest Venture Partners, with participation from Cloud Apps Capital Partners, Salesforce Ventures, and Signalfire. In conjunction with the funding, Norwest Partner Sean Jacobsohn will join the Propel board.

The company intends to use the new funds to grow the team, deliver on its expansive product roadmap, and build on its existing customer base that already includes companies like Desktop Metal, Samsara, and Peak Design.

Founded by CEO Ray Hein, who previously held leadership positions at Agile Software, Apttus, Vendavo, and Centric Software, Brian Sohmers, former general manager and EVP of Equilar, and Ron Hess, a former Salesforce architect and evangelist, Propel combines three key elements of product development to bring products to market fast – from concept to customer. By merging Product Lifecycle Management (PLM), Product Information Management (PIM), and Quality Management System (QMS) functionalities, the company enables communication between front office and back office departments to create a collaborative whole office. This enables all stakeholders – including the end customer – to work together in parallel on product decisions, allowing for rapid iteration between groups.



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