Propeller Industries secures equity investment from Newlight Partners
Propeller Industries (Propeller), a provider of financial and accounting services for venture-stage companies, has secured an investment from affiliates of Newlight Partners (Newlight), a private investment firm.
Terms of the transaction have not been disclosed.
Founded in 2008, Propeller’s core services include CFO-level financial guidance, comprehensive financial reporting and cost-effective accounting, as well as specialised services such as transaction advisory, trade promotions management, and human resources. Propeller’s teams bring deep, industry pattern-recognition and a cloud-based operating platform that equips founders with real-time reporting and analytics. Today, Propeller employs nearly 200 full-time people across six US and two international offices to serve over 300 early stage companies. Since its inception, Propeller’s clients have raised more than $6 billion in total capital to build some of the most successful startups across the e-commerce, CPG, software, professional services and media sectors. This includes unicorns and exited alumni such as Casper, Away, Hims, Sir Kensington’s, Krave Jerky, Giphy and Braze as well as emerging clients such as Haus, Super Coffee, The Farmer’s Dog, 15Five and Citizen.
“Today represents an exciting new chapter for Propeller Industries, our clients and employees,” says Chris Fenster, Propeller’s Founding Partner and Chief Executive Officer. “After over a decade of organic growth, we are thrilled to have a long-term partner in Newlight, a world-class investment firm whose support will help us build on our position as the financial partner of choice to founders. Most importantly, Newlight shares our vision for the future, and recognises our strong culture and commitment to helping great entrepreneurs build great companies. We look forward to leveraging their unique perspective and industry insight as we continue on our journey.”
Propeller intends to use the proceeds from Newlight’s investment to accelerate organic growth, expand its technology platform, and to support acquisitions that further its goal of providing superior financial management and enterprise-level business intelligence to emerging companies.
“Many of Propeller’s clients have grown into some of today’s most well-known venture capital-backed businesses. Propeller has a leading market position, and we are pleased to support Chris and his talented team as they expand the business, enhance their industry-leading service offerings and technology platform, and continue to provide mission critical back-office solutions to early stage companies,” says David Wassong, co-Managing Partner at Newlight.