The company plans to use the funds to boost organic growth, expand its technology platform, and to support acquisitions
FREMONT, CA: Propeller Industries, a New York-based provider of financial and accounting services for venture-stage companies, received an equity investment from affiliates of Newlight Partners. The terms of the deal were not revealed.
The company plans to use the funds to boost organic growth, expand its technology platform, and to support acquisitions.
Established in 2008 and led by Chris Fenster, Founding Partner and Chief Executive Officer, Propeller offers core services including CFO-level financial guidance, comprehensive financial reporting, cost-effective accounting, and specialized services as trade promotions management, transaction advisory, and human resources.
oday, the company employs approximately 200 full-time people across six US and two international offices to serve more than 300 early-stage companies.
It has US offices in San Francisco, Boulder, New York, Los Angeles, Austin, and Sun Valley, and International offices in Bangalore and Manilla.
"Today represents an exciting new chapter for Propeller Industries, our clients and employees," stated 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 recognizes 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."