US-based product management technology developer Propel has secured $18m in a series B round that featured Salesforce Ventures, the corporate venturing arm of enterprise software provider Salesforce.
The round was led by Norwest Venture Partners and included fellow venture capital firms Cloud Apps Capital Partners and Signalfire, and brought the company’s total funding to $28m.
Founded in 2015, Propel has created a cloud-based software platform that enables members of engineering, marketing and consumer product development teams to share product information and collaborate with each other.
The company combines product lifecycle management, product information management and quality management solutions into one system built on the Salesforce platform. It plans use the series B capital to grow its team, expand its product roadmap and bring in new customers.
Ray Hein, Propel’s founder and CEO, said: “At Propel, our [operating system] for products integrates the whole product development cycle from concept to customer – in order to get incredible products to market ridiculously fast.
“We are excited to put our new capital to work, helping the most innovative companies deliver products customers love.”
Propel had raised $4.2m in a Cloud Apps-led round that included Salesforce and Signalfire in early 2016, before securing a further $6.2m in February 2018 according to a regulatory filing.