Dive Brief:
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Paro, a technology-based finance talent pool provider, is set to add new artificial intelligence capabilities to its platform after securing $25 million in a Series C funding round, according to CEO Anita Samojednik.
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Founded in 2015, the Chicago-based startup uses AI to match companies with CFOs and other finance experts based on specific project needs and goals.
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“Let’s say a company needs a Mandarin-speaking CFO who has experience extending e-commerce into Asia-Pacific countries,” Samojednik said in an interview. “We can find this sort of needle in a haystack pretty much instantaneously, using the technology.”
Dive Insight:
An April study by Business Talent Group found a 116% increase year over year in the need for interim leadership at all levels throughout organizations. The need for interim CFOs was most acute, increasing by 103% year over year.
“Amid economic uncertainty, rapidly changing markets, and fierce competition, a leadership deficit is taking a toll on organizations large and small,” the report said. Corporate finance roles in particular have seen growing complexity and turnover, it said.
Paro has seen a rise in demand for finance experts who can assist large companies with highly specialized projects, such as enterprise resource planning software investments, Samojednik said.
The company works with thousands of finance professionals across the U.S. each year. Many of them are drawn by the opportunity for more work-life balance, according to the CEO. “With us, they can still pursue their professional interests and have well-paying careers, but sort of on their own terms,” she said.
With its most recent funding round, the company has raised a total of $67 million to date, according to a press release. The latest round was led by San Francisco-based venture capital firm Top Tier Capital Partners.
The new cash will allow Paro to scale its product innovation, including by “doubling down on AI,” according to Samojednik. “This includes making enhancements to our comprehensive freelancer suite of tools that helps our network of experts optimize their earnings and grow their book of business," she said.
