New capital will accelerate growth and advance Propeller’s industry-leading financial management and business intelligence solutions for emerging companies
NEW YORK--(BUSINESS WIRE)-- Propeller Industries, LLC, (“Propeller”), a leading provider of financial and accounting services for venture-stage companies, today announced an investment from affiliates of Newlight Partners LP (“Newlight”), a private investment firm. Terms of the transaction were not disclosed.
Founded in 2008, Propeller’s core services include CFO-level financial guidance, comprehensive financial reporting and cost-effective accounting, as well as specialized 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 U.S. 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,” said 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.” 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,” said David Wassong, co-Managing Partner at Newlight.
About Propeller Industries, LLC
Propeller Industries is a leading strategic finance and accounting partner for venture-stage businesses. The Company leverages its fractional team model, deep industry pattern-recognition, scalable technology stack and global operating platform to deliver real-time reporting and analytics to founders and management teams trying to navigate the challenges of growth. Propeller has U.S. offices in San Francisco, New York, Los Angeles, Austin, Boulder and Sun Valley, and International offices in Bangalore and Manilla. To learn more, visit https://www.propellerindustries.com/.
About Newlight Partners LP
Newlight Partners LP is a private investment firm focused on collaborating with management teams and strategic investors to build unique, durable businesses, predominantly in North America. For more than 15 years, the Newlight team has helped build successful enterprises in five sectors, including financial services, telecommunications, power and infrastructure, healthcare services and business services. Led by David Wassong and Ravi Yadav, the Newlight team has invested approximately $6 billion in over 100 investments since 2005, first as the Strategic Investments Group at Soros Fund Management LLC (Soros), and now as Newlight after the team's spin out from Soros in 2018. Newlight has approximately $4 billion in capital commitments and assets under management.
Media Contacts:
Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. (212) 257-4170