Parabol uses Segment to create transparency around company priorities, share progress with existing investors and raise funding from new investors
Parabol is a software company that creates products to unlock a team’s full potential. Specifically, Parabol is a remote retrospective and meeting app that generates automatic insights about team performance from online collaborations. Parabol’s software allows distributed, cloud-based teams to run meetings from anywhere, across time zones, in real time or asynchronously. Then, team notes and tasks are automatically rolled into a meeting summary instantly posted to a team timeline and emailed to stakeholders. Teammates can also export their tasks to Jira, Confluence, Github or Slack.
Parabol was founded in Brooklyn, New York by Jordan Husney in 2015. To date, the company has raised a $970k in a convertible notes and has two full time employees. In 2019, Parabol joined Techstars startup accelerator.
When Parabol was a new company, they understood the importance of establishing a product/market fit right away. Founder Jordan Husney noted, “By our nature we’re experimentally minded and data oriented,” so it was imperative to bolster any of their creative business ideas with hard data.
The founding team values data so much that they wanted it to inform most of the way their business functions: they baked reviewing data directly into their operating cadence to have productive, informed conversations with teammates and advisors, driving company strategies and evaluating the merit of past decisions. Parabol also wanted to use data to track funnel conversion and drive customer pipeline efficiencies. Once they started to dig into their metrics and data collection capabilities, however, they realized the detail and clarity they needed just weren’t there.
But what could support such a broad range of needs?
The Parabol team quickly turned to Segment. Husney noted, “First we turned on Segment’s Slack integration to see an ambient flow of key events people were performing in our software.” Next, Parabol turned on Amplitude, and began using the data they were gathering to better understand their product/market fit. Then they turned on Hubspot to cater their approach to sales leads within their funnel. Husney enthusiastically stated, “We felt like champions because we only had to integrate Segment once, instead of spending our time integrating numerous tools' differing APIs.” Instantly, they had the information they needed.
Because of Segment’s ease-of-use, Parabol can easily turn on a new program, run a week-long experiment, gather data, and learn if they’re on the right track with their next iteration—devoting no additional resources to instrumenting their product to gain these important insights.
Parabol now has more than four years of accurate, easy-to-access data. For most of their company’s existence, they’ve published a subset of it in a weekly blog post they call the Parabol Friday Ship. This practice demonstrates a value the company holds dear because ,as Husney said, “Everything is right there for investors and stakeholders to see clearly.” And the best part? “By being able to collect data easily and sharing that with investors, they start sharing our successes freely, and that brings in other investors.”
Parabol has gone from 2k registered users to 12k (500+%), and fewer than 500 MAU to over 3,600 MAU (620%) in under 8 months with no change in its expenses, only constant iteration in response to its data
|Location:||Brooklyn, New York|
“Investors aren’t interested in linear growth. Segment helped us see hockey stick growth.”