OpenView Leads $30M Series B in Paperless Parts to Modernize Manufacturing
We’re incredibly excited to welcome Jason, Scott, Jay, and the rest of the Paperless Parts team to the OpenView family as we lead their $30M Series B. We’ve been getting to know Jason and the team over the past year and we’re pumped to partner with a local Boston company.
Paperless Parts makes estimating and quoting for contract manufacturers easy and secure. Jason, Scott, and Jay started the business after Jay’s experience running his own shop and the pain points that followed. They set out to solve the tedious and time-consuming process of quoting job orders and thus, formed Paperless Parts.
Legacy ERPs in this space were all founded more than 20 years ago and are generally not well suited to accurately deal with the intricacies of estimating. As a result, most shop owners end up quoting by eye and gut feel or relying on an Excel spreadsheet.
Paperless Parts is the first modern, cloud-based estimating and quoting software for job shops, contract manufacturers, and finishing companies. It automatically ingests CAD files, PDFs, and several other formats and analyzes the geometry to provide an accurate quote for the shop owner to review. This dramatically saves time and effort.
Additionally, the market is large and growing. There are over 35,000 contract manufacturing shops in the US, representing $88 billion in direct spend annually. The COVID pandemic also highlighted the importance of domestic manufacturing, and the feedback from every customer we spoke to has been nothing short of effusive.
Thank you Jason, Scott, and Jay for the opportunity to partner with you all to modernize manufacturing. We look forward to the next chapter of this company!
OpenView invests at the expansion stage – the challenging growth period between seed and series C – when the stakes are high and decisions need to be made quickly. Meet our newest portfolio companies here.