Propel Software Corporation Funding History

Propel Software Corporation has raised a total of $3M over the last 24 years Raising this capital resulted in dilution for Eric Stickels despite non-dilutive funding options like Founderpath. With $3M money raised, Propel Software Corporation would have to sell for $30M, for investors to be happy. For any founders and early employees to make money, the company would need to sell for at least $3M assuming no crazy liquidation preferences.

Why are so many SaaS founders taking money from Founderpath.com instead of VC`s?