Parakeet 🦺

Revolutionizing Risk Management

Announcement:

Looking to take your company viral? Join us for a one-of-a-kind event this June in NYC. You can sign up here and find more details below.

Setting the Scene

  • In the high-stakes construction industry, many mid-market companies remain alarmingly unaware of the pitfalls that could derail their projects and profits.

  • Risks in the industry may include:

    • Failure to adhere to regulations, leading to expensive fines, serious injury, and lawsuits.

    • Financial loss from budget overruns, delayed payments, or fluctuating material costs.

    • Operational threats, ranging from day-to-day safety hazards to quality issues.

  • This week’s company provides a platform that automates risk management and business functions to ensure construction companies stay in good standing.

In a Sentence


Parakeet provides companies with an automated risk management platform to ensure comprehensive oversight and enhanced control over their financial and operational risks.

  • Automated: Parakeet integrates with company workflows and finances to automatically assess various risk factors.

  • Risk Management: By leveraging real-time purchase and performance data, Parakeet offers actionable steps that contractors can use to enhance safety and optimize business performance.

Bulleted Version: Parakeet acts like the immune system for construction companies, automatically identifying and neutralizing risks before they can escalate into full-blown problems, ensuring the company's health and vitality.

The Basics

  • Industry: Construction Tech, B2B SaaS

  • Headquarters: Utah

  • Year Founded: 2023

  • Employee Count: 2

  • Investors: Beta Boom, Various Angels

  • Amount Raised: $800k

  • Currently Raising: $200k

  • Business Model: $10k annual contracts

  • Early Traction: $200k ARR, 20 customers since launch in January

IN PARTNERSHIP WITH

  • Fidelity Private Shares cap table platform is the all-in-one tool that will help founders prepare for their next round of funding.

  • This platform gives founders access to seed stage capital, equity scenario modeling, and premier support to generate, execute & store legal documents.

  • As a valued member of the Bulletpitch community, we’d like to personally share a 20% discount for the product.

  • Plus, if you’re coming from another platform, Fidelity has offered up its top-tier team to help transfer all docs for a seamless transition.

Due Diligence

WHAT WE LIKE

  • Market Opportunity: Parakeet targets the vast risk management market, starting with construction, which has uses cases in areas like design, HR, project management, procurement, and payments.

  • Precision Risk Insights: Parakeet's platform utilizes real-time data to provide precise risk assessments tailored to each contractor's specific environment, minimizing potential disruptions to businesses while optimizing project efficiency.

  • Use Cases: As lenders seek to engage with mid-market construction firms and beyond, Parakeet's platform could emerge as a vital tool for assessing a business and risk profiles of potential borrowers.

POTENTIAL RISKS

  • Slow Market Adoption: Despite a hot start, Parakeet may encounter a slow adoption rate among mid-market construction companies due to the industry’s traditional nature and resistance to new technologies.

  • Regulatory Compliance: Given the diverse and often changing regulatory landscape of the construction industry, Parakeet must continually update its platform to comply with new regulations.

  • Potentially Underpriced: Given how quickly Parakeet has scaled its initial customer base, the company may be underpricing its platform, given its substantial value-add.

Founder Profile

To request an introduction to the founder, respond to this email.

Comps

Why Parakeet: Parakeet has laid the groundwork for success by positioning itself as the essential toolkit for mid-market construction companies looking to manage risk and drive business growth.

Event Board

Bulletpitch Presents: Venture Virality

We’re excited to announce that we are taking NYC by storm this June, and would like to invite you to join us for a one-of-a-kind event to connect founders and funders.

​What to Expect:

​Media is a critical part of how founders and investors interact in the startup ecosystem. That’s why this event will be dedicated to giving all the founders in attendance a media moment!

​ALL STARTUPS (AND FUNDS) IN ATTENDANCE WILL HAVE THE OPPORTUNITY TO SUBMIT THEIR LOGOS TO BE PROJECTED ON THE MASSIVE LED BOARD IN THE CENTER OF THE VENUE.

​Throughout the night your company’s logo (or portfolio companies) will be featured in front of the hundreds of investors and other founders in attendance.

Founders are encouraged to capture the iconic shot of their billboard-sized logos to tweet, post, story, or even put on their websites.

Our Sponsors:

This event is powered by our incredible partners: Fidelity Private Shares, Citizens Private Bank, Polsinelli, and Insomnia Club.

We consider each of these partners not only integral to this event, but partners to the entire startup community. You can learn more about each of our partners on the event page here.

Cast Your Vote

What do you think of Parakeet?

Cast your vote below and tell us why:

Login or Subscribe to participate in polls.

Last Week Today

  • The results are in: Kutt, a social betting platform that offers a secure and interactive way to engage in peer-to-peer bets, was favored in last week’s poll.

  • Subscriber feedback: “Social betting is an in-demand service and Kutt’s simple yet scalable business model provides a real solution.”

    .