Chargebee Raises $55 Mn In Series F Funding to Expand Footprint in International Markets
Existing investors Tiger Global and Steadview Capital also participated in the funding round
Founded in 2011, San Francisco-based SaaS (software as a service) startup Chargebee has secured USD55 million in Series F funding round led by Insight Venture Partners with participation from its continuing shareholders Tiger Global and Steadview Capital.
The company had last raised USD14 million in Series F funding round led by Steadview Capital in August 2019.
“We believe that a steady SaaS-i-fication of the market is already underway with traditional businesses replicating the best practices of SaaS pricing and business models even outside the realm of software. Subscription businesses today have to be ready at all times to identify and leverage market opportunities rapidly,” said Chargebee co-founder and chief executive officer Krish Subramanian.
Chargebee said it will use the fresh capital to improve its platform and develop new solutions to cater to companies with increasingly complex revenue models.
“Even beyond SaaS and software, we’re seeing a global movement where businesses — from cars to coffee pods — are launching and scaling with a subscription-first model. The need for an underlying revenue platform that allows businesses to this degree of adaptability is paramount today,” said Insight Partners vice president A J Malhotra.
The Chargebee platform claims to have all the concepts of metered billing. It helps subscription businesses to capture, preserve and maximize revenue prospects through automated recurring billing, subscription management and revenue analytics.
By integrating seamlessly with tech stack, it optimizes efficiencies across sales, success and finance operations to accelerate the growth of subscription revenue.
“As businesses scale, and especially in the context of recent global events, the need to be adaptive and flexible becomes critical. Solutions like Chargebee, let businesses leverage these changes into growth opportunities by making it easy for them to plan, deploy, and roll out revenue and business model changes.” added Chargebee board member and advisor Shelley Perry.
Chargebee competes with the likes of Chargify, Zoho and Aria Systems.