US-based subscription management firm Chargebee has raised $125m from a Series G funding round, raising its overall valuation to $1.4bn.
The funding round was co-led by Sapphire Ventures as well as existing investors Insight Venture Partners and Tiger Global. The company’s new valuation of $1.4bn is a three-times spurt in value since its Series F funding round in October last year, where it raised $55m.
Founded in 2011, Chargebee is a recurring billing and subscription management tool that aids SaaS and SaaS-like businesses streamline their revenue operations. The platform integrates with platforms like Stripe and PayPal to let you automate recurring payment collection alongside invoicing, taxes, accounting, email notifications, SaaS Metrics and customer management.
Chargebee claims it intends to use the new investment to further enhance its ability to aid businesses in scaling its subscription revenue operations from start-up to IPO. The business will also bolster its investment in its global expansion and key partnerships.
The company has seen its revenue double over 2020, noting its rapid growth has been driven by its fast time-to-value as well as a long-term investment in customer growth. It added even large global firms are able to go live leveraging a subscription model with Chargebee in a maximum of 10 days.
The firm holds a 150% Net Retention Rate of users and has been regularly ranked by review sites such as G2 as number one among all finance products in the sector. It has a wide global customer and sector portfolio, working with companies such as Freshworks, Study.com and Calendly, while dipping in toes in sectors such as E-learning, publishing, SaaS and D2C eCommerce.
Chargebee co-founder and CEO Krish Subramanian said, “Businesses today have to be able to respond to evolving customer needs, compliance requirements, and market pressures in real-time. More than ever before, businesses need their subscription revenue platform to be the reliable system of record that enables them to rapidly scale their revenue processes.
“Chargebee is committed to spearheading this movement toward a subscription-first world by helping our customers realize rapid value and being an integral partner in their long-term growth journey.”
Chargebee CRO Adam Tesan added, “The SaaS subscription model offers unprecedented growth potential for both traditional and modern businesses to deliver recurring value to their customers “Our mission at Chargebee is to enable all of these businesses, from startups to enterprise, to realize and rapidly scale this opportunity.”
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