[Funding alert] Chargebee raises $14M in Series D led by Steadview Capital
Subscription management platform Chargebee plans to deploy the new investment to expand product offerings and partnerships to build an end-to-end subscription ecosystem to automate revenue operations.
Leading subscription management platform Chargebee has raised a $14 million Series D funding round, led by Steadview Capital. The new investment brings the total funds raised to date to $38.2 million.
Fast-growing SaaS businesses are now investing in streamlining revenue operations to identify leakage and capture opportunities across their revenue cycle. Chargebee aims to enable these businesses with a powerful subscription infrastructure that lets them scale their business process as they grow.
Krish Subramanian, Co-founder and CEO of Chargebee, said: “Enterprises and rising startups recognise the value of subscription businesses. Unlike transactional revenue models, subscriptions require companies to evaluate longer-term metrics and redefine KPIs for success.”
The current round of funding, led by London-based Steadview Capital, along with existing investors, Insight Venture Partners and Accel, also suggests Chargebee's aspirations to become the dominant subscription platform for the growing European SaaS market.
Ravi Mehta, Founder and Managing Director, Steadview Capital, said: “High-growth subscription businesses need the right kind of infrastructure that enables a rapid scale. Over the next few years, we believe robust subscription management platforms will become an essential layer in business tech stacks. We are very excited to partner with Chargebee in this space.”
Helping companies grow their revenue
In June, Chargebee opened a new office in Europe to be closer to its customers in the growing market. The company followed its European expansion with a rollout of new product updates focused on optimising revenue operations, compliance, and revenue recognition.
"SaaS and subscription-based products must be customer-centric, while also maximising profitability at scale. As the source of truth for subscription data, Chargebee is in a unique position to enable businesses with both the experience and revenue opportunities they can capture," said Shelly Perry, Board Member, Insight Partners.
Shekhar Kirani, from Accel, said: “Globally, subscription-based businesses have seen aggressive growth over the last few years. Infrastructure platforms like Chargebee handle subscription management, billing, compliance, and revenue recognition allowing modern businesses to focus on their core competencies.”
Founded in 2011, Chargebee is used by over 1,800 companies in 53 countries using more than 120 currencies. It automates revenue operations of high-growth, subscription-based business. Its SaaS platform helps businesses manage and grow their revenue by automating subscriptions, billing, invoicing, payments, and revenue recognition processes. It provides key reports, metrics, and insights into their subscription business.
(Edited by Teja Lele Desai)
Taking the plunge to build a global product from India- Krish Subramanian, Co-founder, ChargeBe...
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line 'Coronavirus Disruption' to email@example.com