[Funding alert] SaaS startup Chargebee becomes unicorn after raising $125M in Series G round
San Francisco-based SaaS startupon Tuesday announced that it has raised $125 million in series G funding, co-led by new investor Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners, along with participation from another existing investor, Steadview Capital.
The company said the new round of funding will allow Chargebee to expand its global footprint and further add to its partnership network. Chargebee is now valued at $1.4 billion, which triples its valuation in less than six months.
Founded in 2011 by four friends — Rajaraman Santhanam, Thiyagarajan Thiyagu, Saravanan KP(CTO), Krish Subramaniam (CEO) — Chargebee’s product automates complex billing and revenue operation challenges that arise as subscription businesses scale into large enterprises and also provides key reports, metrics, and insights into the subscription business.
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The SaaS startup also enables businesses to rapidly move into new markets, geographies, and recurring business models.
In a statement, Chargebee said it is used by over 2,500 companies globally, including businesses like Freshworks, Okta, Calendly, and Study.com.
Speaking about the new development, Krish Subramanian, Co-founder and CEO, Chargebee, stated,
“Businesses today need to quickly 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 towards a subscription-first world by helping our customers realise rapid value, and being an integral partner in their long-term growth journey,” he added.
The company recently brought out enterprise-class capabilities like usage-based billing and a dedicated data center for Europe.
Rajeev Dham, Partner at Sapphire Ventures and the latest Board member of Chargebee, added,
"We are thrilled to partner with Krish, Raman, and the entire Chargebee team as we believe they have built a leading product in the subscription billing and revenue management space."
"As the global shift to subscription-first models continues to grow in popularity, Chargebee has an incredibly bold vision for new products for multiple market segments. After years of knowing them, I’ve been most impressed by their thoughtfulness and execution in building Chargebee as the emerging category leader that is reinventing the broader space," he said.