Zuora Raises $50 Million In Series E
Zuora is a company that provides technology for subscription businesses. Zuora has raised $50 million in Series E funding. Next World Capital and Vulcan Capital led this round of funding. Northgate Capital, Benchmark capital, Greylock Partners, Redpoint Ventures, Shasta Ventures, Tenaya Capital, Workday founder and co-CEO Dave Duffield and Salesforce.com CEO Marc Benioff also participated in this round.
Abhishek Agrawal of Vulcan Capital and Craig Hanson of Next World Capital are joining Zuora’s board of directors. Zuora raised around $132.5 million total. Zuora makes it easier to move from product sales to commerce subscription and billing.
Some of Zuora’s customers include Box, Dell, Google, Wildfire, Joyent, Rightscale, and Zendesk. Zuora’s subscription revenue has been increased by around 90% from last year. The number of customers have increased 55% over the last 18 months also.
“We have aspirations of being public one day but we’re not in a rush,” stated Zuora co-founder and CEO Tien Tzuo. “We’re focused on building a great company. This $50 million round, given the size of the round, means we can IPO on our own terms. We do expect to be a public company.”