- Leading subscription management platform Chargebee announced it raised $14 million in Series D funding
Chargebee — a leading subscription management platform — announced it raised $14 million in Series D funding led by Steadview Capital. And the new investment brings the total funds raised to date to $38.2 million.
SaaS businesses are now investing in streamlining revenue operations to identify leakage and capture opportunities across their revenue cycle. And Chargebee aims to enable these businesses with a powerful subscription infrastructure that enables them scale their business process as they grow.
“Enterprises and rising startups recognize the value of subscription businesses. Unlike transactional revenue models, subscriptions require companies to evaluate longer-term metrics and redefine KPIs for success,” said Chargebee CEO and co-founder Krish Subramanian.
This round of funding was led by Steadview Capital. Existing investors Insight Venture Partners and Accel also joined the round.
“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,” added Steadview founder and managing director Ravi Mehta.
Chargebee opened up a new office in Europe in June as part of an effort to be closer to its customers in the growing market. And the company followed its European expansion with a rollout of new product updates focused on optimizing revenue operations, compliance and revenue recognition.
“SaaS and subscription-based products must be customer-centric, while also maximizing 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,” explained Insight Partners board member Shelly Perry.
Chargebee plans to deploy this new investment in expanding their product offerings and partnerships to build an end-to-end subscription ecosystem to automate revenue operations. Currently, Chargebee is used by more than 1,800 companies in 53 countries using more than 120 currencies.
“Globally, subscription-based businesses have seen aggressive growth over the last few years,” commented Accel partner Shekhar Kirani. “Infrastructure platforms like Chargebee handle subscription management, billing, compliance, and revenue recognition allowing modern businesses to focus on their core competencies.”
