- Orb announced it has raised $19.1 million in funding.
Orb – a modern pricing platform – announced that it closed $14 million in Series A funding. This funding round was led by Menlo Ventures following a seed round in 2021 of $5.1 million led by Greylock, bringing the total raised to $19.1 million. And they were joined by base case capital, The Cannon Project, Data Community Fund, Essence VC, FOG Ventures, Scribble Ventures, South Park Commons, and SV Angel along with the founders and executives from companies like Asana, Datadog, HubSpot, Braze, Notion, Plaid, Replit, and Vercel.
Many businesses have been shifting from subscriptions to usage-based pricing with many companies seeking to incorporate how the product is used into how it is priced. And even though the trend toward usage is hard to ignore, there is no one-size-fits-all approach to pricing. But most companies benefit from hybrid models and all businesses require complete control to price and package their products in the way that best drives efficient growth.
Orb’s pricing platform spans the end-to-end revenue workflow from metering capabilities to flexible pricing and packaging iteration to streamlined invoicing to reporting and revenue recognition.
Orb powers the billing for high-growth B2B technology companies including Airbyte, Dune, and Materialize, thus saving them engineering costs and enabling them to unlock more revenue. And revenue is a company-wide effort so Orb’s platform was designed to accelerate all stakeholders toward their goals. Orb’s pricing platform delivers:
1.) Flexibility to enable engineers and product managers to ship products faster without billing getting in the way.
2.) Real-time actionable insights to help sales and customer success teams identify upsell opportunities and build better relationships with customers.
3.) Accuracy and automation to eliminate manual billing errors and give finance teams detailed revenue reporting.
Through Orb, SaaS companies can now accurately bill for any flexible pricing model. And as companies, boards, and the public markets continue to watch every dollar, and engineering and data science talent remain scarce and expensive, Orb enables organizations to focus more on their core business, not on billing.
KEY QUOTES:
“Pricing is one of the most effective growth levers that companies have, yet so few can successfully evolve their monetization to act on opportunities. Building this infrastructure in-house has required massive investments in engineering, beyond the reach of most companies. Alternatively, companies have faced a false choice between billing solutions that are either developer-friendly or powerful for cross-functional users like finance. That changes today with Orb.”
— Alvaro Morales, CEO and co-founder of Orb
“We are reverting from an era of point solutions back to an era of consolidation, and a single system of record for revenue across engineering, product, sales, revops, and finance is where we at Menlo see the industry heading. Prior to joining Menlo, my product growth and monetization teams built versions of this infrastructure in-house with significant engineering headcount committed. I wish we had Orb to accelerate our revenue goals.”
— Naomi Ionita, Partner at Menlo Ventures
“SaaS companies must drive sustainable and profitable growth and need solutions that deliver value without requiring additional seats or active usage. When combined with the AI- and ML-driven automation revolution, cloud economics are in a state of rapid flux. The speed with which software businesses can evolve monetization will differentiate the winners. We see Orb as a key to unlocking the value for the next major wave in software.”
— Saam Motamedi, General Partner at Greylock
