- Leading subscription commerce platform Recurly announced it raised $19.5 million in a new round of funding led by F-Prime Capital
Recurly — a leading platform that is powering subscription commerce — announced it closed $19.5 million in a new round of funding led by F-Prime Capital. Polaris Partners, Greycroft, and Silicon Valley Bank also joined the round. And the financing comes after several years of strong growth that has seen Recurly becoming the platform of choice for thousands of subscription businesses.
“Recurly turns 10 this month and subscription commerce is now transforming nearly every industry,” said Recurly CEO and co-founder Dan Burkhart. “Our base of experience accumulated data helps our customers achieve breakout success by bringing their subscription products to market quicker and providing key insights about how best to engage and retain their subscribers.”
There are now more than 2,100 subscription businesses that utilize Recurly’s subscription billing management platform for managing over 20 million active subscribers. And the company has a history of delivering “first-in-class” product innovations that radically improve subscriber management.
For example, Recurly’s Revenue Optimization Engine uses advanced statistical models and machine learning based on 10 years of historical data to understand what makes a successful transaction and why some transactions fail. And by repairing failed transactions and improving subscriber retention, Recurly increases monthly revenue for customers by an average of 12%.
“Recurly helps power some of the best known, fastest-growing subscription businesses in the market today” added Shervin Ghaemmaghami of F-Prime Capital. “We’re thrilled to lead this growth financing and look forward to their continued success”.
With this round of funding, Recurly plans to fuel product development and build out innovative features such as payment optimization and subscriber intelligence. And the new financing will also enable Recurly to expand sales and marketing operations and further develop partnership programs.
Another announcement Recurly made was the hiring of two new executives on its team. Tony Allen is joining Recurly as Chief Technology Officer after spending 13 years in key Platform Engineering and Architecture roles at PayPal. And Shane Oren was named as SVP of Sales at Recurly.
At PayPal, Allen was responsible for Venmo technology and architecture as well as the architecture of PayPal’s Marketplaces Platform. And Oren has over 10 years of experience in Enterprise Sales, most notably at NetSuite and NICE Satmetrix.
Based in San Francisco, Recurly has 175 employees. And the company has raised more than $39 million to date. Some of Recurly’s customers include Sling TV, BarkBox, Asana, FabFitFun, Cinemark, and Fubo.tv.
