Chargebee Secures $55M in Series F Funding to Capture the Global Shift to Subscriptions
SAN FRANCISCO, Oct. 6, 2020 /PRNewswire/ -- Chargebee, Inc., the subscription billing and revenue operations platform powering thousands of fast-growth subscription businesses, today announced a new $55M Series F funding round led by Insight Partners. The current round of funding includes participation from existing investors, bringing the total funding raised to date to $105M.
Chargebee provides the subscription platform used by thousands of businesses across the world, from startups to large businesses like Okta, Pret a Manger, and Envoy. The product automates complex billing and revenue operations challenges that arise as subscription businesses scale into large enterprises.
With the largest global footprint in terms of payment, billing and tax management coverage, Chargebee enables businesses to rapidly move into new markets, geographies, and recurring business models.
The current round of financing coincides with the global surge in businesses from startups to enterprises deploying subscription services. With this investment, Chargebee will enhance its product and integration ecosystem to enable these businesses to experiment and launch increasingly sophisticated revenue models.
"Even beyond SaaS and software, we're seeing a global movement where businesses from cars to coffee pods are launching and scaling with a subscription-first model. The need for an underlying revenue platform that allows businesses this degree of adaptability is paramount today. We're excited to be partnering with Chargebee in this space." said AJ Malhotra, Vice President at Insight Partners.
"We believe that a steady SaaS-i-fication of the market is already underway, with traditional businesses replicating the best practices of SaaS pricing and business models even outside the realm of software. Subscription businesses today have to be ready at all times to identify and leverage market opportunities rapidly." said Krish Subramanian, co-founder and CEO of Chargebee.
According to Shelley Perry, Board Member and advisor to Chargebee, "As businesses scale, and especially in the context of recent global events, the need to be adaptive and flexible becomes critical. Solutions like Chargebee let businesses leverage these changes into growth opportunities by making it easy for them to plan, deploy and roll out revenue and business model changes."
The company has the highest global footprint with customers, compared to any other revenue management software provider in the category, with businesses across North America, Europe, Asia, and Australia processing over $3B in revenue and servicing end-consumers in over 160 countries.
Chargebee automates revenue operations of high-growth, subscription-based business. Its SaaS platform helps SaaS, ecommerce and subscription-based businesses manage and grow their revenue by automating subscriptions, billing, invoicing, payments and revenue recognition processes and it provides key reports, metrics and insights into their subscription business. Founded in 2011, Chargebee is used by over 2,500 companies globally including businesses like Freshworks, Pret-a-manger and Study.com. For more information, visit www.chargebee.com or follow us on Twitter @chargebee.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter@insightpartners.