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.