[March 20, 2018] |
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Chargebee Closes Series C with $18 Million Investment from Insight Venture Partners
Chargebee, a SaaS (News - Alert) subscription management and recurring billing
solution, has secured $18 Million in growth capital, led by New
York-based Insight Venture Partners. The Series C investment also saw
participation from previous investors, Accel Partners (News - Alert) and Tiger Global
Management. With this round of funding, the total investment stands at
$24.7 Million. This capital will be used for increased investment in
product R&D, sales, marketing and growth, to expand aggressively into
newer markets and segments.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180320005567/en/
Chargebee founders (Photo: Business Wire)
Chargebee offers a payment gateway agnostic subscription billing
solution, complementing gateways like Stripe, Braintree, PayPal (News - Alert), Adyen
and many others. Chargebee powers the recurring revenue engines of B2B
and B2C services across various industry verticals like SaaS, Digital
Media, eCommerce, and IoT. Founded in 2011, Chargebee has scaled to
support 7000+ customers in 53 countries.
Harley Miller, Vice President at Insight Venture Partners, will
be joining the board. Harley commented, "Chargebee delivers a broader
and deeper subscription billing management solution built for both
non-technical business users as well as developers. As a firm, we are
long on recurring revenue businesses. Chargebee is poised to capitalize
on this trend, as its solution is both robust and easy to use for SMB
and enterprise clients alike. We are very excited to patner with such a
highly talented, ambitious team."
"Worldwide, we see a strong trend in subscription businesses with
innovative pricing and product bundling. Building a sustainable
recurring revenue business is hard. It requires merchants to
continuously deliver product value and customer service. And that makes
billing a mission critical system, that provides the flexibility needed
to build a scalable business - on one side enabling a fluid customer
experience, while on the other, ensuring compliance in an increasingly
regulated global economy. With Insight's support, Chargebee's new
investment will be channelised towards furthering our goal to
democratise billing and subscription management, and empower teams to
create customer-first subscription experiences, without the developer
dependencies that exist in most systems today," said Krish
Subramanian, Co-Founder & CEO, Chargebee.
"We help our customers launch their business and grow into new
countries, without having to worry about compliance, tax rules,
language, currency, and even new revenue models. We take a lot of pride
in remaining behind the scenes while powering our customer's businesses.
We want to be the AWS of Subscription Billing." added Krish.
This investment marks a significant milestone in Chargebee's growth
story, with the company focusing on expanding the capabilities of their
billing and subscription engine, along with building a healthy ecosystem
of integrations all the way from lead to ledger, to further automate
accounts receivables.
About Chargebee: Chargebee is
a subscription and recurring billing management solutions company that
helps businesses manage their billing, payments, subscriptions,
security, compliance, and invoicing services efficiently. Founded in
2011, Chargebee offers a SaaS solution that simplifies billing
complexities and functions for subscription businesses, while delivering
a consistent experience across all customer touchpoints. Chargebee is
backed by Insight Venture Partners, Accel Partners, and Tiger Global
Management. For more information on Chargebee, visit www.chargebee.com
or follow us on Twitter (News - Alert) @chargebee.
About Insight Venture Partners:
Insight Venture Partners is a leading global venture capital and private
equity firm investing in high-growth technology and software companies
that are driving transformative change in their industries. Founded in
1995, Insight has raised more than $18 billion and invested in over 300
companies worldwide. Our mission is to find, fund, and work successfully
with visionary executives, providing them with practical, hands-on
growth expertise to foster long-term success. Across our people and our
portfolio, we encourage a culture around a core belief: growth equals
opportunity. For more information on Insight and all its investments,
visit www.insightpartners.com
or follow us on Twitter @insightpartners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180320005567/en/
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