SaaSOptics, which provides streamlined accounting management solutions for B2B SaaS businesses, announced new funding this week.
The company has raised $1.8 million in funding from Techstars Ventures, among other backers, including TEN Holdings Chairman Tom Noonan and Fulcrum Equity Partners Founder Alston Gardner.
SaaSOptics provides financial solutions for B2B Software-as-a-Service firms and other companies that provide services and solutions on a subscription basis. The company offers automated ordering and order renewal capabilities, invoicing, payments, accounting data and revenue analysis and other features designed for the SaaS industry.
“SaaS, cloud and subscription license models, coupled with a strong focus on business metrics, have created a real market need for subscription management that can meet the needs of growth-oriented SaaS businesses,” said Techstars Partner Ari Newman. “When we first met SaaSOptics, it was easy to see that they were delivering a high value, best-of-breed solution to an underserved market, and we are excited to have them as part of the Techstars portfolio.”
In addition to the new funding round, SaaSOptics announced that Tim McCormick has joined the firm as its new CEO. He had previously served as vice president of marketing for Internet Security Systems.
“The growing demand for our market-leading subscription management platform makes this an exciting time to join SaaSOptics,” McCormick said in a statement. “I am committed to building our success to date, accelerating our leadership position in the burgeoning SaaS market and building even greater customer success, which is the foundation for everything we do.”
SaaSOptics was founded in 2009 and services nearly 300 clients, the company said.