Subscription billing platform provider Chargebee Inc. has raised $55 million in Series F funding to bring its total venture capital funding to $105 million, the company announced Tuesday (Oct. 6).
The latest round was led by Insight Partners and also included existing investors, Chargebee said in a blog post.
The company said it will use the new funds to “enhance its product and integration ecosystem to enable these businesses to experiment and launch increasingly sophisticated revenue models.”
Chargebee says its subscription platform is “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,” the company says in promotional materials. “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.”
“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,” AJ Malhotra, vice president at Insight Partners, said in a prepared statement. “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.”
Krish Subramanian, co-founder and CEO of Chargebee, said in the announcement: “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.”
Shelley Perry, a Chargebee board member and advisor to the company, said, “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.”
Subscription models have become especially important amid the coronavirus pandemic, PYMNTS reported, as companies look for ways to prevent customers from canceling services or abandoning shopping routines altogether.