The company plans to use the new capital to scale product development and make strategic hires, it said in a Thursday (May 22) press release.
“Developers deserve a frictionless way to make money, and nobody has approached this with our level of focus,” RevenueCat CEO and Co-Founder Jacob Eiting said in the release. “We’re already assisting more annual app revenue than existed in the entire ecosystem when we started in 2017.”
Eiting added that the market has grown 10 times since 2017 and that he expects it to grow another 10 times over the next decade.
RevenueCat’s platform for managing consumer app monetization handles billing, analytics and conversion optimization, and is used across iOS, Android and the web, according to the release.
The platform is used by engineers to build features; by product and marketing teams to gain deep customer analytics; and by consumers to pay anywhere and access their purchases their purchases from every device, the release said.
It is used by more than 50,000 apps. Over the last three months, it was adopted by more than one-third of the apps that debuted worldwide during that time, per the release.
Mark Fiorentino, partner at Bain Capital Ventures, which led the funding round, said in the release that “RevenueCat is at a genuine inflection point.”
“They’ve quietly become critical infrastructure for the mobile economy — now, as the line between apps, AI and the web blur, they’re uniquely positioned to grow into one of the most important companies powering consumer software,” Fiorentino said.
It was reported in March that RevenueCat Vice President of Growth Rik Haandrickman said that because most mobile app developers are fighting an uphill battle as they work to generate revenue, there is likely to be “more paywalls, upsells and maybe even some price hikes” across all app categories.
Haandrickman added that he expects AI-powered apps to “see many add-on usage-based pricing (credits or pay-per-feature models) instead of relying solely on subscriptions.”
