SAN FRANCISCO & CHENNAI, India–(BUSINESS WIRE)–Chargebee, a SaaS 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 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.
Chargebee offers a payment gateway agnostic subscription billing solution, complementing gateways like Stripe, Braintree, PayPal, 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 partner 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.