Subscription Management startup Chargebee raises $125m Series G funding to accelerate global shift to subscriptions
Chargebee, the subscription billing and revenue management platform, announced a fresh round of $125 million in series G funding, co-led by new investor Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners, along with participation from another existing investor, Steadview Capital.
The new round of funding will allow Chargebee to expand its global footprint and further add to its partnership network. Chargebee is now valued at $1.4 billion, which triples its valuation in less than 6 months. Chargebee has an extensive customer portfolio that includes brands like Okta, Freshworks, Calendly, Study.com, and thousands of other high-growth subscription businesses.
As a core revenue enabler for thousands of subscription businesses, Chargebee's rapid growth has further been spurred by its fastest time-to-value and its long-term investment in customer growth. Chargebee's platform is easy to implement; onboarding can be completed in less than ten days – even for large global enterprises.
Paul Kapsner, Director of Finance, Superfoods: "Today we're able to roll out a new pricing experiment in 30 minutes and converge on the right pricing point that suits our customer segments. Chargebee has given us the freedom to make mistakes, and then fix them right away."
The global pandemic has accelerated the already growing shift to SaaS and subscription-based business models from cars to coffee providers. Demand for moving into a recurring revenue stream is expected to grow at a 17.5% CAGR over the next five years. The company recently brought out enterprise-class capabilities like usage-based billing and a dedicated data center for Europe while getting consistently ranked #1 by customers among all Finance Products in review sites such as G2.
Krish Subramanian, Co-founder and CEO, Chargebee: "Businesses today need to quickly respond to evolving customer needs, compliance requirements, and market pressures in real-time. More than ever before, businesses need their subscription revenue platform to be the reliable system of record that enables them to rapidly scale their revenue processes. Chargebee is committed to spearheading this movement towards a subscription-first world by helping our customers realize rapid value, and being an integral partner in their long-term growth journey."
Rajeev Dham, Partner at Sapphire Ventures and Board Member, Chargebee: "We are thrilled to partner with Krish, Raman and the entire Chargebee team as we believe they have built a leading product in the subscription billing and revenue management space. As the global shift to subscription-first models continue to grow in popularity, Chargebee has an incredibly bold vision for new products for multiple market segments. After years of knowing them, I've been most impressed by their thoughtfulness and execution in building Chargebee as the emerging category leader that is reinventing the broader space."
Chargeebee has an extensive customer portfolio that includes brands like Okta, Freshworks, Calendly, Study.com, and thousands of other high-growth subscription businesses spanning across verticals ranging from vertical and horizontal SaaS, to D2C Ecommerce, OTT Streaming, E-learning, Publishing, and others, in over 60 countries, selling to end customers across the world. With this fresh round of investments, Chargebee plans to further invest in their product to help businesses scale their subscription revenue operations seamlessly from startup to IPO. The company also announced that it will be increasing its investment on its global expansion, and key partnerships.
As the company grows, it is also beginning to reflect in the size of their flagship summit, Champions of Change. The virtual summit is doubling in size since the previous event in October 2020, with participation from 6000 business leaders. Scheduled to take place on May 19th and 20th, the Champions of Change summit brings together leaders and rising change-makers in the subscription space to a common platform.