Chargebee‘s round was co-led by new investor Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners, along with contributions from existing investor, Steadview Capital.
The firm’s latest investment round will help it with expanding its global presence and “further add to its partnership network,” according to a release. Chargebee is now valued at $1.4 billion, which “triples its valuation in less than 6 months,” the announcement noted.
As stated in the release, Chargebee has an “extensive” client portfolio which includes brands such as Okta, Freshworks, Calendly, Study.com, and many other “high-growth” subscription businesses.
As noted in the release:
“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 at Superfoods company and a long term customer of Chargebee, said that today, they are able to introduce a new pricing experiment in 30 minutes and can also “converge on the right pricing point that suits our customer segments.”
Kapsner added that Chargebee has given them the “freedom” to “make mistakes, and then fix them right away.”
The COVID-19 outbreak has accelerated the shift towards digital platforms and services like SaaS and subscription-based business models “from cars to coffee providers,” the release noted while adding that the overall 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,” the announcement revealed.
Krish Subramanian, Co-founder and CEO at Chargebee, stated:
“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 the latest board member of Chargebee, remarked:
“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 a client portfolio that includes brands such as Freshworks, Calendly, Study.com, and various other subscription businesses focused on SaaS, D2C Ecommerce, OTT Streaming, E-learning, Publishing, and others, in more than 60 different countries, “selling to end customers across the world.”
As mentioned in the release, “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,” release noted.
As Chargebee continues to expand its operations, it’s also “beginning to reflect in the size of their flagship summit, Champions of Change.” The virtual summit aims to doube in size since the previous event was held in October of last year, with participation expected from 6,000 industry professionals.
As noted in the release, scheduled to take place on May 19 and 20, 2021 the Champions of Change summit “brings together leaders and rising change-makers in the subscription space to a common platform.”