Subscriptions Platform Chargebee Lands $125 Million In Venture Funding
Chargebee, a subscription billing and revenue management platform, has reeled in an additional $125 million in venture funding. The Series G round was co-led by new investor Sapphire Ventures and existing investors Tiger Global and Insight Venture Partners, and existing investor Steadview Capital also participated, Chargebee said in a Tuesday (April 20) press release.
The company said the latest funding means “Chargebee is now valued at $1.4 billion, which triples its valuation in less than six months.” The release said the funding will fuel its expansion efforts.
As subscription models continue to grow in popularity globally, “Chargebee has an incredibly bold vision for new products,” said Rajeev Dham, a Sapphire Ventures partner and the latest board member of Chargebee.
“Businesses today need to quickly respond to evolving customer needs, compliance requirements, and market pressures,” said Krish Subramanian, co-founder and CEO at Chargebee. He said the company offers a “reliable system of record that enables them to rapidly scale their revenue processes.”
The company said its platform can handle “all the aspects of the subscription life cycle — including recurring billing, invoicing and trial management” for customers. Chargebee’s customers include Okta, Freshworks, Calendly and Study.com “and thousands of other high-growth subscription businesses.”
A blog post by Subramanian said that by using Chargebee’s platform, Study.com was able to benefit from the boost the pandemic surge gave to online learning by expanding into 18 new markets within 90 days. Today, he said, Study.com is “one of the leading online education platforms supporting over 34 million students and educators a month globally.”
The blog added that some 18,000 customers in 160 countries run their subscription revenue operations on Chargebee.
Chargebee also pulled in $55 million in venture funding in early October. At the time, that brought its total in venture funding to $105 million.
At the time, the company said, “With the largest global footprint in terms of payment, billing and tax-management coverage, Chargebee enables businesses to rapidly move into new markets.”