$55M in Series F: What does this make possible?
We’re excited to announce our latest $55M Series F round of funding led by Insight Partners, and participation from our existing investors. This brings the total funding we’ve raised to date to $105M.
Of course, this is a huge moment for us, and our customers who’ve trusted us as partners in their growth journey. But more than the funding round itself, I’m particularly excited about the timing right now.
Partners for Scale
When we started seven years ago, we were primarily focussed on startups and early stage businesses. It’s a matter of great pride for me to see many of these startups have scaled into emerging enterprises today.
In a way, it’s your growth and ambitions that have driven us to build a product that adapts and scales for businesses ranging from pre-revenue startups to the Fortune 500s. From cutting edge technology to traditional enterprises.
The Future is about Adaptability
The last six months have truly challenged almost every assumption that traditional businesses were built on. Entire markets have dissolved overnight, while new ones have sprung up.
In July this year, we hosted our first-ever virtual User Conference with some amazing sessions by our customers on how they’ve been championing change.
For example, MakeSpace, one of the fast growing self-storage providers, found a massive opportunity with physical offices shutting down. These businesses needed a place to store their furniture and officeware, and MakeSpace was ready with plans to capitalize this.
Meanwhile, Torrefactory, a Belgian B2B coffee startup, found itself on the other end. With offices shut down, their core market seemed to dissolve overnight. Torrefactory made an ingenious pivot from a pure B2B to a B2B2C model. Businesses could now gift these gourmet subscriptions to their employees. Employees could enjoy a fulfilling cup of coffee as they worked remote, and Torrefactory was able to create a new niche.
In just the last few months alone, we’ve seen Hopin, a virtual event platform grow from five employees to over a hundred, kicking off a hockey-stick growth curve that most businesses would kill to have on their dashboards. We’ve seen Pret A Manger, the UK based sandwich chain, go live with a subscription model on Chargebee in just ten days, and see a massive surge in coffee subscriptions on opening day. And we see more of these stories coming in every day.
It’s really stories like this that give us purpose, inspiration, and direction. In a way, I find it a matter of great pride that we, at Chargebee, have played a part in how our customers adapt, experiment, and scale their subscription revenue operations.
SaaS-i-fication of the world: What does this make possible?
Debbie Barrafato, CFO at Rise Vision, said it best when she asked the team, “What opportunity does this Change make possible?”.
That’s a question we’ve continuously asked ourselves since our inception – when we first saw the promise of the subscription model. Today with everything from cars to coffee pods becoming “SaaS-i-fied”, the opportunities for every one of us is limitless. If only we have the tools to continuously iterate, learn and adapt.
That’s the partner we want to be. The one that enables you as you navigate hyper-growth. A partner that can anticipate the next curve in your journey and be ready to help you scale.
This round of funds helps us get closer to that vision. We will be deploying these funds to expand Chargebee’s capabilities to support our customers through the next many many milestones in our combined journey.
As always, none of this would have been possible without our customers, investors, partners, and team. So thank you once again…
Now onwards to the next mountain!