Recurly Nets $12 Million in Series B Financing
Oct. 23, 2014
Recurly, a San Francisco-based subscription-billing technology provider, this week said it has closed on a $12 million round of new financing. The four-year old company, which focuses entirely on enabling merchants to offer their customers recurring-billing payment options, said its revenue has grown nearly 800 percent in the past three years. It will employ the cash infusion to, among other things, double its headcount from 60 to 120 employees by the end of 2015. The new round was led by Devonshire Investors with participation from Greycroft Partners, Polaris Partners and e.ventures.
"Subscription business models quickly became the standard in the Software as a Service (SaaS) category and have now become strategic imperatives to be competitive in areas such as digital publishing, media (OTT), productivity, data services and e-commerce companies around the world," said Dan Burkhart, Recurly CEO and co-founder. "Recurly’s unique approach to solving complex billing challenges has resonated with major corporations and mid-enterprises alike. Expanding our bench of world-class investors will further fuel our success as we innovate and expand across new markets."