Recurring billing software provider ChargeBee has raised $5 million in Series B funding. Tiger Global led the round with participation from return backer Accel Partners.
ChargeBee, a SaaS based recurring billing startup, has secured $ 5 million in venture funding, in a Series B round led by Tiger Global with participation from existing investor Accel Partners. This takes the startup’s total funding to $ 6.17 million.
Subscription based SaaS and e-Commerce markets have seen exponential growth. ChargeBee now processes over $100MM USD annually for their customers that include fast growing startups like Freshdesk, Kissflow, Soylent and VinylMePlease.
In recent years, popular startups like Stripe, Braintree & others have made it easier for businesses to process payments online. But ChargeBee believes there is a huge gap in the market for fast growing startups that need automation of recurring billing operations apart from payment processing.
ChargeBee offers good riddance to all the day to day billing use cases that cuts across business functions like finance, support, sales and marketing in a typical subscription business.
Their approach is similar to the service play that Rackspace brought to infrastructure management that ChargeBee aspires to bring to SaaS with their concierge like service.
“Billing is an amazing opportunity for conversation with customers but also a point of friction if not done well. In a subscription based business model it becomes crucial to deliver amazing customer experience in billing as much as your product and we focus on delivering this on top of global payment gateways like Stripe & Braintree”, says Krish Subramanian, Co-founder & CEO of ChargeBee.
“ChargeBee has built amazing relationships with their customers that stands above everything else in market. We believe their focus on engineering to build a great platform complemented by this level of customer service is a tremendous opportunity to serve the next generation of globally relevant SaaS businesses.”, said Shekhar Kirani of Accel Partners.
With this investment, ChargeBee is planning to expand its engineering & customer support team to accelerate their product roadmap.
Zuora, Recurly & Chargify are other players in the Subscription Billing space and ChargeBee believes they have lot of headroom to grow, as the market is just maturing for services like subscription billing.
With this round of funding, ChargeBee intends to accelerate the product roadmap to expand its product offering and build local presence in key markets like US, UK & Australia.