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Funding will be used to hire more people, improve the product, and more
Subscription-based models are all the rage right now. Over the past decade, it seems almost every company has replaced its traditional payment model with a subscription.
While we could argue the pros and cons of this model for consumers and companies, one thing is for sure - companies need ways to easily create and manage these subscriptions.
Now, RevenueCat, one company that focuses on that very subject, is celebrating a successful $40 million Series B funding round. This comes after a $15 million Series A funding round in August of last year.
Essentially, RevenueCat helps businesses not only create subscription models for Android and iOS, but provides a dashboard that provides plenty of metrics to help understand subscription health, customer retention, and more.
At present, RevenueCat is helping its customers manage over $1 billion in in-app purchases per year and over 6,000 apps use the platform.
CEO Jacob Eiting tells Crunchbase News, “We didn’t expect to be fundraising again so soon, but it has been so high velocity. We’ve been plugging away on product. We had 3,000 apps using us in August and have doubled that to 6,000 now.”
Funding will be used to connect with more developers, lower its own subscription prices, and hire additional people.
YC Continuity Partner Anu Hariharan notes, “The world is moving toward subscriptions — and for companies, building out this model translates to weeks of developers’ time. RevenueCat helps developers roll out subscriptions in minutes and creates a source of truth for customer data."
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