SAN FRANCISCO, USA: Recurly Inc., the leading pay-as-you-go subscription billing platform, has closed a $12 million Series B round of new financing.
Devonshire Investors (the private investment firm affiliated with Fidelity Investments) led the round with participation from Greycroft Partners and existing investors, Polaris Partners and e.ventures.
The new investment will allow Recurly to further accelerate the considerable momentum it has achieved over the last several years in the areas of product innovation, top-notch talent acquisition and customer and revenue growth. With this investment, Shervin Ghaemmaghami, from Devonshire Investors, will join the Recurly Board of Directors.
Recurly launched in 2010 on the premise that businesses require an elegant solution to manage sophisticated subscription billing operations. The company’s service has attracted a rapidly growing list of 1700 customers from 32 countries, processing in 11 local currencies via 22 payment gateways.
The company has experienced over 780% growth in revenue and over 34 consecutive months of increasing monthly recurring revenue since its $6 million Series A funding.