Recurly Raises $6 Million in Series A for Recurring Billing Service, Led by BV Capital
Leading Pay-As-You-Go Subscription Billing Provider To Expand Features, Support and Partnerships
SAN FRANCISCO, CA – January 24th, 2012 – Recurly, Inc. (http://recurly.com), the leading pay-as-you-go subscription billing service provider, today announced that it has raised $6 million in a Series A financing round led by BV Capital, and including Polaris Venture Partners, Harrison Metal Capital and FreeStyle Capital.
Recurly is in the business of helping subscription-based businesses eliminate the pain required to scale recurring billing operations by providing an easy, self-serve, pay-as-you-go platform. Recurly’s service automates many of the complexities involved with subscription billing management, such as customer upgrades and downgrades, credit card errors and declines, automated customer communications, and customer retention management.
"There is an exciting intersection occurring between web businesses, digital content, entertainment and mobile applications in that they are broadly adopting subscription-based models,” said Dan Burkhart, CEO and co-founder of Recurly. "BV Capital shares our enthusiasm for this market opportunity, and provides the global experience and discipline that will greatly assist in helping Recurly grow our business."
"BV Capital is excited by Recurly’s approach to addressing billing in a way that turns what is an otherwise complex and painful function in most enterprises into a distinct competitive advantage,” said Thomas Gieselmann, general partner at BV Capital. "We believe that Recurly is pursuing a significant market opportunity, and has the right combination of technology, talent and approach that we like to invest in." Thomas Gieselmann, a co-founder of BV Capital will join Recurly’s Board of Directors.
BV Capital is a longtime investor in Internet-focused, early stage technology companies that have efficient capital requirements. The Recurly billing service helps companies outsource their core billing function so that they can focus on developing their own compelling services, and avoid the total cost required to manage and staff an internal, PCI compliant billing infrastructure.
Recurly, Inc. provides enterprise-class recurring billing management for over seven hundred and fifty subscription-based SaaS, Web 2.0, Mobile, content and publishing businesses worldwide. Businesses like Fox News Radio, JibJab Media, Weather Underground, Justin.tv, GOOD.is, Slideshare and EquityFeed depend on Recurly’s ability to deliver recurring billing automation. Since it’s launch in January of 2010, Recurly has deployed subscription billing for companies throughout North America and the European Union. Recurly, Inc. is PCI-DSS Level 1 Compliant, and operates in compliance with the data protection practices outlined in the E.U. Safe Harbor agreement found at http://www.export.gov/safeharbor. Recurly can be found at http://recurly.com.
About BV Capital
BV Capital is a global venture capital firm focused on early-stage internet investments. The firm was founded in California in 1998 and has offices in San Francisco, Hamburg, São Paulo, Tokyo, Beijing, and Moscow. BV Capital’s portfolio includes companies such as Groupon, Angie’s List, Sonos, YuMe Networks, Pulse, delicious, Shopping.com and Recurly.