Subscription Commerce Leader Recurly Closes $19.5M Investment Led by F-Prime Capital
Oct 1, 2019
GLOBE NEWSWIRE – Recurly, Inc., the leading platform powering subscription commerce, announced that it has closed $19.5 million in new funding led by F-Prime Capital along with Polaris Partners, Greycroft and Silicon Valley Bank. The financing comes after several years of strong growth that has seen Recurly become the platform of choice for thousands of subscription businesses worldwide.
“Recurly turns 10 this month and subscription commerce is now transforming nearly every industry.” said Dan Burkhart, CEO and cofounder of Recurly. “Our base of experience accumulated data helps our customers achieve breakout success by bringing their subscription products to market quicker and providing key insights about how best to engage and retain their subscribers.”
Today more than 2,100 subscription businesses rely on Recurly's subscription billing management platform to manage over 20 million active subscribers. The company has a history of delivering 'first-in-class' product innovations that radically improve subscriber management. Recurly's Revenue Optimization Engine, for example, uses advanced statistical models and machine learning based on 10 years of historical data to understand what makes a successful transaction—and why some transactions fail. By repairing failed transactions and improving subscriber retention, Recurly increases monthly revenue for customers by an average of 12%.
“We're delighted to be closely aligned with Bank of America Merchant Services to serve the large and rapidly-growing subscription commerce market,” said Recurly CEO Dan Burkhart. “As more businesses embrace the subscription model, they'll find a great fit in our complementary capabilities.”
“Recurly helps power some of the best known, fastest growing subscription businesses in the market today” said Shervin Ghaemmaghami from F-Prime Capital. “We're thrilled to lead this growth financing and look forward to their continued success”.
Recurly will use this round of funding to fuel product development and build out innovative features, such as payment optimization and subscriber intelligence. The new financing will also enable Recurly to expand sales and marketing operations and further develop partnership programs.
As part of this expansion, Recurly has brought two new executives onto its team. Tony Allen joins Recurly as Chief Technology Officer after spending 13 years in key Platform Engineering and Architecture roles at PayPal. While at PayPal, Allen was responsible for Venmo technology and architecture, as well as the architecture of PayPal's Marketplaces Platform. Shane Oren joins Recurly as SVP of Sales. Oren has more than 10 years of experience in Enterprise Sales, most notably at NetSuite Inc. and NICE Satmetrix.
Recurly is headquartered in San Francisco and currently has 175 employees across offices in San Francisco; Boulder, CO; and New Orleans, LA. This round brings Recurly's total capital raised to over $39 million.
Recurly, Inc. provides a versatile subscription management platform to manage the entire subscription lifecycle for market-leading businesses worldwide. Leading subscription businesses such as Sling TV, BarkBox, Asana, FabFitFun, Cinemark and Fubo.tv depend on Recurly to harness the power of the subscription model and drive recurring revenue growth. Since its launch in 2010, Recurly has deployed subscription billing for thousands of companies across 42 countries. Recurly, Inc. is PCI-DSS Level 1 compliant and has achieved SOC 1 and SOC 2 attestations. For more information, visit https://recurly.com.