SaaSOptics closes $12 million Series B to meet increasing demand for its B2B SaaS subscription management platform
SaaSOptics, a B2B subscription management platform that provides subscription and order management, has secured a $12 million Series B investment to continue to scale sales, marketing, customer success and support teams while adding more engineering and product management resources to extend its total addressable market.The round was led by Fulcrum Equity Partners. The investment consists of a combination of equity and debt, including a line of credit from Silicon Valley Bank (SVB).
The new funding comes on the heels of a record-breaking Q3 with 70 percent growth in new Annual Recurring Revenue (ARR) bookings over Q2 2019 and the addition of a record 66 new customers. Since its Series A funding round in January 2018, also led by Fulcrum Equity Partners, SaaSOptics has continued on an impressive growth trajectory, increasing total ARR by 105 percent, adding nearly 50 employees and growing its customer base by 58 percent, bringing the number of B2B SaaS businesses that rely on SaaSOptics to over 600. To date, customers have used the data, metrics and analytics reporting in SaaSOptics to raise over $13 billion in capital.
Founded in 2009 by David Ryan, the Atlanta, GA-based SaaSOptics is a complete B2B subscription management platform that delivers subscription invoicing and payments, GAAP revenue recognition, subscription management and robust subscription metrics and analytics. SaaSOptics is a cloud-based solution that enables early stage to enterprise B2B subscription businesses the ability to eliminate their dependency on spreadsheets and streamline their financial operations, reporting and performance metrics.
Unlike most subscription management providers, SaaSOptics is easy to use, very affordable and takes on average four weeks to implement. SaaSOptics serves over 600 customers worldwide managing over $6 billion in revenue.
“We’re excited that Fulcrum Equity Partners is once again backing us with capital that will help us to further invest in customer success, bring new innovation to our platform and meet new market demand for automated financial operations among B2B SaaS businesses,” said Tim McCormick, CEO of SaaSOptics. “With the adoption of the SaaS model at an all-time high, investors are competing to invest in the most promising SaaS businesses as early as possible. As a result, B2B SaaS businesses are turning to SaaSOptics to automate their financial operations at an earlier stage and generate SaaS metrics and analytics that will help them get funded and stay funded.”