Recurly, a startup that does the hard work of managing customers’ subscriptions to online services, said today that it’s landed $12 million in new funding.
As more and more software transitions into subscription-based software as a service, companies can call on tools from outfits like Recurly to manage specific accounts. Small wonder Recurly is getting new investment.
Recurly will be using some of the funding to integrate with existing third-party tools and foster an ecosystem of partners, a spokesperson told VentureBeat.
San Francisco-based Recurly started in 2010 and claims to have accrued more than 1,700 customers. Sixty people now work for Recurly, and the headcount should hit 125 by the end of 2015, a spokesperson said. The startup competes with companies like Chargify, Vindicia, and Zuora.
Devonshire Investors led the new round in Recurly. Greycroft Partners, Polaris Partners, and e.ventures also participated. To date, the startup has raised $19.6 million.