Paddle Raises $68 Million Series C to Power Next Wave of B2B SaaS Companies
Paddle, the Revenue Delivery Platform for B2B Software-as-a-Service (SaaS) companies, today announces it has raised $68 million (£52 million) in Series C funding. The most recent investment was led by FTV Capital, a sector-focused growth equity investor in innovative companies in enterprise technology and services, financial services, payments and transaction processing, with participation from Kindred Capital, Notion Capital and 83North. This brings the total investment raised to date by Paddle to $93 million (£72 million). The funding will be used for continued expansion in the US and globally, as well as further investments in the company’s product, engineering, sales and marketing teams.
Paddle was founded in 2012 by British co-founders Christian Owens and Harrison Rose, with a vision of providing a complete solution to help software companies sell their products. The Paddle team has grown to 140 employees, and Paddle’s Revenue Delivery Platform today serves over 2,000 software companies in 245 countries and territories globally, empowering them to respond to every growth opportunity across customer acquisition, renewals and expansion.
Powerful market forces are reshaping the software industry, particularly the SaaS market, which is predicted to be worth over $105 billion in 2020. Many SaaS companies have seen demand surge during the Covid-19 pandemic as businesses and consumers became increasingly reliant on digital products and services. In fact, Paddle has seen sales by existing sellers accelerate during the pandemic, with particularly strong demand for software that supports distributed teams and collaboration, from VPNs to video calling.
However, SaaS companies are also facing unprecedented competition in an environment where they live or die by customer acquisition costs and their ability to maintain customer loyalty. They have the opportunity to compete and sell in any market in the world, but to do so must manage payments and operations in multiple markets, and navigate an increasingly complex web of international and local tax and data regulations.
As a result, scaling up is no longer just about focusing on building the right product and having the right go-to-market strategy. High-velocity SaaS companies are shifting their focus to a third powerful growth lever, Revenue Delivery, to drive hyper-scale growth by optimising Net Dollar Retention (NDR). Unfortunately, existing revenue delivery infrastructure isn’t ready for the scale and ambition of today’s software companies and businesses are stuck trying to force-fit integrations between legacy payment gateways, billing engines, subscription management tools, and multiple tax, compliance and data governance systems. This is a huge drain on time and resources that can severely limit SaaS companies’ ability to scale.
Paddle’s Revenue Delivery Platform makes it easy for SaaS companies to respond faster and more precisely to every growth opportunity for their business. A single unified platform, Paddle integrates checkout, payment, subscription management, and financial compliance; meaning sellers on the platform can activate new business models instantly, enter new markets with ease, turn on new offerings with one-click, and enable friction-free renewals. This modern approach to revenue delivery empowers CEOs to make informed business decisions quickly and confidently, and frees up teams to focus on the core business rather than operational headaches. Ultimately, using Paddle enables businesses to optimise NDR and deliver business impact that outperforms expectations.
Paddle has seen incredible demand to date, recording an average annual revenue growth of over 175% over the last four years and doubling in the last year alone.
Christian Owens, CEO and co-founder of Paddle, said:
“The beauty of the SaaS model is that if you build a great product, you can sell it to anyone, anywhere in the world. Unfortunately, it is rarely that simple. We created Paddle because we’ve seen first hand the things that limit the growth of a SaaS company often have very little to do with the quality of your product. Dealing with payments, managing subscriptions, localising checkouts in multiple languages and handling tax and compliance across dozens of markets is hugely complex and each of these challenges makes it harder for businesses to scale quickly. Our Revenue Delivery Platform has been built to remove all of this friction for B2B SaaS companies, empowering them to increase NDR by responding faster to every growth opportunity. We’re excited to continue our own growth with this investment and look forward to maintaining momentum in the months and years ahead.”
Kyle Griswold, partner, who led the investment for FTV Capital, added:
“We are witnessing a systemic shift within software, with the ‘growth at any cost’ mindset gradually being replaced by a realisation that businesses must scale more efficiently and with clearer purpose. We’ve been extremely impressed with Christian and Harrison’s ambition and Paddle’s growth to date and we believe they are defining a new category with Paddle’s Revenue Delivery Platform -- one that will be critical to helping companies adapt to change while empowering them to take advantage of the huge acceleration in demand for digital products. With more than two decades investing in the SaaS and payments sectors, FTV will bring the best of our domain expertise to accelerate Paddle’s exciting growth.”
The Paddle Revenue Delivery Platform for B2B SaaS companies powers growth across acquisition, renewals and expansion. With Paddle, companies are finally able to transform their revenue delivery infrastructure into a strategic growth lever to respond faster and more precisely to every opportunity. Paddle has 140 talented employees serving over 2,000 software sellers in 245 countries and territories globally. Backed by investors including FTV Capital, Kindred, Notion, and 83North, Paddle aims to define the next wave of B2B SaaS leaders. Visit www.paddle.com or www.twitter.com/PaddleHQ for more information.
About FTV Capital
FTV Capital is a growth equity investment firm that has raised nearly $4 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in more than 120 portfolio companies, including CloudFactory, Derivative Path, EBANX, Enfusion Systems, InvestCloud, Liberis, ReliaQuest, Riskalyze, Sunlight Financial, Sysnet, Tango Card, Vagaro, VPay and successfully exited companies including Empyrean Benefits (acquired by Securian Financial), ExlServices (IPO), Fleet One (acquired by WEX), Globant (NYSE IPO), Health Credit Services (acquired by Ally Financial), MedSynergies (acquired by Optum), Mu Sigma (acquired by shareholders), and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco and New York. For more information, please visit www.ftvcapital.com.
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
New Phase 3 Data Show TAK-620 (maribavir), an Investigational Drug for the Treatment of Transplant Recipients with Refractory/Resistant Cytomegalovirus (CMV) Infections, Meets Primary Endpoint4.12.2020 14:00:00 EET | Press release
Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (“Takeda”) today announced top-line results from the Phase 3 clinical trial evaluating the efficacy and safety of the investigational drug TAK-620 (maribavir), in the treatment of transplant recipients with refractory/resistant cytomegalovirus (CMV) infection. The TAK-620-303 (SOLSTICE) trial (NCT02931539) is a multicenter, randomized, open-label, active-controlled trial comparing eight weeks of treatment with either maribavir or investigator assigned treatment (IAT) in transplant recipients with CMV infection refractory or resistant to existing antiviral treatments (i.e., one or a combination of ganciclovir, valganciclovir, foscarnet or cidofovir). The SOLSTICE trial met its primary endpoint, defined as the proportion of patients who achieved confirmed CMV viremia clearance compared to IAT at the end of Study week 8. In addition, the SOLSTICE trial met its key secondary endpoint, defined as achievement of CMV viremia clearance
Janssen Submits Marketing Authorisation Extension to the European Medicines Agency to Register Paliperidone Palmitate 6-Monthly (PP6M) for Treatment of Schizophrenia in Adults4.12.2020 12:01:00 EET | Press release
The Janssen Pharmaceutical Companies of Johnson & Johnson submitted a Marketing Authorisation Extension Application to the European Medicines Agency (EMA) to register paliperidone palmitate 6-monthly (PP6M) for the maintenance treatment of schizophrenia in adult patients who are clinically stable on paliperidone palmitate 1‑monthly (PP1M)1 or 3-monthly (PP3M)2 injectable products. If approved, this long‑acting injectable will provide adults living with schizophrenia a twice-yearly dosing regimen, the longest dosing interval available for an antipsychotic medication in the European Economic Area.3 “Janssen’s roots in neuroscience began with research and development of novel therapeutic options for schizophrenia, and this filing builds on that 60-year commitment,” said Bill Martin, Global Therapeutic Area Head, Neuroscience, Janssen Research & Development, LLC. “We designed this unique dosing regimen so people with schizophrenia and their healthcare team can focus less on medication inte
Patrice Bula to be appointed as new Chairman of Froneri4.12.2020 11:30:00 EET | Press release
After more than 4 years as Chairman of Froneri, Luis Cantarell has expressed his desire to step down at the end of December 2020. Luis’s strategic vision, in-depth knowledge of the Ice Cream business as well as his energizing and inspirational leadership were decisive factors in the forming and ensuing success of Froneri, a joint-venture partnership between Nestlé and PAI Partners created in September 2016. Under Luis’s leadership, Froneri has achieved rapid sales and profit growth, steadily gaining market shares. With presence in 23 markets, a portfolio of iconic brands and an exceptional management team, Froneri is now well-placed to achieve global leadership in the Ice Cream category. To replace Luis, we are pleased to announce the nomination of Patrice Bula, currently Executive Vice President at Nestlé and a Supervisory Board Member of Froneri, and this since its creation. With a rich career spanning more than 40 years with Nestlé SA, of which the last 10 as Executive Vice Presiden
Xlife Sciences AG: Successful Capital Raising of Six Million Swiss Francs4.12.2020 11:00:00 EET | Press release
Capital increase of Xlife Sciences AG Successful capital raising of six million Swiss francs Xlife Sciences AG has successfully closed its capital increase and raised a total of 6.02 million Swiss Francs of new capital as of December 3, 2020. The placement was oversubscribed at the end of the subscription period. The management of the company sees the strong demand as a confirmation for its business model. The capital will be used almost exclusively for existing and new projects. In the capital round completed on December 3, 2020, existing and new investors subscribed for shares with a total value of CHF 6.02 million. For Oliver R. Baumann, CEO of Xlife Sciences AG, the high demand of investors is a confirmation of the successful business model. "The strong interest of investors shows that our company, with its strategy of holding and developing a broad portfolio of early-stage life science projects is an attractive investment even in challenging times such as the corona crisis". Inves
Rand Technology Appoints Key Executives Across Global Regions4.12.2020 02:30:00 EET | Press release
Rand Technology (Rand) has appointed Kim Fix, Chief Operating Officer (COO), Americas & Europe; Frederick Fu, President and Managing Director, Asia-Pacific (APAC); Nami Mokri, Vice President, Sales & Sourcing, APAC; Kevin Sheehan, Chief Information Officer (CIO); and Jennifer Strawn, Director, Sourcing & Procurement, Americas & Europe. Kim Fix, Global Vice President, QA & Operations, has been appointed to COO, Americas & Europe. Kim will lead Rand’s sales and sourcing teams’ operations across the Americas and Europe and oversee global compliance, quality assurance, and operations. Kim has been integral to Rand’s preferred status with its business partners and multi-site ISO, OHSAS, ANSI ESD, and R2 certifications. Frederick Fu joined Rand as President and Managing Director, APAC. He previously served as Avnet’s President of APAC. He has been fundamental to Rand’s efficacy, growth, strategy, and success in the APAC region. Nami Mokri was appointed Vice President, Sales & Sourcing, APAC.
Kalray Joins MLCommons as Founding Member3.12.2020 20:30:00 EET | Press release
Kalray (Euronext Growth Paris: FR0010722819 – ALKAL) (Paris:ALKAL), a pioneer in processors for new intelligent systems, today announced it has joined MLCommons as founding member. MLCommons is a not for profit, engineering consortium founded by 30+ global technology and academic leaders in AI and Machine Learning to accelerate machine learning innovation and broaden access to this critical technology for the public good. Initially formed as MLPerf, MLCommons boasts a founding board that includes representatives from Alibaba, Facebook AI, Google, Intel, NVIDIA and Professor Vijay Janapa Reddi of Harvard University with the objective to deliver industry-wide benchmarks, best practices and datasets to speed computer vision, natural language processing, and speech recognition development for all. “MLCommons has a clear mission - accelerate Machine Learning innovation to ‘raise all boats’ and increase its positive impact on society” said Peter Mattson, President of MLCommons. “We are excit
Hyperloop Transportation Technologies Accelerates with 100 Engineers from World Leading Firm Altran3.12.2020 19:40:00 EET | Press release
Hyperloop Transportation Technologies (HyperloopTT) announced today an agreement with world-leading engineering and R&D services provider Altran, part of the Capgemini Group. The agreement includes one hundred Altran engineers to accelerate the development of commercialized passenger hyperloop systems at the HyperloopTT facility in Toulouse, France, the Aerospace Valley of Europe. HyperloopTT’s European R&D Center is the home of the world’s only full-scale hyperloop system, which has been undergoing testing and optimization since 2019. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201203005174/en/ HyperloopTT's full-scale test system in Toulouse, France (Photo: Business Wire) The agreement advances HyperloopTT’s capabilities in a lean way, negotiated within HyperloopTT’s hybrid collaborative framework. The announcement comes after recent commitments from both the European Union and the United States, emphasizing the develop
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom