Business Wire

Paddle Raises $68 Million Series C to Power Next Wave of B2B SaaS Companies

Share

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.”

About Paddle
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.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Press:
Cameron Morrissey / Leon Reason
paddle@theoutcastagency.com
+44 7773 005 644 / +44 7773 003 366

Alexa Ottenstein
PROSEK PARTNERS ON BEHALF OF FTV CAPITAL
646-818-9051
aottenstein@prosek.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

Nel ASA: Receives Purchase Order for 20MW Alkaline Electrolyser From Ovako26.11.2021 22:45:00 EET | Press release

Nel Hydrogen Electrolyser AS, a division of Nel ASA (Nel, OSE:NEL), has received a purchase order for a 20MW alkaline water electrolyser from Ovako, a leading European manufacturer of engineering steel. The electrolyser will be installed at Ovako’s existing plant in Hofors, Sweden. The fossil-free hydrogen will replace the use of fossil propane gas currently used in the heating furnaces. “We are excited to announce the delivery of electrolyser equipment to Ovako. There is huge potential in reducing CO2-emissions from steel-heating processes through green hydrogen. We look forward to working with Ovako and its partners to further develop fossil-free steel production,” says Jon André Løkke, CEO at Nel. The purchase order has a contract value of approximately EUR 11 million with equipment delivery in late 2022. The electrolyser will produce oxygen and hydrogen for Ovako’s steel-heating process and is a major step towards zero-carbon emission steel production. The conversion to hydrogen wi

'Afghan Girl' Sharbat Gula Safely Evacuated to Italy Via Efforts of Photographer Steve McCurry, Metagood/OnChainMonkey Crypto Community & Future Brilliance Charity26.11.2021 20:16:00 EET | Press release

The legendary 'Afghan Girl' photographer, Steve McCurry, and his sister, Bonnie McCurry, are delighted to announce that, together with the British-American charity, Future Brilliance, and with the support of the Italian government, and NFT for Social Good platform Metagood, they have been able to bring the famous icon for Afghan female refugees, Sharbat Gula, to safety. Background: Six weeks ago, Bonnie McCurry reached out to Future Brilliance founder, impact pioneer, and investor Sophia Swire who has a 30-year track record of empowering women in Afghanistan. She told Sophia that Sharbat Gula wanted to be evacuated with her family. After considering all the various country options, they confirmed with Sharbat that her family hoped to seek asylum in Italy. Sophia and her team activated the Future Brilliance network in Afghanistan and, together with the McCurry family, arranged the necessary paperwork, visas, and logistics. The NFT for good platform Metagood (who worked with McCurry to d

ZOVOO Held Distributor Conference, Creating a Splash of Colour in Atomization Industry26.11.2021 18:45:00 EET | Press release

At 9:30pm (GMT +8) on November 12, ZOVOO, a new industry-leading atomization company, held its 2021 distributor conference online. Distributors from United States, United Kingdom, France and other countries participated in the conference. Meanwhile, ZOVOO also displayed its newly developed disposable products DRAGBAR series for the first time to the public, which attracted widespread attention from distributors worldwide. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211126005521/en/ (Photo: Business Wire) Founded in 2010, ZOVOO has sophisticated research and develop capability, forward-looking product design and perfect supply chain system. ZOVOO founding team has 10 years of proven strength and experience. They have the absolute advantages in terms of heating materials, air channel structure design, etc., and build up the five criteria of good flavor. The birth of each product needs to go through from R&D, design, product

Indeed and Quandoo Announce Partnership to Support the Restaurant Industry Hiring Crisis26.11.2021 17:21:00 EET | Press release

Indeed, the world’s largest jobs site, and Quandoo, one of the fastest growing restaurant reservation platforms worldwide, today announce a partnership to support the restaurant industry's current hiring crisis. This partnership will see restaurants be provided with £50 credit to post a sponsored job advertisement on Indeed’s platform. Sponsored jobs advertisements receive optimal visibility and are more likely to deliver hires* which Indeed and Quandoo hope will connect staff with the restaurants that need them the most. Employers posting a job on Indeed for the first time will have £50 credited to their account to start sponsoring their jobs and reaching more candidates. Employers in the UK can claim the offer here . “We are so excited about this partnership. It’s a topic that is close to home for us at Quandoo as we are hearing how challenging it is to find staff from our partners. So we wanted to do our bit to support the wider industry in any way we can. By partnering with Indeed

The Leading Event for Payment, Identification and Security Professionals, TRUSTECH will present all the Latest trends in the sector26.11.2021 12:34:00 EET | Press release

For three days, professionals of the cards and digital trust technologies industries will meet at the TRUSTECH exhibition in Paris to discuss the issues and challenges of identity, security and payment, which are the real pillars of the digital transition for institutional or commercial organisations. A panel of international speakers will share their insights across the multiple conference sessions The 6,000 attendees expected from all over the world will also be able to discover concrete solutions to optimise their business and develop their practices. Visitors will have FREE access to participate at Trustech conferences program. AUTHENTICATION AND IDENTIFICATION: A STRATEGIC ISSUE FOR GOVERNMENTS AND ORGANISATIONS These new demands on governments require the use of increasingly complex technologies and processes. Digitization brings into question how the use of physical official documents will be used in the future. It also implies there will be new innovations regarding how physica

Vifor Pharma supports Iron Deficiency Day 2021: Call to action for early iron deficiency diagnosis26.11.2021 09:00:00 EET | Press release

Already for the seventh consecutive year of Iron Deficiency Day, Vifor Pharma is supporting a growing international alliance including the Heart Failure Policy Network, European Kidney Health Alliance, Global Heart Hub and Croí the West of Ireland Cardiac Foundation with the aim to educate people about the importance of iron for the body and what can happen if iron levels are not properly managed. Iron Deficiency Day 2021 encourages people at risk to listen to their body, to take iron seriously and to take control over their health by seeking early diagnosis and medical help from their physician. Iron Deficiency affects about half of the patients with chronic kidney disease2 and chronic heart failure and is associated with reduced quality of life3, an increased risk of hospitalization4 and cardiovascular death5. Despite the serious consequences and high prevalence, of iron deficiency, the condition remains under-recognized6. Diagnosis and treatment of iron deficiency has been further i

LightCON Unveils Global Teaser Site for New Mobile Game 'Rise of Stars (ROS)'26.11.2021 05:00:00 EET | Press release

Rise of Stars (ROS), a new mobile game that is being developed by LightCON, a subsidiary of WEMADE MAX (Co-CEOs: Hyunguk Chang, Gilhyung Lee) (KOSDAQ: 101730), today opened its global teaser site. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211125006252/en/ LightCON unveils global teaser site for new mobile game 'Rise of Stars (ROS).' ROS is a new mobile SF strategy game featuring elaborately designed warships and planets set in the vast universe. Under the slogan, 'The 4x Blockchain Game for the Greatest Conqueror,' the teaser site was designed to help users experience the unique atmosphere of ROS and the game concept with the representative image of the game. ROS will be building a system for players to obtain game tokens through resource mining within planets. It aims for a global launch in the 1st quarter of 2022. (Graphic: Business Wire) Under the slogan, ‘The 4x Blockchain Game for the Greatest Conqueror,’ the tease

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