SAN FRANCISCO, March 16, 2021 /PRNewswire/ -- Chargebee, the global leader in subscription billing and revenue management, today announced that it will be pledging $5 billion dollars of revenue processing capability for early-stage startups. With this pledge, qualifying startups will be able to use Chargebee's revenue management platform and services for free until they clock $100,000 in revenue.
Chargebee enables businesses across industries to transition and scale their subscription revenue. This pledge makes its best-in-class capabilities used by thousands of high-growth, pre-IPO, and public organizations accessible to early stage startups.
Chargebee has already invested in the startup ecosystem since 2016, with over 10,000 early stage startups getting to product-market fit and beyond with its "Launch Program" that offered up to $50K of free revenue processing. In 2020 alone, startups on Chargebee's Launch Program raised over $250M in Seed and Series-A Funding.
With today's announcement, Chargebee has doubled the revenue processing limit for qualifying startups from $50,000 to $100,000 .With this increase, the company aims to enable 50,000 early stage startups in the next 2 years, effectively allowing $5 Billion to be processed for free through its billing platform.
A recent beneficiary of Chargebee's Launch Program is Cocoon, which provides a 'family hub' that doubles up as a safe space for kids to play and learn, while allowing parents to get their work done. According to Karl Chong, CEO of Cocoon, "For many startups, it's difficult to spend a lot on technology up-front. Chargebee's Launch Program plan allowed us to test our billing and subscription management workflows in a risk-free proposition. Providing that for startups speaks a lot about Chargebee's commitment to growing the ecosystem and offering founders the ability to experiment and grow".
Regarding the timing of this announcement, Krish, Chargebee's CEO and Co-founder says, "The post-covid economy has opened up possibilities for a new breed of startups. Traditionally 'non-scalable' businesses like learning, fitness, health, and more break down geographic and market barriers by moving to a digital subscription based business model. This fund will allow these innovative startups to build and scale their revenue without impacting their current cash flow".
Omar Nawaz, CPO of Chargebee, added "The first $100K is the most difficult phase in a startup's journey, as it struggles to identify the right value metrics and product-market fit. This pledge gives businesses the ability to use Chargebee's capabilities to experiment with pricing, rethink packaging, and scale revenue operations in this critical discovery phase of their business."
About Chargebee:
Chargebee automates revenue operations of high-growth, subscription-based businesses. Its SaaS platform helps businesses manage subscriptions, billing, invoicing, payments and revenue recognition processes. Founded in 2011, Chargebee has raised north of USD 100M so far and is used by over 2500 companies in 53 countries using more than 120 currencies. For more information, visit www.chargebee.com or follow on Twitter @chargebee
VIDEO from the CEO - https://www.youtube.com/watch?v=O80YDfq5O8w
