Zuora, Inc., a Reedwood City, CA-based provider of online recurring billing and payment solutions for SaaS and subscription businesses, has received $20m in a Series C round of funding.
The investment was led by Redpoint Ventures, with participation from existing shareholders Benchmark Capital, Marc Benioff, Shasta Ventures and Tenaya Capital.
This brings tht total amount raised by the company to date to $41.5m.
Zuora will use the funds to grow its operations in the U.S. and EMEA, to accelerate its entry into new markets and expand its portfolio of industry-specific solutions.
In conjunction with the funding, Tim Haley, Founding Partner of Redpoint Ventures has joined the company’s board of directors. As an outside member, he joins Peter Fenton, partner at Benchmark Capital, Scott Thompson, president of PayPal, and Jason Pressman, partner at Shasta Ventures.
Customers of the company include Reed Business Information, Coremetrics, InsideView, Marketo, Ricoh, Box.net, Xactly, Cloud Central and EMC.