Recurly, a San Francisco, CA-based pay-as-you-go subscription billing platform, closed a $12m Series B financing.
The round was led by Devonshire Investors, with participation from Greycroft Partners and existing investors Polaris Partners and e.ventures. In conjunction with the funding, Shervin Ghaemmaghami, from Devonshire Investors, will join Recurly’s Board of Directors.
The company intends to use the funds to further grow the capabilities of its subscription billing platform to enable integrations with third party services as well as alternative methods of payment.
Launched in 2010 by Dan Burkhart, CEO, Recurly provides enterprise-class recurring billing management for subscription-based SaaS, media, mobile, productivity, and publishing businesses worldwide. The company’s service has been used by a list of 1700 customers from 32 countries, processing in 11 local currencies via 22 payment gateways. Clients include AccuWeather, DishDigital, GigaOm, Groupon, JibJab Media, HubSpot, Asana, Optimizely, Twitch.tv, and Zillow, among others.
Recurly currently employs 60 professionals and plans to more than double its headcount by the end of 2015.