Its San Francisco office of Battery Ventures, which is a Boston investment company, led the growth equity investment of 150 million. The investment was made by The city of San Antonio, Chargify LLC and Atlanta-based SaaSOptics.
Chargify and SaaSOptics are cloud-based software platforms to manage billing and automate financial tasks like payments as well as revenue recognition and analysis for cloud-based firms. It was unclear the amount of money that was poured in each of the companies.
Chargify was established in the year 2009 by Lance Walley, Siamak Taghaddos and Michael Klett under Kansas-based virtual phone service provider Grasshopper. It spun off to become its own business in 2012 when the three founders were offered an investment by Mark Cuban, owner of the Dallas Mavericks and one of the investors on the tv series “Shark Tank” According its website.
The company was purchased by the San Texas-based Scaleworks Associates in 2016 and remains in the venture capital firm’s software portfolio. In March of 2020, Chargify acquired Keen.io, another Scaleworks portfolio company, and added events-based billing into its offerings, according to The Business Journal. Chargify has its headquarters with its headquarters in San Antonio and Dublin, Ireland. The current chief executive Paul Lynch is from Dublin.
“With Battery’s history of partnering with prominent [cloud-based] businesses, the firm recognizes the massive potential in the subscription-management space. Businesses are moving to subscriptions along with the use of events and consumption-based business models. Our solutions enable these industries to maximize customer value and monetize it,” Lynch said in the announcement.
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