Zuora, which helps customers manage their subscription models, has raised $115 million from new investors include public market investors Wellington Management Company LLP and Blackrock Inc, as well as Premji and Passport Capital. They join existing investors Benchmark Capital, Greylock, Redpoint, Index, Shasta, Vulcan, Next World Capital, Dave Duffield, co-founder and chairman of the board of Workday; and Marc Benioff, Chairman and CEO of Salesforce.com—all of whom participated in this latest funding round.
With this new investment, Zuora will continue its global expansion into new geographies and vertical markets, expand its team with world-class sales, engineering and marketing personnel, and fuel continued research and development activities.
Founded in 2007, Zuora delivers a SaaS-based solutions. Its relationship business management (RBM) platform allows companies to manage the entire lifecycle of the subscriber, including customer acquisition, recurring billing and payments, revenue recognition, and subscription metrics.
In 2014, the company experienced a 109% increase year-over-year in invoice volume running through its systems; growth in contracted invoice volume to approximately $42 billion; international expansion with 106% year-over-year revenue growth internationally; opening of eight new offices worldwide; and an expansion of its total global workforce to 500 employees.