Cloud billing and subscription firm Zuora has secured a $115m investment as it looks to target the ‘subscription economy’.
Investors in the firm include Wellington Management Company LLP and Blackrock Inc, as well as PremjiInvest and Passport Capital.
They join existing investors Benchmark Capital, Greylock Partners, Redpoint Ventures, Index Ventures, Shasta Ventures, Vulcan Capital, 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.
Zuora is one of the world’s fastest-growing software-as-a-service companies. Its relationship business management platform allows companies to manage the entire lifecycle of the subscriber, including customer acquisition, recurring billing and payments, revenue recognition, and subscription metrics.
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.
Tien Tzuo, Zuora co-founder and CEO, said:
“The Subscription Economy is permeating every industry — entertainment, technology, healthcare, manufacturing with IoT, consumer products, everything.
“Customers are now subscribers, and the new way to acquire, bill, and nurture customers is through monetizing subscriber relationships.”
The latest funding round brings the total amount of capital raised by Zuora to $250m.