Software firm Paddle gets $12.5m Series B led by Notion Capital
Software startup Paddle has closed a $12.5m Series B led by Notion Capital.
Existing investors BGF Ventures and Kindred Capital also participated in the round.
The startup also drew investment from MacPaw, a software development company and creator of DevMate, a development and distribution kit, which merged with Paddle earlier this year.
As a result of the investment, Chrys Chrysanthou, a partner at Notion, has joined Paddle’s board.
Christian Owens, CEO and founder of Paddle, explained what his startup was seeking to achieve: “At Paddle, we are on a mission to fundamentally change the way that software companies sell their products. This new funding will help us rapidly grow our team, and accelerate product development.”
Owens went on to note how the current software stack was “prehistoric” and outdated.
“Software vendors of all sizes have put up with a fragmented approach to selling their products for years,” he said, adding: “We believe that Paddle has overcome these problems by creating a powerful unified commerce platform, and that we are poised to continue our rapid and exciting growth.”
Essentially, Paddle wants to change the way in which software is sold. Currently, software developers have to regularly piece together systems from multiple suppliers.
The startup, which closed a $3.2m Series A in September 2016, offers companies a single platform which caters for every part of the software sales process.
Chrysanthou said Notion had been “extremely impressed by Paddle’s charismatic leadership team, both in terms of their impressive commercial execution as well as their overall vision for the business”.
“Their ability to abstract the complex puzzle of the commerce layer for fast growth software companies allows their clients to zero-in on developing their products, which should be their core focus. At the same time they are developing a powerful data insights layer to also help their customers improve top line. We are excited to be on this journey with them!”
Oleksandr Kosovan, founder of MacPaw and Paddle board member, added: “Building exceptional products takes a lot of effort, and a clear focus on every step of the customer journey. MacPaw’s mission is to improve and perfect user experience within products, however there have long been limited opportunities to control the entire flow, and deliver the best checkout experience. We are really excited to join Paddle in their effort towards building a new and effective method of selling software products online.”
Paddle currently employs 40 people and is seeking to use the money to grow its presence in London.
The firm claims to be on track to employing 100 people by the end of next year.
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