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Software scaleup Paddle gets $8m in new funding round

Paddle 2

Software platform Paddle has raised an additional $8m from existing investors.

Notion, BGF and Kindred Capital participated in Paddle’s round, which brings the startup’s total funding raised to date to $25m.

The cash will be used to accelerate growth and to hire new talent.

Based in London, Paddle claims to have seen revenue growth of 3,300% over the past four years.

The company is active in more than 200 countries and already employs over 100 people.

Founder and CEO Christian Owens, said: “The current software stack is brittle and complex. Software companies have understandably grown tired of cobbling together numerous applications and services in order to sell their own solutions. If software companies want to succeed, the stack needs to evolve. At Paddle, we are driving that change.

“As a company, we have experienced strong growth across last year. We’ve hired a lot more people to date, and we will continue to do so – with the latest funding, we will expand our data, product and engineering teams. We are building a technology business. The reason we’ve done well so far is that software companies love using our platform, and we intend to keep it that way.

“There is a huge opportunity in this sector, and we intend to continue seizing it, becoming the go-to platform for all software companies to run and grow their business, and accelerating our growth. I’m fortunate to lead a team of people who are all excited about transforming how software is sold. From here, we will only move faster.”

Paddle made headlines last year when it announced the closure of a $12.5m Series B led by Notion Capital.

Stephen Chandler, managing partner at Notion, said Paddle was one of the fastest growing companies the investment firm had ever seen.

“Over the past year, the company has increased revenue threefold, while continuing to deliver an impressive and innovative solution to a problem that hampers many software companies.

“It is hard to build a successful business in the ever-changing world of software. Christian and the team have combined a clear understanding of the market with a strong and original vision to create a business that has the potential to lead its sector worldwide.”

Owens said he wanted to build a company where employees would be happy.

“We want every team member to be on a journey of development and improvement, in the same way that we hope the company grows and improves with them. That’s why we’re very happy to help non-tech employees to learn to code, and to help team member move into new roles and take on new responsibilities rapidly.”