RevenueCat, a platform that provides tools for in-app purchases and subscriptions on iOS and Android, has raised $40 million Series B funding round at $300 million post-money valuation.
The funding round was led by Y Combinator’s Continuity Fund with participation from Index Ventures, Oakhouse, Adjacent, SaaStr, FundersClub, as well as Nicolas Dessaigne, co-founder and former CEO of Algolia, and Tobias Balling, CTO at Blinkist.
RevenueCat provides a SDK to let developers build their subscription businesses and a real-time dashboard that displays key subscription metrics including LTV, subscription revenue, churn, and conversions. Developers are also able to share the subscription data via integrations with other tools such as Intercom, Apple Search Ads, Adjust, Appsflyer, Facebook Ads, Mixpanel, and more.
Featuring over 6,000 apps on its platform with more than $1 billion in subscription revenues currently, RevenueCat plans to use the funding to expand the team globally and to scale up its operations. Back in August, the company had raised $15 million Series A.
The company will also change its pricing structure by dropping the base fees. It wants to move to a percentage model based on app sales, rather than a flat fee of $120 per month.
“To be honest, we had just barely dipped into the money we raised last year, but this funding round secures the company financially for a very long time, allowing us to really focus on our product, team, and mission. And to top it all off, we’re welcoming Anu Hariharan to our board of directors—joining Miguel, myself, and Mark Fiorentino from Index. We now have the structures and assistance in place to build RevenueCat into an enduring company.”RevenueCat Jacob Eiting said in a statement.