The California-based subscription billing platform Recurly has closed a new funding round led by F-Prime Capital, the venture capital firm.
Polaris Partners, the investment firm that raised its ninth fund this summer and has a taste for backing FinTech startups, participated in Recurly’s latest round. Other participants included VC firm Greycroft and Silicon Valley Bank. Greycroft has previously backed startups like InsurTech company Pie Insurance.
Recurly will use the round to fuel product development and create new features like payment optimization and subscriber intelligence.
“Recurly turns ten this month and subscription commerce is now transforming nearly every industry.” said Dan Burkhart, CEO and co-founder of Recurly. “Our base of experience accumulated data helps our customers achieve breakout success by bringing their subscription products to market quicker and providing key insights about how best to engage and retain their subscribers.”
The company claims over 2,100 businesses use its services to manage more than 20 million subscribers.
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