ReCharge, a subscription management for e-commerce, has collected $277m in growth funding to bolster its growth rate.
The investment round was supported by Summit Partners, ICONIQ Growth, and Bain Capital Ventures.
In line with the deal, the company has appointed Summit Partners manging director Andrew Collins to its board of directors. Bain Capital Ventures partner Aaref Hilaly and ICONIQ Growth partner Yoonkee Sull have joined the company as board observers.
Founded in 2014, the company was self-funded for more than five years before accepting external capital.
California-based ReCharge is a subscription management software developer for e-commerce. Its services have been used by merchants of all sizes to process bills and payments.
Its clients include Harry’s, Oatly, Fiji Water, Billie, and Native.
The FinTech claims to have doubled its processing volume each year for the past five years. ReCharge, which claims to be cash flow positive, has processed more than $5.3bn in transactions.
Furthermore, the company claims to have more than doubled its recurring revenues from 2019 and 2020.
Summit Partners managing director Andrew Collins said, “We believe the most successful bootstrapped companies learn to operate with the utmost efficiency and a disciplined focus on growth. The ReCharge team identified a true product-market fit and built a product that customers love – which has fueled strong organic growth as the business has scaled.
“We believe in the ReCharge mission and are thrilled to partner with Oisin, Mike and the entire team to help e-commerce brands build meaningful, long-lasting relationships with their customers.”
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