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Paddle scoops up $12.5M in funding to centralize software sales
The subscription-based billing model that took off with the rise of cloud services changed how enterprises consume technology and opened a new chapter in Silicon Valley’s history. Yet today, software-as-a-service providers often still have to rely on multiple disparate systems to support their billing operations.
London-based Paddle.com Market Ltd., which on Thursday announced the completion of a $12.5 million funding round, proposes a simpler alternative. The startup has developed a platform that promises to centralize the different aspects of selling software, starting with buyer experience management.
Paddle provides a customizable checkout window that a company can embed in its cloud application, on-premises software or website to process purchases. The company said the tool supports dozens of languages and currencies, as well as multiple payment methods.
On the back end, Paddle said, its platform automatically handles sales tax in accordance with the laws of the countries where purchases originate. The capability is one of the supporting pillars for the billing management console that acts as the service’s nerve center. It enables companies to charge customers monthly, yearly and on a usage basis like Amazon Web Services Inc., among other methods.
Rounding out Paddle’s billing features is a monitoring dashboard that offers visibility into metrics such as how many trial users end up buying a subscription. Christian Owens, the startup’s chief executive officer, told TechCrunch that his team plans to bolster the platform’s analytics capabilities using the new funding. Paddle will also work to extend its focus beyond billing management to marketing and other core business functions.
A London-based fund called Notion Capital led the investment. It was joined by BGF Ventures, Kindred Capital and MacPaw Inc., a developer of utility applications for macOS that recently sold its DevMate development automation business to Paddle in a seven-figure deal. It’s also a user of the startup’s platform.
Paddle has raised more than $17 million in funding to date.
Image: Paddle
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