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“We make tools that let people build and grow a mobile subscription business quickly,” CEO Jacob Eiting, told Crunchbase News. “Our dashboard enables them to see how many subscriptions they have and provide customer support. It is a whole tech stack for running their business so they can focus on what they do.”
Adjacent, SaaStr, Oakhouse Partners, Josh Buckley, Harry Stebbings, Nicolas Dessaigne and Tobi Balling also participated in the investment. San Francisco-based RevenueCat was founded in 2017 and has raised a total of $16.5 million, including a $1.5 million seed round in 2018, according to Crunchbase data.
Prior to founding RevenueCat, Eiting himself was building apps and encountered challenges to getting them to market, and wanted to make it easier for developers to integrate subscriptions into mobile apps. The new investment will enable Revenue Cat to advance its technology.
“We are excited to have the funding,” Eiting said. “We help developers make money for doing what they do, create better software, and not have people’s data be sold.”
The company has 17 employees and Eiting expects that number to rise to 40 by the end of the year. He said he is largely focused on product development as more than 3,000 apps are using RevenueCat’s platform.
In the past month, RevenueCat tripled its business, essentially compressing six months of growth in three weeks, Eiting said. To help meet the demand, the company added five new people. Meanwhile, he said it is good timing to partner with Index Ventures because it enables the company to choose what it wants to work on.
“We are in a great place,” Eiting said. “We have all of this data and a built-in customer base that puts us in a great position to build more features.”
Illustration: Li-Anne Dias