Paddle, the London-based company behind a revenue platform for B2B SaaS companies, has raised $68 million (£52 million) in Series C funding. The round was led by FTV Capital, with participation from Kindred Capital, Notion Capital and 83 North. Paddle says that when SaaS companies inevitably want to scale internationally, there’s no single elegant solution to cover cross-border payments, tax woes and legal compliance on top of monitoring the standard subscription metrics. Instead businesses have a patchwork of tools and integrations. Paddle’s software helps with all of the above, optimising for one metric in particular: Net Dollar Retention (NDR). The company is dubbing this kind of all-in-one product a “revenue delivery platform.”
According to a press release, over the last four years the company’s annual revenue has grown an average of more than 175 percent. In 2017 the company merged with MacPaw’s DevMate, a software development platform, and raised $12.5 million in a round led by Notion Capital. Since then the platform has gone global, serving over 2,000 sellers across 245 countries and territories, and the team has grown to 140 members. The fresh funding, which brings total raised to $93 million, will be used to continue expansion in the US and elsewhere, as well as grow the company’s product, engineering, sales and marketing teams.
Quick note: almost exactly two years ago, we published a podcast interview with Christian Owens, CEO and founder of Paddle.