SaaSOptics Announces $5M Series A Round
ATLANTA, GA, SaaSOptics, a B2B subscription management platform, has secured $5 million in Series A funding.
SaaSOptics, the only subscription management platform designed specifically for emerging and growth B2B SaaS and subscription-based businesses, announced after record setting growth in 2017, it has secured a $5 million Series A investment. The new round is led by Fulcrum Equity Partners, with participation from existing investors, Tom Noonan and TechStars Ventures, and new investors, Duke Angel Network.
"SaaSOptics is quickly becoming the standard subscription management platform for growing B2B SaaS and subscription-based businesses," said Tim McCormick, CEO of SaaSOptics. "2017 was a banner year for our business and with this investment, we will scale our sales and marketing organizations, while also continuing to invest heavily in customer success, new products and integrations."
In 2017 SaaSOptics achieved record growth, from revenues to new customers and hires. Highlights include:
-139% Committed ARR growth: Q4 2016 over Q4 2017
--Increased headcount 94%
Ended 2017 with 400 customers worldwide, including: SalesLoft, Duo Security, Terminus, Flashpoint, Synthio, Oversight and Springbot
-$2.5B+ in managed customer revenues
-$7B+ capital invested in customers
Today, there are over 40,000 emerging and growth B2B SaaS, cloud and subscription-based businesses worldwide. All of them share the need to streamline the order to cash process, automate revenue recognition and deferred revenue, and most importantly, make data-driven decisions based on accurate and real-time insight into GAAP financials and key SaaS metrics such as MRR, ARR, dollar/logo churn and retention, CLV, CLV/CAC ratios, cohorts and more. At the same time, most solutions in the marketplace were not built specifically to meet those needs.
Unlike most solutions on the market, SaaSOptics isn't clouded with excess functionality designed to support every type of business, such as manufacturing, distribution and retail. It was purpose-built for B2B SaaS and subscription-based businesses. SaaSOptics also works with popular systems already in use by many growing businesses including Salesforce.com, QuickBooks, Sage Intacct, Stripe and soon, NetSuite, Xero and HubSpot CRM.
"Most young and growing SaaS and subscription-based businesses move along, struggling with inefficient manual processes and error-prone spreadsheets because they believe there isn't an affordable solution that can meet the unique needs of their business," said Jeff Muir, partner at Fulcrum Equity Partners. "That's why we're so excited to partner with SaaSOptics, because they fill this market gap with an affordable subscription model and a low impact, low cost onboarding process that is quick to implement. SaaSOptics customers are typically live within two weeks, which is dramatically faster than most systems in the marketplace."
SaaSOptics plans to add 50 employees in 2018 to support growing customer demand. The positions span sales, sales development, marketing, customer success and support, and product management and development. For a list of current postings, visit the SaaSOptics Careers site.
SaaSOptics is a complete B2B subscription management platform that provides subscription and order management, GAAP revenue recognition, e-invoicing and payments, GAAP financial reporting and robust subscription metrics and analytics. SaaSOptics is cloud-based solution and enables emerging and growth subscription-based businesses to eliminate their dependency on spreadsheets and streamline their financial operations, reporting and performance metrics.
Unlike most subscription management providers, SaaSOptics is easy to use, affordable and takes two weeks to implement. SaaSOptics serves nearly 400 customers worldwide managing over $2.5B in revenue.
About Fulcrum Equity Partners
Fulcrum Equity Partners is an Atlanta-based growth equity firm focused on providing expansion capital to rapidly growing companies. Fulcrum targets companies that are looking to raise $5 million - $20 million and will consider $3 million - $4 million initial investments in companies that expect to raise additional capital over time. Fulcrum will consider investments in a wide variety of industries with an emphasis on information technology, healthcare and technology enabled operating companies. Fulcrum provides financing to meet a wide range of needs including internal growth initiatives, acquisitions, divestitures, shareholder liquidity and recapitalizations. The partners have over 125 years of relevant experience, including operations, venture capital, mezzanine financing, accounting, law, investment banking and strategy consulting. To learn more, please visit www.fulcrumep.com.
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