- RevenueCat secures $12 million in Series C funding led by Adjacent for web platform expansion.
- RevenueCat Billing, a new solution, facilitates subscription management for web apps.
- The funding round, led by Nico Wittenborn, raised RevenueCat's total funding to $68 million.
RevenueCat, which makes money by offering app subscription management services, has raised $12 million in funding for the web platform expansion from its original territory.
Adjacent was responsible for leading the Series C round of financing in which the company received the investment.
They launched a new solution called RevenueCat Billing, which can be easily integrated into any web app and encompasses all subscription purchases. In the future, they intend to launch a compatible application with Roku.
To start, Apple blocked access to iPhone web apps in the EU, perhaps due to an understanding that the developers would cease using the App Store. However, the company made a U-turn on that decision in response to regulatory pressure.
Despite the changes in iOS and Google's wish to preserve their app store commission of 15% - 30%, RevenueCat observes a trend of developers applying web monetization techniques for their applications.
RevenueCat billing web SDK allows developers to accept subscription payments from any site. In addition, Paywalls, Targeting, and Experiments are the products that will help developers boost their revenues.
Supporting more than 30,000 apps, RevenueCat helps apps to earn over $2 billion in subscriptions each year. The close Series C funding round, led by Nico Wittenborn, who had previously been a Series A investor and now a board member, raised $12 million.
Other investors, such as Y Combinator, Index Ventures, Volo Ventures, and SaaStr Fund, participated in the financing round. RevenueCat has raised $68 million due to this round, and $56 million was gathered in the past.
The financing capital will help RevenueCat treat new products and launch into new business areas in Japan and South Korea. The startup is currently not earning profits, but its CEO, Jacob Eiting, is optimistic that it will soon become profitable.
The corporation has a pool of $40 million in cash and $20 million in annual recurring revenue and has successfully cut its burn rate by half compared to last summer.
Edited by Shruti Thapa
