SaaSOptics Announces $12 Million in Series B Funding Following Record-Breaking Q3 with 70 Percent New Annual Recurring Revenue Bookings Growth
Funding to Help Atlanta-Based Leader in B2B SaaS Subscription Management Meet Increased Market Demand for Automated Financial Operations at Scale
SaaSOptics, the leading subscription management platform designed for emerging and growth B2B SaaS and subscription-based businesses, announced it has secured a $12 million Series B investment led by Fulcrum Equity Partners. The investment consists of a combination of equity and debt, including a line of credit from Silicon Valley Bank (SVB) and comes on the heels of a record-breaking Q3 with 70 percent growth in new Annual Recurring Revenue (ARR) bookings over Q2 2019 and the addition of a record 66 new customers. The funding round will help SaaSOptics continue to scale sales, marketing, customer success and support teams while adding more engineering and product management resources to extend its total addressable market.
Since its Series A funding round in January 2018, also led by Fulcrum Equity Partners, SaaSOptics has continued on an impressive growth trajectory, increasing total ARR by 105 percent, adding nearly 50 employees and growing its customer base by 58 percent, bringing the number of B2B SaaS businesses that rely on SaaSOptics to over 600. To date, customers have used the data, metrics and analytics reporting in SaaSOptics to raise over $13 billion in capital.
“We’re excited that Fulcrum Equity Partners is once again backing us with capital that will help us to further invest in customer success, bring new innovation to our platform and meet new market demand for automated financial operations among B2B SaaS businesses,” said Tim McCormick, CEO of SaaSOptics. “With the adoption of the SaaS model at an all-time high, investors are competing to invest in the most promising SaaS businesses as early as possible. As a result, B2B SaaS businesses are turning to SaaSOptics to automate their financial operations at an earlier stage and generate SaaS metrics and analytics that will help them get funded and stay funded.”
Since its Series A investment, SaaSOptics has delivered several new products and major platform enhancements and integrations including:
- Sage Intacct and Oracle NetSuite integration
- Sales Tax Compliance integration with Avalara AvaTax
- Expanded Salesforce.com integration including bi-directional customer financial data synchronization and automatic renewal opportunity creation
- Added collections and accounts receivable (AR) management to billing and payments module
- Delivered RevenueBooks, a new product in support of ASC606/IFRS 15 advanced revenue recognition compliance
In recent months, SaaSOptics has received both local and national recognition for growth and innovation. The company earned a place on the 2019 Inc. 5000 list of the fastest-growing private companies in America for the second consecutive year. SaaSOptics was also recognized by the Atlanta Business Chronicle as one of its Best Places to Work and as one of the top 100 fastest-growing private companies in Georgia with a Pacesetter Award two years in a row. The Technology Association of Georgia (TAG), the state’s leading association dedicated to the promotion and economic advancement of Georgia’s technology industry, also named SaaSOptics one of the Top 10 Innovative Technology Companies in Georgia.