(Reuters) - ReCharge, a provider of subscription management software for e-commerce, said on Thursday it had raised $277 million bringing its valuation to $2.1 billion.
The funding came from investment firms Summit Partners, ICONIQ Growth and Bain Capital Ventures.
This is the latest in a spate of funding deals at rich valuations for technology-focused companies that have seen a jump in demand due to the disruption brought on by the COVID-19 pandemic.
Software storage startup VAST Data and fintech Current recently tripled their valuations after funding rounds led by Tiger Global and Andreessen Horowitz, respectively.
ReCharge, headquartered in Santa Monica, California, said it is cash flow positive and has more than doubled its recurring revenue in 2020 from a year earlier.
The company provides payment management solutions for more than 15,000 merchants and helps companies using its software to roll out subscriptions. It employs 300 people over 10 countries and nearly doubled its headcount last year, it said.
The new capital will be used to continue hiring and accelerate product development for market expansion, ReCharge said.
Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi and Shailesh Kuber
Source: Reuters