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RevenueCat Secures $12M Series C for Web Expansion

RevenueCat, a platform for managing app subscriptions, making an expansion onto the web with $12M from Series C funding
April 26, 2024

RevenueCat, a leading subscription management platform for apps monetizing through in-app purchases, has announced the closure of a $12 million Series C funding round led by Adjacent. This capital injection follows the launch of RevenueCat Billing, a new product enabling web app developers to seamlessly integrate subscription purchases into any website.

The expansion to the web comes at a pivotal moment, coinciding with the implementation of the EU’s Digital Markets Act (DMA), which is compelling Apple to open the iPhone and the App Store to increased competition. Consequently, RevenueCat Billing is positioned to capitalize on the growing number of developers exploring alternative monetization avenues outside the App Store.

Jacob Eiting, CEO of RevenueCat, emphasized the significance of the new web billing product, stating, “It could be for progressive web apps or any kind of customer that wants to take payments outside of the App Store. It’s going to play within all the new [DMA] rules … it’s going to be a pretty significant product expansion for us.”

RevenueCat's move to integrate web billing was driven by the high demand from developers. While solutions like Stripe enable this functionality, developers lacked a system specifically tailored for consumer subscription apps. RevenueCat Billing provides developers with a unified dashboard where they can manage both in-app and web purchase data, facilitating a holistic approach to app monetization.

With RevenueCat Billing, developers can accept subscription payments from any website, further strengthening RevenueCat's suite of products designed to help developers maximize their revenue. The platform powers subscriptions in over 30,000 apps, processing over $2 billion in subscriptions annually.

The $12 million Series C funding round was led by Adjacent, with Nico Wittenborn, a Series A investor, now joining the board. Other investors include Y Combinator, Index Ventures, Volo Ventures, and SaaStr Fund. This latest funding round brings RevenueCat's total funding to over $68 million. 

In addition to funding its new products, RevenueCat will use the raised capital to expand into new markets, including Japan and South Korea.

Miguel Carranza, RevenueCat CTO and co-founder, highlighted the company's mission to simplify app monetization, stating, “Our main competitor is ‘cobbling together monetization technology yourself.’... We’re investing in those regions by expanding our support for languages and local currencies later this year, deepening our relationships with local technology partners and agencies, as well as hiring in-market where possible.”

Despite not yet being profitable, RevenueCat has over $40 million in the bank, in addition to approximately $20 million in ARR. The company has halved its burn rate since last summer, aiming for profitability in the near future. CEO Jacob Eiting affirmed RevenueCat's commitment to long-term success, expressing a desire to take the company public in the coming decade.

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