Subscription commerce and billing leader received $36M in a Series D round led by Index Ventures, with additional investment from Greylock and a personal investment from Dave Duffield. Zuora's existing investors also participated, including Benchmark, Redpoint, Shasta, Tenaya Capital and Marc Benioff.
REDWOOD CITY, CA, Zuora, the subscription commerce and billing leader, today announced that it has received $36 million in a Series D round of funding. The round was led by Index Ventures with additional investment from Greylock Partners and a personal investment from Dave Duffield, founder and co-CEO, Workday. Zuora's existing investors also participated, including Benchmark Capital, Redpoint Ventures, Shasta Ventures, Tenaya Capital and Marc Benioff, chairman and CEO, salesforce.com. To date, the company has raised $82.5 million in funding.
Zuora will use the proceeds to fuel international and product line expansions to meet the burgeoning growth of the Subscription Economy around the world. As a first step, Zuora announced it is rapidly expanding its European presence across the Netherlands, Germany, France and Ireland with new offices, staff and strategic partnerships. Zuora has already signed over EUR 2 billion ($2.7 billion) in contracted subscription revenue with customers across the EMEA region.
Concurrent with the funding, Michelangelo Volpi, partner at Index Ventures, has joined the Zuora board of directors. Before joining Index Ventures, Volpi led Cisco's global expansion and business development efforts as its chief strategy officer. He currently serves on several boards of directors, including Swedish mobile giant Ericsson.
"We are clearly shifting from a product economy to a Subscription Economy, and Zuora has cemented an early leadership position in helping companies tackle this transformation," said Volpi. "I have been amazed at the execution and pace of innovation Zuora has achieved in such a short period of time. Zuora has the team, technology and vision to build the next great software company."
The Subscription Economy and Zuora Go Global
In 2007, the founders of Zuora predicted a fundamental shift from the 20th century product-based, "buy once" economy to a services-based economy based on recurring subscriptions. Today, the Subscription Economy is fueling massive change across communications, media, technology, consumer services and other billion dollar industries that are embracing subscription revenue models.
Zuora is the global leader in subscription commerce and billing, helping companies in every industry transition to the Subscription Economy. Enterprise leaders and high-growth companies alike use Zuora's multi-tenant cloud platform to launch, scale, and monetize their subscription services. Zuora's applications work where traditional ERP applications fail: Subscription pricing, quoting, orders, billing, payments, and renewals. Built from the ground up by SaaS industry veterans from salesforce.com, PayPal, and Netsuite, Zuora services innovative customers like Informatica, Tata Communications, Box, Ning, GigaOm, Xplornet, Ustream, and Reed Business Information. To learn more, please visit www.zuora.com
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