Cloud billing platform ChargeBee gets Series A backing from Accel
Accel Partners has led an $800,000 Series A round of investment in ChargeBee, an Indian start-up that helps companies manage their subscription billings.
This latest round will bring the company's total funding to $1.17 million, including the $370,000 of seed capital raised last October.
The business was founded in 2011 by former employees of online application suite Zoho. It is one of a number of subscription billing start-ups to emerge using a cloud-based software-as-a-service (SaaS) model to help customers implement a billing system by automating invoice generation and payments collection.
This new funding will be used to bolster ChargeBee's sales teams in the US and hire more engineers to work on next versions its core product.
According to Tech Crunch, ChargeBee claims to have around 500 paying customers from 10 countries - including Australia, US, UK and Canada - and processes around $1.6 million worth of transactions monthly. The company's service starts at $49 a month, but it also offers a free bootstrapper plan which companies can use until they reach 10 monthly customer billings.
The business has so far partnered with 2Checkout, Payment Express, PayPal, QuickPay and Braintree for payment gateways to facilitate its solution and hopes to achieve $20 million in monthly transactions by the end of this year.
Accel India has so far invested in 17 start-ups in India at the seed stage from its $155 million Accel India III fund, which cliosed in November 2011.
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