Insight Partners leads $55m ChargeBee investment amid global surge in subscription service demand

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Subscription billing and revenue operations platform ChargeBee has sealed a $55m Series F funding round led by Insight Partners.

The latest round brings Chargebee’s total funding raised to $105m.

Chargebee’s subscription platform, which is used by businesses including Okta, Pret a Manger, and Envoy, automates complex billing and revenue operations challenges that arise as subscription businesses scale into large enterprises, the company says.

It said the latest funding round coincided with the global surge in businesses deploying subscription services amid the coronavirus crisis.

Insight vice president AJ Malhotra said, “Even beyond SaaS and software, we’re seeing a global movement where businesses from cars to coffee pods are launching and scaling with a subscription-first model.

“The need for an underlying revenue platform that allows businesses this degree of adaptability is paramount today. We’re excited to be partnering with Chargebee in this space.”

Insight hit a huge $9.5bn final close for its latest flagship fund in April, less than two years after closing its tenth main fund on $6.3bn.

The raise makes Fund XI one the largest global investment funds focused on ‘scale-up’ software companies – enterprise-ready businesses that have advanced from the startup phase and are positioned for rapid growth.

Last month Keeper Security, a cybersecurity platform aimed at preventing password-related data breaches and cyberthreats, picked up a $60m minority investment from Insight Partners.

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