Subscription management platform RevenueCat, which services apps that monetize via in-app purchases, has officially closed on a $12 million Series C round of funding led by Adjacent directly following the launch of their RevenueCat Billing.
The company’s new offering allows web app developers to integrate subscription purchases into any website and has plans to also support Roku in the future.
“It could be for progressive web apps or any kind of customer that wants to take payments outside of the App Store,” RevenueCat CEO Jacob Eiting said of the new RevenueCat Billing product. “It’s going to play within all the new [DMA] rules … it’s going to be a pretty significant product expansion for us.”
According to TechCrunch, RevenueCat says that they moved in this direction due to the inbound interest from developers. The company is not yet profitable.
“Our main competitor is ‘cobbling together monetization technology yourself’,” RevenueCat CTO and co-founder Miguel Carranza said in an official statement. “In the U.S., we’ve done a good job at educating developers, product people, marketers, and CEOs on the challenges of building in-house. In many other regions, it’s unfortunately still the default for businesses to sink valuable resources into something that provides zero differentiation or value for that business’s end users. 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.”
Other investors include Y Combinator, Index Ventures, Volo Ventures and SaaStr Fund.
