RevenueCat, a platform that promises to take the stress out of subscriptions for mobile app developers, has just announced a $15 million Series funding round led by Index Ventures.
The company launched back in 2017 with a tool that lets developers manage subscriptions and in-app purchases.
The resulting SDK quickly received approval from app developers and by August 2018, they had built over 40 apps using RevenuCat and raised $1.5 million.
Towards the end of 2018, the company had tripled the number of apps developed and raised $10 million in revenues. The graph below shows the company’s rapid growth over the last year.
In a blog post, RevenueCat revealed that the coronavirus pandemic tripled its sign-ups over the course of a single month.
“It was a tough couple months, but we managed to get the support queue under control, to keep the melting servers up and running, and to adjust to pandemic life; we even managed to hire a few people along the way. Surviving the past few months has made us stronger as a company, but also made us realize that we need help if we’re going to grow the product and not just keep our heads above water.”
The latest cash injection will be used to boost the company’s products and team expansions.
1/ Mobile app subscriptions have exploded -yet tools to manage mobile payments haven’t caught up. That is, until @RevenueCat.— Mark Fiorentino (@MarkFiorentino) August 11, 2020
I’m thrilled to introduce my latest Series A investment, & share why @elwatto & @jeiting are the best team to solve this problem👇https://t.co/F3xKJPLqMz
Recently, RevenueCat revealed its Experiments tool, which lets developers configure two different Offerings, and automatically A/B test the data. It provides a prediction of which Offering has a higher LTV.
“What puts RevenueCat in the position to dominate this market? Co-founders Jacob & Miguel have an authentic passion and empathy for app developers. The way that they have established themselves as the app developer source of truth for all App Store changes, incidents, and fixes on Twitter, Reddit, Hacker News, and beyond is remarkable.
Having previously built a #1 app in the Apple app store, and also having worked at Apple, they created something they wanted for themselves and their friends in the developer community. The product has spread virally from there,” wrote Mark Fiorentino at Index Ventures.