battery ventures 150m saasgarcia san antonio…
The San Francisco office of Battery Ventures, a Boston investment firm, led a growth-equity investment worth a combined $150 million in San Antonio-based Chargify LLC and Atlanta-based SaaSOptics.
Chargify and SaaSOptics provide cloud-based software platforms that manage billing and automate financial functions such as payments, revenue recognition and analytics for other cloud-based companies. It was not clear how much was invested into each company.
Chargify was founded in 2009 by Lance Walley, Siamak Taghaddos and Michael Klett under Kansas-based virtual phone service company Grasshopper. It spinned out into its own company in 2012 after the founders received an investment from Mark Cuban, owner of the Dallas Mavericks and one of the investors on the TV show “Shark Tank”, according to its website.
The company was acquired by San Antonio-based Scaleworks Associates in 2016 and is still in the software venture capital firm’s portfolio. In March 2020, Chargify acquired Keen.io, another Scaleworks portfolio company, and added on events-based billing to the company’s offerings, as reported by the Business Journal. The company is co-headquartered in San Antonio and Dublin, Ireland. Its current CEO Paul Lynch is from Dublin.
“With Battery’s history of partnering with prominent [cloud-based] businesses, the firm recognizes the massive potential in the subscription-management space. Industries are shifting to subscription, as well as usage and event-based business models, and our solutions allow those industries to monetize and optimize customer value,” Lynch said in the release.