Subscription commerce leader Zuora announces new funding
Subscription commerce, billing and finance company Zuora announced the raising of USD50 million in additional capitalization to expand its operations as well as help in the transformation of companies utilizing the Subscription Economy.
The Series E round had included new investors such as Next World Capital, Northgate Capital and Vulcan Capital. Other major investors such as Greylock Partners, Benchmark Capital, Redpoint Ventures, Index Ventures, Tenaya Capital, Shasta Ventures and the top management of salesforce. com contributed to the raising of the fund.
Part of the agreement would be the inclusion of Vulcan Capital's Abhishek Agrawal of Vulcan Capital as well as Next World Capital's Craig Hanson inclusion in the board of Zuora. The overall amount raised to date for Zuora is at USD132.5 million.
According to Zuora co-founder and current CEO Tien Tzuo, "The world is subscribing like never before, forcing companies to react to changing business models or risk becoming obsolete. The systems and processes that supported traditional business models just can't keep up with the demands of the Subscription Economy. That's why more and more companies turn to Zyora to run their subscription business."