ReCharge, a Santa Monica, CA-based subscription e-commerce company, raised $277m in growth funding.
Backers included Summit Partners, ICONIQ Growth, and Bain Capital Ventures. In conjunction with the funding, Andrew Collins, Managing Director at Summit Partners, joined ReCharge’s Board of Directors, and Aaref Hilaly, Partner at Bain Capital Ventures, and Yoonkee Sull, Partner at ICONIQ Growth will join the Board of Observers.
The company intends to use the funds to continue to expand operations and its business reach.
Founded in 2014 and led by Oisin O’Connor, CEO, ReCharge is a provider of subscription management software for e-commerce. Since 2014, merchants of all sizes have used its billing and payment management solutions to grow their business by increasing customer lifetime value and reducing customer churn. Today, the company powers subscriptions for nearly 20 million subscribers across 15,000 merchants, including fast-growing brands such as Harry’s, Oatly, Fiji Water, Billie, and Native.
The company, which is cash flow positive, has now processed over $5.3 billion in transactions and more than doubled annual recurring revenues from 2019 to 2020.
Though based in Santa Monica, CA, the remote-first company is distributed across 10 countries around the world.
The company powers some fast-growing direct-to-consumer brands such as Harry’s, Oatly, Fiji Water, Billie, and Native.
FinSMEs
06/05/2021