Atlanta-based SaaSOptics, which provides solutions for new and scaling B2B SaaS companies to manage subscriptions, has raised a $5 million Series A round led by growth equity firm Fulcrum Equity Partners, with participation from existing investors Tom Noonan, Techstars Ventures, and new investor Duke Angel Network.
“We are seeing a steady, growing demand from emerging and growth-stage SaaS/cloud-based businesses that all have similar problems scaling their financial operations efficiently and specifically,” says Tim McCormick, CEO.
SaaSOptics gained significant traction last year for their B2B subscription management platform, which allows SaaS companies to streamline their financial operations, revenue reporting, e-invoicing and payments, and financial analytics. Especially for newer companies, these functions often are conducted with inefficient and tedious manual spreadsheets, or basic accounting software. Those processes becomes problematic when the startup begins to scale its customers.
The company’s founders had previously built their own SaaS startups and experienced the pain point themselves.
“We built SaaSOptics because we lived the daily challenges of managing our customer subscriptions in our own SaaS business,” COO David Ryan told Hype in 2016. “After years of struggling with spreadsheets and disconnected processes, we created SaaSOptics. We want to help others eliminate the same challenges we faced and ease the pain of subscription management so they can focus on growing their business.”
After closing a $1.8 million seed round in late 2016 and presenting at Venture Atlanta, SaaSOptics focused on sales and marketing to bring in those new customers. They now serve nearly 400 customers worldwide including SalesLoft, Terminus, Synthio, and Oversight. From Q4 2016 to Q4 2017 they saw 139 percent committed ARR growth.
They also grew the team, increasing their headcount by almost 100 percent to 41 employees and moving into a new office in Peachtree Corners. With this new funding they plan to grow again by another 50 employees this year in sales, marketing, customer success/support, and product.
“High integrity is a must,” says McCormick on what the company looks for in new hires. “Someone who will strive for excellence with customers and teammates, has a commitment to growth in all areas: professional growth, growth in customer success, growth in innovation leading to customer satisfaction.”