OTTAWA, Canada--(BUSINESS WIRE)--Fusebill, the subscription management platform that focuses on small to medium sized enterprises (SMEs) ready to shift to an agile billing solution that includes monetizing the Internet of Things (IoT), today announced it has received $6 million in funding. As part of the funding, Kent Thexton, General Partner at ScaleUp Ventures, and Pratik Budhdev, Principal at Langdell Investments, join Fusebill’s Board of Directors. Thexton will serve as Chairman of the Board. The timing of this infusion of capital coincides with the massive growth expected for the cloud billing market.
According to the latest research, Agile Monetization Platform (AMP) software represents a total addressable market of over $102 billion over five years, from 2016 to 2020. This combined with the most recent funding infusion from ScaleUp Ventures, Langdell Investments, OMERS Ventures, and BDC Capital is a clear indication that Fusebill is a leader in the SME space.
“Take a look at the leadership at Fusebill,” explained Thexton. “They have the tenacity and vision to rise to the top of one of the hottest trends, especially for ecommerce businesses and other companies looking to monetize IoT. This is the right team and the right product to successfully address the pains SMEs experience in managing the ongoing recurring relationships with clients.”
To date, Fusebill has more than doubled revenue every year since its inception in 2011 and has amassed hundreds of global businesses that are now using the Fusebill subscription management platform to support the recurring relationships with over ten million end users. Businesses such as INSzoom, Churchill Downs and ClearPathGPS choose Fusebill’s platform for its ease of use, “no revenue tax policy”, quick deployments and ability to adapt to unique billing models.
“We are very excited to have both Kent and Pratik on our Board,” said Tyler Eyamie, CEO of Fusebill. “Their expertise with developing high-growth technology companies in the billing and subscription monetization space will be instrumental to the next stage of our success.”
The Series A funding will be used to bolster product development, accelerate global expansion in sales, and scale ahead of increasing demand. To learn more about Fusebill, visit www.fusebill.com.
Fusebill, headquartered in Ottawa, Canada, delivers a software platform that simplifies subscription, one-off and customized billing management by automating many manual accounting, financial processes and workflows. The cloud-based platform provides hundreds of small and medium sized enterprises around the world with the freedom to grow their businesses, the flexibility to capitalize on new product opportunities, and the agility to maintain a competitive edge. For more information, visit http://www.fusebill.com.