Today, we are incredibly excited to announce that we have raised $277 million in growth capital from Summit Partners, ICONIQ Growth, and Bain Capital Ventures. This is a testament to the amazing company and product that we’ve built over the past 6 years. We are proud to be backed by world-class investors and appreciate their confidence in Recharge.
With this funding round, our valuation now stands at $2.1 billion. This is a major milestone and we could not have done it without the hard work of every team member at Recharge. We want to express our most sincere thank you to the entire team for helping us get to this point.
How did we get here?
In 2014, we were a small, bootstrapped team looking to solve some of the toughest challenges faced by ecommerce merchants. It didn’t take long for us to discover there was a lack of reliable solutions for recurring billing in ecommerce. Most merchants were forced to build their own solution or buy a product that wasn’t meant for physical subscriptions. We decided that we wanted to help create a world where any ecommerce brand could easily create and manage a subscription business.
Our early merchants taught us a lot. Subscription ecommerce was still in its infancy, so we spent a lot of time listening to our customers and thinking about what a good subscription experience would look like. Our most forward-thinking brands challenged us to integrate with best-of-breed ecommerce technologies, introduce tools to improve their customer engagement, build workflows that would grow their revenues, and take an API-first approach to our own product development that would scale as we supported more merchants and subscribers.
Fast forward to 2021: Recharge now supports over 20 million subscribers across 15,000 merchants. In the last 12 months alone, our merchants processed over $3 billion in gross merchandise value through our platform. We launched major product improvements to support advanced analytics, expand integrations with third parties, and simplify custom workflows such as free trials. We’ve also made significant investments in our infrastructure, further improving the reliability and security of our service and achieving 99.95% uptime for the last 12 months. This is critically important, as our merchants trust us to be an essential part of their technology stack, and it is an area we will continue to make significant investments in.
It’s all about the people
The most rewarding part of this is not just the business results we’ve achieved or the product enhancements we’ve delivered. It’s the number of entrepreneurs we’ve helped to grow their businesses from scratch. Each one of our 15,000 merchants has brought together a unique community, totaling 20 million subscribers who share in their missions. Each one of those 20 million subscribers takes pride in being part of their community, promoting a broader sense of belonging. For us, this has been the most rewarding part of the Recharge journey.
We’ve also grown the Recharge team to more than 300 talented individuals, spread throughout more than 40 cities and 10 countries, because of our unique, remote-first culture. This amazing team has helped to deliver outstanding results, as we’ve now more than doubled our revenue for five consecutive years. We continue to help our merchants and the broader industry grow with our proprietary research, as evidenced by our 2021 State of Subscription Commerce report.
What’s next for us?
As exciting as the past six years have been for Recharge, we’re even more excited about the next six… and beyond. This investment from Summit Partners, ICONIQ Growth, and Bain Capital Ventures will allow us to significantly accelerate our mission of making payments seamless and enabling merchants to build sustainable, growing businesses. Specifically, this means investing heavily in product development, providing our merchants with world-class support, and growing our various go-to-market functions.
It’s an exciting time to be at Recharge. Our mission is more important than ever and the ecommerce market continues to grow in diversity, complexity, and innovation. We feel honored to be part of this incredible community. To all of our merchants, partners, and team members: a heartfelt thank-you for supporting Recharge and helping us reach this important milestone.
Time to get back to work.
–Oisin and Mike
