Business Management Provider Zuora Nets $115M in VC
Investors include Salesforce.com founder and CEO Marc Benioff, Workday Chairman Dave Duffield and a list of venture capital firms.Foster City, Calif.-based Zuora, a quickly growing software-as-a-service (SaaS) provider that offers cloud-based billing, recurring revenue, payments and billing solutions, has landed a whopping $115 million in new venture capital. This latest funding round, announced March 11, brings the total amount of capital raised by Zuora to $250 million. New investors include public market investors Wellington Management Company LLP and Blackrock Inc., as well as Premji and Passport Capital. They join existing investors Benchmark Capital; Greylock; Redpoint; Index; Shasta; Vulcan; Next World Capital; Dave Duffield, co-founder and chairman of the board of Workday; and Marc Benioff, chairman and CEO of Salesforce.com—all of whom participated in this latest funding round. Zuora's relationship business management (RBM) platform keeps track of subscription payments, invoices, pricing, product catalogs and taxation. Customers of Zuora select several SaaS applications for their specific billing needs. Zuora also has a mobile app for smartphones and tablets. Zuora has about 250 employees in five countries. Tien Tzuo, a co-founder of the company, has served as its CEO since its startup in 2007. With this new investment, Tzuo said, Zuora will continue its global expansion into new geographies and vertical markets, expand its team with sales, engineering and marketing personnel, and invest in continued research and development activities.