SaaSOptics, an Atlanta cloud-based platform for subscription-based businesses, has raised $12 million in a Series B round led by Fulcrum Equity Partners.
The investment includes equity and debt, as well as a line of credit from Silicon Valley Bank.
CEO Tim McCormick told Atlanta Inno the funding will primarily be used to continue scaling the startup's sales, marketing and customer teams. Over the next 12 months, McCormick plans to hire about 20 to 30 more employees.
"We also plan to continue building up our product and engineering teams to expand our total addressable market with new, innovative features and functions," he said.
Prior to this investment, SaaSOptics raised $6.4 million from Fulcrum Equity Partners in January 2018. Earlier this year, the SaaSOptics team moved into a 22,000-square-foot office space to accommodate its growth.
"We don't have plans to move into new markets as we have plenty of opportunities to grow by serving our current extensive market of emerging and growth B2B SaaS businesses," McCormick said.
SaaSOptics offers a B2B subscription management platform that provides order management, GAAP revenue recognition, e-invoicing and payments, GAAP financial reporting and subscription metrics and analytics. The startup's cloud-based solution helps subscription-based businesses keep track of financial operations, reporting and performance metrics without relying on traditional spreadsheets.
SaaSOptics said it had a successful Q3, with 70% growth in new annual recurring revenue bookings compared to Q2 2019. Since its Series A funding round, the company has increased its ARR by 105%, added nearly 50 employees and grew its customer base by 58%. SaaSOptics caters to about 600 clients.
SaaSOptics was named in the 2019 Inc. 5000 list of the fastest-growing private companies in America for the second year in a row. The Atlanta Business Chronicle also recognized the company as one of its Best Places to Work and as one of the top 100 fastest-growing private companies in Georgia with a Pacesetter Award for two consecutive years. In 2018, SaaSOptics was listed among The Technology Association of Georgia's Top 10 Innovative Technology Companies in Georgia.
McCormick said for the rest of the year, the company will focus on taking care of its current customers while adding 100 new customers.
"We are also zeroing in on our core market of startup to $100 million-plus B2B SaaS businesses as we help them automate their financial operations for maximum growth and value," he said.
