RevenueCat Part 2

The news just broke on Reuters, was featured in TechCrunch, and you can find a deep dive on the Bain blog here. But, as always, a few words from Jacob on our latest funding round:

Eight years ago, Miguel and I set out to build a prototype of a little idea we’d had. To be honest, our aspirations were small at the time. Maybe make some money, have a side hustle, a lifestyle thing. We didn’t know. We just knew there was something done wrong in the world and we could make it better. 

From that summer of 2018, and every year after, I’ve seen the demand for human software continue to rise. I’ve seen the wild creativity of developers shift and adapt to market change after market change. And most recently, I’ve watched as the barriers that prevent people from making software almost completely disappear. And all while we’ve managed to grow RevenueCat to 10s of thousands of apps, processing billions in payments a year.

And now, we’ve reached a moment. We could say, “This is enough. It’s been a long 8 years, we’re happy with RevenueCat” or we can capitalize on this incredible position and recommit to the mission and the journey.

If you haven’t guessed it yet, this is a fundraising announcement. We’re excited to announce we raised our “real” series C (to differentiate from our mini series C last year) to the tune of $50M, led by Mark Fiorentino at Bain Capital Ventures. The name Mark Fiorentino may sound familiar, as back in 2020, he led our Series A at Index Ventures and was the longest serving outside member of the board until last year when Mark moved over to Bain. We missed him, so when Miguel and I decided to raise again as part of RevenueCat Part 2, Mark was our first call. 

RevenueCat Part 2 is our transition from “simple API for managing in-app subscriptions” to something more. In the last few years we’ve built tools like Paywalls, Experiments, Targeting, Customer Center, and more to centralize the repeated work of monetization. We are going to continue to invest and reinvent our core systems, while we branch out into the new and unknown. We want to enable new monetization models with things like virtual currency, consumable purchases, and even ads. We want to help developers deal with some of the paper cuts of running an app business like cash flow constraints, taxes, and fraud. We also think that AI will play a bigger role in how we optimize monetization and want to move closer to an automatic optimization machine that you can set and hopefully forget. We haven’t even begun to tackle user acquisition yet. We are going to build the most important software company for apps, by a mile. 

Our mission has always been to “help developers make more money”, and that hasn’t changed. There is just so much opportunity to do that for 100s of thousands of apps at once. If we aren’t maximally ambitious, it’s a huge missed opportunity for so many developers.

I’m excited to start this journey all over again. I have an amazing co-founder, incredible backers, and a team that lives and breathes “The RevenueCat Way”. But our biggest asset is you, our customers. Not a day goes by we don’t recognize what a privilege it is that you choose to work with us and to let us share in your success. You make a big investment by choosing RevenueCat, and it’s our goal to ensure it’s not just a good return, but a great return.

Jacob