Metronome Raises $43M in Series B Funding to Streamline Usage-based Billing for SaaS Companies
Metronome, a usage-based billing provider for SaaS companies, has secured over $43 million in Series B funding, led by NEA with enthusiastic participation from both a16z and General Catalyst. This funding infusion aims to enhance and streamline the process of usage-based billing for SaaS companies.
Metronome announced raising over $43 million in Series B funding, led by NEA, a global venture capital firm. The round also witnessed significant contributions from a16z and General Catalyst. Hilarie Koplow-McAdams, former President of New Relic and Salesforce, as well as a seasoned public company board member, has joined their board. This latest funding infusion brings the total raised by the company to an impressive sum of over $78 million.
(Image Source: Metronome Website)
Kevin Liu, Metronome CEO, said: “We first started Metronome in 2019 because we believed that SaaS companies shouldn’t have to compromise between building product and getting that product to market. We saw this problem throughout our careers: at our prior startups, at Dropbox, and at the hundreds of companies we spoke to when designing Metronome. Teams were hamstrung by their billing systems, despite heavy engineering and operations investment. We founded Metronome to offer a better option — a path to world-class billing without the effort.”
In a challenging year for startups, Metronome experienced remarkable growth, achieving a sixfold increase in revenue over the past year while becoming the go-to solution for powering billing operations for millions of end customers. Startups are increasingly opting for this platform to seamlessly implement a cutting-edge billing experience with minimal engineering overhead. Simultaneously, enterprises are strategically partnering with the company to expedite their migration to cloud-based revenue models and embrace usage-based pricing strategies.
Metronome is streamlining the construction and upkeep of data pipeline integrations, unlocking additional engineering bandwidth. Core data models are undergoing a comprehensive overhaul to facilitate the complete automation of intricate quote-to-cash workflows and to introduce heightened pricing flexibility. Moreover, the company is extending its support for reconciliation, revenue recognition, and audit use cases, positioning itself as a cutting-edge workflow tool tailored for Finance teams.
Founded in 2019 by CEO Kevin Liu and Chief Technology Officer Scott Woody, Metronome offers a flexible billing platform that is easy to integrate and maintain. They help software companies launch, iterate, and scale their business models, with billing infrastructure that works at any size and stage. The company has built and deployed a billing system that is used today by the fastest-growing SaaS companies like Databricks, OpenAI, Anthropic, and NVIDIA.