Subscription commerce and billing company Zuora has received $36 million in a Series D round of funding led by Index Ventures, with additional investment from Greylock Partners and a personal investment from Dave Duffield, founder and co-CEO, Workday.
Zuora’s existing investors also participated, including Benchmark Capital, Redpoint Ventures, Shasta Ventures, Tenaya Capital and Marc Benioff, chairman and CEO of Salesforce.com. To date, the company has raised $82.5 million.
Zuora will use the funds to fuel international and product-line expansions to meet the growth of the "subscription economy" around the world. As a first step, Zuora announced it is rapidly expanding in Europe across the Netherlands, Germany, France and Ireland with new offices, staff and strategic partnerships. Zuora already has signed over $2.7 billion (U.S.) in contracted subscription revenue with customers across the EMEA region.
Michelangelo Volpi, partner at Index Ventures, has joined the Zuora board of directors. Before joining Index Ventures, Volpi led Cisco’s global expansion and business development efforts as its chief strategy officer. He currently serves on several boards of directors, including Ericsson.
“We are clearly shifting from a product economy to a Subscription Economy, and Zuora has cemented an early leadership position in helping companies tackle this transformation," said Volpi. “I have been amazed at the execution and pace of innovation Zuora has achieved in such a short period of time. Zuora has the team, technology and vision to build the next great software company."
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