SAN FRANCISCO, Feb. 01, 2022 (GLOBE NEWSWIRE) — Metronome, the emerging leader in usage-based billing, announced today that it has closed $30 million in Series A funding to accelerate product development and customer adoption. The round was led by Andreessen Horowitz, with participation from seed investor General Catalyst. They are joined by Elad Gil, Lachy Groom, and founders and executives from industry-leading software companies including Plaid, Twilio Segment, Confluent, HashiCorp, Databricks, and Snowflake.
SaaS companies are increasingly transitioning to flexible pricing models based on consumption, charging customers on a usage basis. Unfortunately, few companies can bear the enormous cost and complexity of building a usage-based billing system flexible enough to swiftly adjust to the dynamic needs of their growing business. Meanwhile, many companies are saddled with rigid legacy systems that hamper growth and require massive amounts of staffing, maintenance, and manual intervention.
Metronome was founded by repeat entrepreneurs Kevin Liu and Scott Woody in 2020 after the pair spoke with hundreds of companies that shared the common pain of making usage-based billing work at scale. They decided to build Metronome, a billing and data infrastructure platform capable of reliably processing data at scale so that usage-based companies could iterate on business models without code changes. The platform also provides businesses a single source of truth and real-time APIs for their customers’ usage and billing data, unlocking new insights and capabilities for product-led growth. As a result, companies can quickly and effortlessly launch, iterate, and scale new business models instead of designing around billing limitations.
“We’re thrilled by the support of Andreessen Horowitz and other top-tier investors who recognize that usage-based models represent the future for the software industry,” said Kevin Liu, co-founder and CEO, Metronome. “We’re proud to lead the way by partnering with hypergrowth businesses who trust us with such critical infrastructure. With this funding, we’ll accelerate our priorities of growing our amazing team, educating the market, and providing a world-class platform for our customers.”
Metronome is seeing tremendous success in multiple markets with fast-growing startups including Cockroach Labs, Cribl, Starburst, and Truework. “Metronome is enabling product-led growth with a best-in-class billing experience for Cockroach Labs,” said Spencer Kimball, co-founder and CEO, Cockroach Labs. “It has greatly sped up our ability to launch new offerings like CockroachDB Serverless, and has already saved us years of work. Everyone from Engineering and Product to Finance and Go-to-market has seen real value from Metronome.”
“Innovative new software companies are reaching scale every day, and they’re all hamstrung by the lack of flexible billing platforms. Getting the right billing infrastructure in place can accelerate product-driven development and business growth,” said Martin Casado, general partner, Andreessen Horowitz. “The Metronome team has cracked the code with its novel and flexible approach to billing. Every technology company scaling a consumption-based business model should use Metronome.”
About Metronome
Metronome helps software companies launch, iterate, and scale their business models, with billing infrastructure that works at any size and stage. Based in San Francisco, Metronome is a private company backed by investors including Andreessen Horowitz and General Catalyst. For more information, please visit https://metronome.com/ and follow us on Twitter and LinkedIn.
