Zuora raises $50 million in Series E funding

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San Fransco based Zuora Inc. has raised $50 million in a Series E round of funding for its cloud-based subscription and billing software tools.

The round attracted new investors Next World Capital, Vulcan Capital, and Northgate Capital.

Also participating were previous investors Benchmark Capital, Greylock Partners, Index Ventures, Redpoint Ventures, Shasta Ventures, Tenaya Capital, along with Workday founder Dave Duffield and Marc Benioff, chairman and CEO of Salesforce.com.

Vulcan Capital’s Abhishek Agrawal and Next World Capital’s Craig Hanson will join Zuora’s board of directors along with the funding.

The round brings the total raised by the Foster City company to $132.5 million since it was founded in 2007.

So far this year, Zuora increased its subscription revenue by about 90% from last year, while it increased its number of customers 55 percent over the past 18 months, the company says.

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Written by Regina Timothy

Editor of TechNews Report. Loves all things technology

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