Thu. Dec 1st, 2022

Nue.io Announces Closing of $6m Seed Funding Round

Nue.io, a revenue lifecycle platform built for modern SaaS businesses, today announced the closing of a $6 million seed round led by Information Venture Partners with participation from NextWorld Capital, SVTech, Bluefish, and a group of established technology angel investors. The funding round will allow Nue to help companies innovate and manage customer revenue lifecycles end-to-end with real-time analytics.

Modern SaaS companies rely on complex product models and pricing structures (discounts, promotions, tiers, ramp, renewals, etc.) to generate revenue, but traditional RevOps tools such as CPQ, billing, or custom code solutions don’t work for all the ways modern companies need to engage their customers and grow revenue.

“I tried to solve this problem for my customers with traditional CPQ and billing providers,” said Nue co-founder Tina Kung. “I kept thinking, ‘Why can’t enterprise selling be as simple as selling and buying on Amazon?’”

Most SaaS businesses use a patchwork of point solutions that are cumbersome, fragmented, and can’t provide a consolidated view of revenue from sales (CRM) into finance (ERP). Adding new sales channels (partner, direct or self-service) often means spinning up parallel processes with different tech stacks for quoting verses self-service. Testing innovative pricing models usually involves hard-coded deployments. Order changes almost always mean multiple manual exercises to make sure the order is correct, financial co-terminations are accounted for, provisioning happens, Rev Rec works, and revenue details don’t get reconciled until the end of the line in finance.

“It became clear when talking to SaaS companies that they needed a new approach to let RevOps teams not just operationalize their sales processes, but innovate,” added Nue co-founder Kate McCullough. “This means bringing your customer along a lifecycle, where you can land and expand your business with them and then offer revenue analytics every step of the journey, from sales to finance.”

SOURCE https://ibsintelligence.com/ibsi-news/nue-io-announces-closing-of-6m-seed-funding-round/

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