Announces Closing of $6M Seed Funding

0 Announces Closing of $6M Seed Funding

By Puja Sharma

June 16, 2022

  • CPQ
  • CRM Solution
  • Fintech News, a revenue lifecycle platform designed for modern SaaS businesses, today announced the closing of a $6 million funding round led by Information Venture Partners with participation from NextWorld Capital, SVTech, Bluefish and a group of established technology angel investors. The funding cycle will enable Nue to help companies innovate and manage end-to-end customer revenue lifecycles 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 that modern businesses need to engage customers and increase revenue.

“I have tried to solve this problem for my clients with traditional CPQs and billing providers,” said Nue co-founder Tina Kung. “I kept thinking, ‘Why can’t selling in business be as easy as selling and buying on Amazon?'”

Most SaaS companies use a patchwork of point solutions that are cumbersome, fragmented, and cannot provide a consolidated view of revenue from sales (CRM) to finance (ERP). Adding new sales channels (partner, direct, or self-service) often means launching parallel processes with different technology stacks for quotes versus self-service. Testing innovative pricing models usually involves hard-coded deployments. Order changes almost always mean multiple manual exercises to ensure the order is correct, financial co-terminations are accounted for, provisioning takes place, Rev Rec works and revenue details are reconciled only at the end of the line in finance.

“It became clear in discussions with SaaS companies that they needed a new approach to enable RevOps teams to not only operationalize their sales processes, but also innovate,” added Kate McCullough, co-founder of Nue. “That means taking your customer through a lifecycle, where you can land and grow your business with them, and then offer revenue analytics every step of the way, from sales to finance.”

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