By Zaheer Kachwala
(Reuters) -Subscription management platform RevenueCat on Thursday raised $50 million in Series C funding, led by Bain Capital Ventures, along with participation from returning investors Index Ventures, Y Combinator, and Volo Ventures among others.
The rise of tools and software that make it easier to create apps has boosted demand for in-app monetization platforms like RevenueCat, which simplify managing pricing and subscriptions.
The San Francisco, California-based company counts OpenAI as a customer and worked with the AI firm to deploy ChatGPT on mobile following its remarkable debut in 2022.
CEO Jacob Eiting told Reuters that 20% of RevenueCat’s top 20 apps are AI-based, as these apps can charge higher fees and achieve better conversion rates.
The surge in generative artificial intelligence has led to numerous AI startups requiring platforms to manage their subscription tiers as users increasingly turn to conversational chatbots for daily tasks.
With the new funding, RevenueCat plans to expand its workforce and pursue acquisitions.
The company is also making a significant push into the mobile gaming market, developing a virtual currency feature aimed at players who readily spend on in-game currency.
“We eventually hope to be as important in the game market as we are in the app market,” Eiting said.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Tasim Zahid)
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