LOS ALTOS, Calif., Oct. 4, 2021 /PRNewswire-PRWeb/ -- Monetize360, which delivers dynamic pricing and billing solutions to sales and billing departments, today announced it has closed $3.2M in seed financing. Monetize360 simplifies and accelerates the implementation of pricing and billing automation for any scenario regardless of complexity, ranging from simple subscription models all the way to granular usage-based models. The no-code platform can be used as a stand-alone product or integrated with today's major billing products without the need for advanced configuration. Monetize360 makes it easier and faster for mid-to-large companies to foster collaboration between the financial, sales and product departments, all of which are invested in executing the best possible monetization and pricing strategies. The seed round was led by SVQUAD and Idealab X with additional participation from fellow entrepreneurs and CEOs. Kanwal Rekhi and BV Jagadeesh from SVQUAD joined Monetize360's board of directors and Raju Reddy, also a partner at SVQUAD, became an advisor to the company. The investment will be used to fuel growth, including in engineering, as well as for strategic marketing and sales hires.
"Current billing solutions require a lot of customization; and even then the solutions are clunky," said Kanwal Rekhi, a principal of SVQUAD, which led the financing. "Monetize360 offers a flexible no-code alternative that works with all popular billing packages. The company's founding team has not only deep domain experience but also a successful entrepreneurial track record."
Monetize360's solution centers around a no-code monetization hub that can be configured to support complex and hybrid pricing models without custom development or intensive onboarding. The machine learning-based price modeling and simulation engine forecasts any potential pricing scenario, which improves outcomes for sales teams and benefits the bottom line. The ability to customize pricing all the way to the individual deal offers customers a significant competitive advantage when compared to organizations that are locked into system-wide models. Billing departments can make pricing changes in seconds via point and click technology, instead of over months via custom development.
"I joined Monetize360 because I believe in the future of automation and our CTO/founder Murali Saravu created something wholly unique in the industry," said Jayaram Bhat, CEO of Monetize360. A three-time CEO and investor, Bhat is known for successfully scaling software companies. "With Monetize360, billing and pricing development and consulting costs go way down even as functionality, time-to-market and precision improve. Our solution ensures that dynamic pricing is no longer a prohibitive expense, but instead is a competitive advantage."
Monetize360 can be deployed as a full-suite product, or it can be layered on top of existing billing platforms to rapidly implement innovative hybrid pricing strategies. Moreover, Monetize360 includes integrations with mobile apps, tax and payment gateways, ERP and CRM systems. In addition, Monetize360's APIs enable quick integration with other front office and back-office applications such as Salesforce, Netsuite, Oracle, SAP Financial systems, Vertex, Paymentech, Stripe, and more.
"After nearly 20 years leading development of billing platforms for companies as wide-ranging as Intuit and Cisco, I saw an opportunity to build something that is as simple to use as it is highly sophisticated," said Murali Saravu, CTO/founder of Monetize360. "We have successfully bypassed the restrictive traditional perpetual license, or even the more common subscription-based billing model, to offer true choice to customers. And, it takes virtually no time to get up and running," he added.
About Monetize360: We're proud to be the company bringing the best-in-class, no-code pricing and billing solution to market. Our customers are able to automate routine financial processes and quickly monetize their products and services, in even the most complex scenarios. No pricey custom development, no arduous onboarding required. Monetize360 was launched in 2017 and bootstrapped until 2021, when we secured a 3.2M seed funding round.
Where to find us:
Meaghan Shields, Monetize360.io, +1 (617) 529-6357, [email protected]