Bangalore, India-based software-as-a-service (SaaS) startup Toplyne raised USD 15 million in a Series A round on May 3, 2022. Tiger Global and Sequoia Capital India led the funding for Toplyne. The round also saw participation from existing investors such as Together Fund and Sequoia India’s Surge. Meanwhile, angel investors from Canva, Vercel and Zoominfo invested in the round.
Purpose of Funding for Toplyne
Toplyne will use the proceeds from the recent round to ramp up hiring across data science, engineering, product and design teams. The startup is currently working on its self-serve product. Meanwhile, the company has a waiting list of more than 1,000 companies.
Toplyne earlier raised USD 2.5 million in a seed round in November 2021. Since then, its customers boast of Canva, Grafana, Gather.Town, InVideo, and BrowserStack. Moreover, it has more than doubled from 13 to 30 employees across geographies since the last investment round.
What the founders have to say
Ruchin Kulkarni, Co-founder at Toplyne, said, “It’s an interesting time to be a monetization software. SaaS multiples are at all-time lows. Funding markets are drying up. ARR is back in vogue. Product-led growth SaaS companies need their free users to convert to paid plans. And they needed it to happen yesterday. Toplyne fills this gap by enabling businesses to monetize their product-led growth.”
What the investor has to say
“Monetizing freemium users is an important problem software companies face with a PLG motion. We are thrilled to see how the Toplyne team and product have shaped up in the first year of operations. Their unified approach combining in-product nudges and sales assisted conversions resonates strongly with customers. We believe Toplyne has a shot at being the global leader of this emerging category, and the team at Sequoia Capital India is excited to deepen the partnership with them,” said Ashish Agrawal, MD, Sequoia India.
About Toplyne
Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna brought Toplyne into existence in June 2021. It provides sales software services to product-led companies. The startup analyses large volumes of product-usage data to identify users and accounts with the highest intent to convert to paid subscriptions.
The startup allows the growth teams to rapidly experiment and drive conversions through in-product nudges such as chatbots, paywalls, promotions or sales-assisted conversions.
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 startup Toplyne raised USD 15 million in a Series A round on May 3, 2022. Tiger Global and Sequoia Capital India led the funding for Toplyne.){kind=link}