Software specialist Paddle raises £9.2m
Notion, a fund which specialises in enterprise technology, led the round, and was joined by previous investors BGF Ventures and Kindred Capital.
MacPaw, a leading independent Mac software developer, also invested. The raise will see Chrys Chrysanthou (a partner at Notion), and Oleksandr Kosovan (CEO of MacPaw) join Paddle’s board.
The company is on a mission to transform the way software is sold. Selling software is currently a complex process, as developers regularly need to piece together systems from multiple suppliers.
Paddle looks to ease the problem by offering software companies a single platform that solves every part of the software sales process.
Christian Owens, CEO and founder, said: “At Paddle, we are on a mission to fundamentally change the way that software companies sell their products. This new funding will help us rapidly grow our team, and accelerate product development.
“The current software stack is prehistoric. Software vendors of all sizes have put up with a fragmented approach to selling their products for years.
“We believe that Paddle has overcome these problems by creating a powerful unified commerce platform, and that we are poised to continue our rapid and exciting growth.”
Notion’s Chrys Chrysanthou added: “We have been extremely impressed by Paddle’s charismatic leadership team, both in terms of their impressive commercial execution as well as their overall vision for the business.
“Their ability to abstract the complex puzzle of the commerce layer for fast growth software companies allows their clients to zero-in on developing their products, which should be their core focus.
“At the same time, they are developing a powerful data insights layer to also help their customers improve top line. We are excited to be on this journey with them!”
The new funding will be deployed across the company. Currently 40 strong, Paddle’s goal is to grow rapidly in London.
The company is on track to employ 100 people by the end of 2018, with two thirds of new hires being technical, more specifically for the product and engineering teams.
Published: 14 December 2017