RevenueCat, a rising star in the mobile economy, just announced a $50 million sports betting of funding. This investment will provide the momentum for its rapid expansion into beyond mobile app monetization. The company now has a reported post-money valuation of $500 million. The goal here would be to address the major pain points mobile developers encounter and build on its strengths in subscription app ecosystem.
RevenueCat was built for mobile app developers by mobile app developers. In a short time, it has proven to be an indispensable tool to the industry. The software now runs subscriptions for more than 50,000 mobile apps. It’s a testament to the fact that one in three new subscription apps rely on RevenueCat’s services to get them started. This extraordinary growth is a testament to the company’s pursuit of delivering real solutions to developers as they tackle the complexities of subscription and usage-based billing.
Jacob Eiting, CEO of RevenueCat, said the company’s future is ripe for expansion. He stated, “I think we’ve actually gotten pretty good at building targeted engineering and product teams to go after things. And we want to scale that as much as possible.” Eiting’s vision for RevenueCat includes transforming it into a public-scale company, akin to Shopify’s success in e-commerce.
Today, RevenueCat’s billing service is used by a little over 2,000 developers. Eiting was adamant that we know a lot about this industry. He stressed that businesses of all shapes and sizes have similar problems that are still unaddressed, and we have the chance to fill this need. This insight is a testament to the company’s mission to solve ongoing challenges in the mobile development industry.
The latest investment from investors will enable RevenueCat to start building towards what RevenueCat can become. It’ll help the company achieve greater scale in a market cutthroat with direct, vicious competitors such as Stripe, Recurly and Chargebee. Eiting was optimistic, both about the company’s path forward and the chance to continue pushing the envelope in its small but mighty niche.
One truly inspiring example perfectly shows the power RevenueCat’s platform can have on the next generation of developers. Eiting shared an encouraging story about a young person. This young person in two months designed an app with zero programming experience. The child can’t code, but in two months created an application,” he said. He added, “When I think about what my journey was to get to that point — his was massively compressed. And that’s going to have tremendous across-the-board impacts on the economy in ways that we can’t even begin to comprehend right now.” This short story is meant to illustrate the ease of use of tools RevenueCat provides and how they can empower a new generation of developers.
RevenueCat’s growth strategy Reinforcing the idea that their main priority is to solve problems that are more common for all mobile developers. Through its experience, the company recognized a few key and pervasive challenges many seen in the industry face and set out to help with tailored solutions. Eiting shared his enthusiasm, stating, “I’m happy to be getting data at long last.” His goal is to resolve the big question in mobile app monetization—if not definitively improve it.
As of March 2023, RevenueCat had achieved 3,600 billing integrations, a clear indication of its growing impact in the world of subscription services. The company’s subsequent phase of growth is set to revolutionize the way developers think about subscription monetization.
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