Startup Aims To Reinvent the Revenue Lifecycle for the Modern Business
SAN FRANCISCO, CA / ACCESSWIRE / June 15, 2022 / Nue.io, a revenue lifecycle platform built for modern SaaS businesses, today announced the closing of a $6 million seed round led by Information Venture Partners with participation from NextWorld Capital, SVTech, Bluefish and a group of established technology angel investors. The funding round will allow Nue to help companies innovate and manage customer revenue lifecycles end-to-end with real-time analytics.
Modern SaaS companies rely on complex product models and pricing structures (discounts, promotions, tiers, ramp, renewals, etc.) to generate revenue, but traditional RevOps tools such as CPQ, billing or custom code solutions don't work for all the ways modern companies need to engage their customers and grow revenue.
"I tried to solve this problem for my customers with traditional CPQ and billing providers," says Nue co-founder Tina Kung. "I kept thinking, 'Why can't enterprise selling be as simple as selling and buying on Amazon?'"
Most SaaS businesses use a patchwork of point solutions that are cumbersome, fragmented and can't provide a consolidated view of revenue from sales (CRM) into finance (ERP). Adding new sales channels (partner, direct or self-service) often means spinning up parallel processes with different tech stacks for quoting versus self-service. Testing innovative pricing models usually involves hard-coded deployments. Order changes almost always mean multiple manual exercises to make sure the order is correct, financial co-terminations are accounted for, provisioning happens, and Rev Rec works, and revenue details don't get reconciled until the end of the line in finance.
"It became clear when talking to SaaS companies that they needed a new approach to let RevOps teams not just operationalize their sales processes, but really innovate," explains Nue co-founder Kate McCullough. "This means bringing your customer along a lifecycle, where you can land and expand your business with them and then offer revenue analytics every step of the journey, from sales to finance."
With the launch of Nue, Kung, McCullough and the rest of the Nue team have arrived at a solution for modern SaaS companies.
- "There's a clear need for an omni-channel solution that can look at this holistically and provide the best experience for the customer," concludes angel investor Sunil Madan, CIO of Birdeye and former CIO of Zoom.
- "Nue is building critical infrastructure for today's modern revenue lifecycle, finally unifying sales and finance teams with accurate, real-time visibility from opportunity to cash," says Rob Antoniades, Co-Founder and General Partner of Information Venture Partners. "We're excited to invest in this team as they bring their passion and deep domain experience to modernizing how revenue is managed inside organizations today."
- "Nue's revenue lifecycle management allows us to manage (everything) from that initial new business quote through co-terming, upsells, expansion revenue, all the way through renewal opportunities - all in one place," says Nue customer Eric Portugal Welsh, Director of Revenue Operations at Demostack.
- "Billing must be elevated to something across the departments" says board member Cheng Zou, former CTO and Cofounder of Zuora. "In this new market name, we call it revenue lifecycle management. So holistically a company can make the best revenue decisions."
About Nue
Nue is an easy-to-manage, omni-channel RevOps platform designed to meet the needs of the modern business to innovate and manage their customer revenue lifecycles end-to-end. With Nue, RevOps teams can accelerate sales with innovative pricing models and streamlined processes (direct and self-service commerce) so that companies can easily manage quotes to orders to renewals to billing - all the while delivering accurate analytics to Finance. Learn more at nue.io.
Media Contact:
press@nue.io
SOURCE: Nue.io
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