Metronome, a startup that helps software companies offer usage-based billing, has raised $43 million in a Series B funding round led by NEA. Current supporters Andreessen Horowitz and General Catalyst also participated in the financing, bringing the total to more than $78 million since its inception in 2019.
When we launched Metronome, we spoke to hundreds of companies struggling to build and maintain usage-based and subscription billing infrastructure. We developed Metronome to be a powerful and flexible billing platform that is also easy to integrate and maintain, which helps companies move faster.Kevin Liu, CEO of Metronome
It is designed for speed of deployment, flexibility and ease of use, reducing the engineering effort often required for billing. It also enables business and product teams to fully own revenue and pricing. Once the initial platform integration is established, teams can quickly launch new products and pricing, streamline revenue workflows and provide real-time spend transparency to customers. Today the startup is used by fast-growing startups and leading organisations. The company has achieved significant momentum, increasing revenue 6x last year. Metronome has played a pivotal role in helping many of the world’s top AI companies bring new products to market and grow faster.
Invoicing is often under-resourced in-house. It is also seen as a bottleneck for product launches and price changes. In reality, it is a make-or-break revenue driver for any business. Metronome makes it possible for companies to realise new business models quickly. Every customer we spoke to shared how Metronome has transformed billing from a ‘blinking’ issue to a fully functioning system.Hilarie Koplow-McAdams, NEA Venture Partner