Paddle, an e-commerce platform for software businesses, has raised $12.5million in a Series B funding led by Notion Capital. Other investors who participated in this round were MacPaw, a software development company which merged with Paddle earlier this year, also some of their existing investors, BGF Ventures and Kindred Capital took part in this round.
Paddle currently has 40 employees, and with this fresh flow of funds, the company plans to grow its team in London. The company plans to employ 100 people by the end of next year, and to gather speed with product development. Chrys Chrysanthou, a partner at Notion has joined Paddle’s board of directors.
Christian Owens, CEO and founder of Paddle, said:
“At Paddle, we are on a mission to fundamentally change the way that software companies sell their products. 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.”
Paddle was founded in 2012 by Christian Owens, who was just 18 years old at the time. The company offers companies a single platform which caters to every part of the software sales process. Through their streamlined offering, the company provides toolkits to help app developers grow, monetize and build their businesses through a blend of analytics, communications and marketing aspects. Their service is used by more than 500 small businesses. Paddle closed a $3.2m series A in September 2016.
Chrysanthou said Notion had 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!”