We’re thrilled to share that Metronome has raised over $43mm in Series B funding, led by NEA with enthusiastic participation from both a16z and General Catalyst. We’re also excited to welcome Hilarie Koplow-McAdams, former President of New Relic and Salesforce and an experienced public company board member, to our board. This funding round brings us to over $78mm raised to-date.
We first started Metronome in 2019 because we believed that SaaS companies shouldn’t have to compromise between building product and getting that product to market. We saw this problem throughout our careers: at our prior startups, at Dropbox, and at the hundreds of companies we spoke to when designing Metronome. Teams were hamstrung by their billing systems, despite heavy engineering and operations investment. We founded Metronome to offer a better option — a path to world-class billing without the effort.
This has clearly resonated with our customers. In the midst of an otherwise challenging year for startups, Metronome has been fortunate to see tremendous growth. We’ve built and deployed a billing system that is used today by the fastest-growing companies in SaaS, including Databricks, OpenAI, Anthropic, NVIDIA, and more. Startups are choosing Metronome to deliver a top-notch billing experience with minimal engineering overhead, and enterprises are partnering with us to accelerate their transition to cloud revenue and usage-based pricing.
With nearly all our Series A still in the bank, why raise even more capital? It’s simple: despite all of our progress in 2023, we have an even more ambitious roadmap for 2024. We’re making it easier to build and maintain our data pipeline integrations to free up even more engineering time. We’re simplifying getting data in and out of Metronome to dozens of business systems to better meet our users where they want to work. We’re overhauling our core data models to enable full automation of complex quote-to-cash workflows and greater pricing flexibility. And we’re expanding our support for reconciliation, revenue recognition, and audit use cases to make Metronome a world-class workflow tool for Finance teams.
We’re making these investments so that our customers won’t have to, and we want them to know that we’re in it for the long haul. This fundraise helps us accomplish both. We feel truly lucky to be on this journey together with our team and our customers, and we look forward to sharing many more milestones to come. And if you’re interested in joining us or trying out Metronome, please let us know. We can’t wait to have a conversation!
Kevin & Scott