Orb has successfully raised $44.1 million over three funding rounds, positioning itself as a significant player in the billing platform market. The company offers a next-generation billing solution designed for usage-based pricing, simplifying the invoicing process for modern software businesses.
Keep reading to delve into the details of Orb's fundraising journey and discover the top investors backing this innovative platform.
What Is Orb?
Orb, founded by Kshitij Grover and Alvaro Morales, is a next-generation billing platform based in San Francisco. The company specializes in usage-based pricing, simplifying the invoicing process for modern software businesses.
With a team of 11-50 employees, Orb provides developer-first billing infrastructure, allowing companies to efficiently implement and manage usage-based pricing models. Their platform integrates seamlessly with existing tools, supporting various pricing strategies.
Orb's mission is to turn millions of usage data points into accurate invoices, freeing up engineering teams from the complexities of billing. The company is actively hiring and continues to grow, driven by its innovative approach to billing solutions.
How Much Funding Has Orb Raised?
- Seed Round
- Amount Raised: $5.1 million
- Lead Investors: Greylock
- Motivation Behind the Round: To support the initial development and market entry of Orb's billing infrastructure platform.
- Series A Round
- Amount Raised: $14 million
- Lead Investors: Menlo
- Motivation Behind the Round: To focus on customer acquisition, go-to-market strategies, and R&D efforts.
- Series B Round
- Amount Raised: $25 million
- Date: September 17, 2024
- Lead Investors: Mayfield Fund
- Motivation Behind the Round: To push their mission forward and give every business the tools to evolve their pricing as quickly as they innovate on their products.
Orb has raised a total of $44.1 million in funding. The current valuation is $100 million (~estimated).
Key Investors
- Mayfield Fund
- Details: Mayfield Fund is a venture capital firm with a long history of investing in early-stage companies. They led Orb's Series B round and have a new board member, Sri Pangulur, joining Orb's board.
- Investment Focus Areas: Technology, healthcare, consumer.
- Notable Investments: Lyft, SolarCity, Marketo.
- Menlo Ventures
- Details: Menlo Ventures is a prominent venture capital firm that led Orb's Series A round. They focus on investing in innovative companies across various sectors.
- Investment Focus Areas: Consumer, enterprise, life sciences.
- Notable Investments: Uber, Roku, Siri.
- Greylock Partners
- Details: Greylock Partners is a leading venture capital firm specializing in early-stage investments. They led Orb's seed round, providing crucial initial funding.
- Investment Focus Areas: Consumer software, enterprise software.
- Notable Investments: Airbnb, LinkedIn, Dropbox.
- basecase
- Details: basecase is an early-stage venture capital firm that participated in Orb's funding rounds. They focus on supporting technology startups.
- Investment Focus Areas: Technology, early-stage startups.
- Notable Investments: Specific notable investments not mentioned.
- South Park Commons
- Details: South Park Commons is a community-driven venture capital firm. They have been involved in Orb's funding rounds, supporting its growth.
- Investment Focus Areas: Technology, early-stage startups.
- Notable Investments: Specific notable investments not mentioned.
What's Next for Orb?
Orb stands at the cusp of a significant opportunity to revolutionize billing for software companies, particularly those embracing AI-native and usage-based pricing models. With the industry shifting towards granular and outcome-based pricing, Orb's unified billing and data platform is well-positioned to capture a substantial market share. The company has already tripled its customer base since early 2024, indicating a vast potential for growth.
Future fundraising opportunities appear promising as Orb continues to expand its customer base and innovate its platform. The successful Series B round led by Mayfield Fund sets a positive precedent for attracting further investments. However, Orb will need to navigate challenges such as maintaining customer trust, adapting to rapidly evolving pricing models, and facing competition from other billing solution providers.
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