SaaS Startup Toplyne Raises $15 Million In Series A Round
Toplyne, a San Francisco and Bengaluru-based SaaS platform, has raised $15 million in a Series A funding round led by Tiger Global Management and Sequoia Capital India.
The funding round also saw participation from existing investors Together Fund, Sequoia India’s Surge, and angel investors from Canva, Vercel, and Zoominfo.
As per the startup, the raised funds will be used to aggressively deliver on the product roadmap and scale the data science, engineering, product, and design teams.
Toplyne | Convert Your Freemium Users
Founded by Rishen Kapoor, Ruchin Kulkarni and Rohit Khanna in June 2021, Toplyne helps sales teams at product-led companies to increase conversions within their freemium user base.
Backed by prominent VC firms like Sequoia and Tiger Global, the SaaS startup analyses large volumes of product-usage data to identify users and accounts that have the highest intent to convert to paid subscriptions.
Speaking about the development, Ruchin Kulkarni, Co-founder at Toplyne, said,
“It’s an interesting time to be a monetization software. SaaS multiples are at all-time lows. Funding markets are drying up. Average revenue run rate (ARR) is back in vogue. SaaS companies need their free users to convert to paid plans. Toplyne fills this gap by enabling businesses to monetize their product-led growth.”
It enables growth teams to rapidly experiment and drive conversions through in-product nudges such as chatbots, paywalls, promotions and sales-assisted conversions.
In November 2021, Toplyne raised $2.5 million as part of its seed round. Since that funding round, the SaaS platform has increased employee headcount to 30 from 13 earlier across geographies and gained several customers like InVideo, Canva, Grafana, and BrowserStack.
Commenting on the development, Ashish Agrawal, managing director at Sequoia India, said,
“We are thrilled to see how the Toplyne team and product have shaped up in the first year of operations. Their unified approach combining in-product nudges and sales assisted conversions is resonating strongly with customers.”
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