Toplyne has raised $15 million in Series A funding led by Tiger Global and Sequoia Capital India, in participation with its existing investors including Together Fund, and angel investors from Canva, Vercel & Zoominfo.
“Toplyne plans to use the funding to aggressively deliver on the product roadmap, and scale the data science, engineering, product, and design teams,” the statement said.
In November 2021 the company raised $2.5 Million in a series seed round and onboarded several marquee customers including Canva, Grafana, and Gather.Town, InVideo, and BrowserStack and is all set to launch a self-serve freemium product within the next quarter to onboard a long list of waitlisted customers.
The company has more than doubled from 13 to 30 employees across geographies, since the last round of funding.
Speaking on the fundraise, 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. ARR is back in vogue. PLG SaaS companies need their free users to convert to paid plans. And they need it to happen yesterday. Toplyne fills this gap by enabling businesses to monetize their product-led growth.”
Commenting on the investment round, Ashish Agrawal, MD, Sequoia India said, “Monetizing freemium users is an important problem faced by software companies with a PLG motion. 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. We believe Toplyne has a shot at being the global leader of this emerging category and the team at Sequoia Capital India is excited to deepen the partnership with them.”
Toplyne is hiring aggressively across data science, engineering, product, and design roles. The team is laser-focused on going fully self-serve by the end of the quarter to onboard a growing waitlist of 1000+ companies.
Further talking about the funding, Rishen Kapoor, Co-founder & CEO of Toplyne said, “No one coherent platform existed for growth teams to rapidly experiment, iterate and scale up growth strategies and GTM motions at scale. We saw this as an opportunity.”