Toplyne, a SaaS platform that enables companies to monetize their product-led growth flywheel, has raised $15 million in Series A funding led by Tiger Global and Sequoia Capital India, with participation from existing investors Together Fund, Sequoia India’s Surge and angel investors from Canva, Vercel & Zoominfo.
The team will use the funding to aggressively deliver on the product roadmap and scale the data science, engineering, product, and design teams.
Since the announcement of its $2.5 million seed round in November 2021, the company has- boarded several marquee customers including Canva, Grafana, 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.
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.”
Ashish Agrawal, MD at 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 has 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.”