Paddle, a London-based software company, has secured Â£162m in a funding round led by FTV Capital, with participation from Kindred Capital, Notion Capital, and 83North. The funding round has propelled Paddle’s valuation to over Â£500m, making it the latest addition to the UK’s unicorn club.
Paddle was founded in 2012 by Christian Owens, Harrison Rose, and Nicholas Sturge. The company provides a platform that helps software companies sell their products and services globally. Paddle’s platform offers a range of features, including payment processing, subscription management, and analytics.
The company has seen significant growth in recent years, with over 2,000 software companies using its platform to sell their products. Paddle’s revenue has also grown rapidly, with the company reporting a 100% year-on-year increase in revenue in 2020.
Paddle’s success has been driven by its focus on providing a seamless experience for software companies looking to sell their products globally. The company’s platform offers a range of tools that help software companies manage their sales, from pricing and packaging to payment processing and analytics.
The funding round will enable Paddle to continue to invest in its platform and expand its global reach. The company plans to use the funding to hire more staff, invest in product development, and expand its sales and marketing efforts.
Christian Owens, CEO of Paddle, said: “We’re thrilled to have secured this funding, which will enable us to continue to invest in our platform and help more software companies sell their products globally. We’re proud to be joining the UK’s unicorn club and look forward to continuing to grow and innovate in the years ahead.”
The UK’s unicorn club now includes over 80 companies, with a combined valuation of over Â£200bn. The club includes some of the UK’s most successful startups, including Revolut, Deliveroo, and TransferWise.
Paddle’s success is a testament to the strength of the UK’s tech sector and its ability to produce world-class companies. With the right support and investment, there is no doubt that the UK’s tech sector will continue to thrive and produce more unicorns in the years ahead.