M3Ter Raises $17.5M To Bring Usage-Based Saas Pricing Out Of Stealth Mode
02/09/22, 1:38 PM
Location
londonMoney raised
$17.5 million
M3ter, a London-based startup that provides a usage-based subscription service for software products instead of a flat rate, has raised $17.5m (£13m) to exit stealth mode.
Company Info
Location
london, ontario, canada
Additional Info
The startup said it will use the fresh capital – provided by Kindred Capital, Union Square Ventures and Insight Partners – to grow its team in Europe and the US and to expand into new markets. Founded in late 2020, M3ter said it is aiming to capitalise on a growing number of software-as-a-service (SaaS) businesses switching to usage-based pricing. Its founders, Griffin Parry and John Griffin, previously built backend gaming service GameSparks and sold it to Amazon’s AWS.“Usage-based pricing offers huge rewards for SaaS businesses, but it isn’t easy to implement,” said Griffin Parry, co-founder and CEO of m3ter.