RevenueCat Revenue, Valuation, Funding & Investors

RevenueCat is valued at $500M as of May 2025, a 16.7x multiple on its last reported $30M revenue.

Last RevenueCat valuation

$500M

Series C · May 2025

Last RevenueCat funding round

$50M

Series C · May 2025

RevenueCat revenue

$30M

Series C · May 2025

Key investors in RevenueCat

  • Index Ventures
  • Adjacent
  • Oakhouse Partnaers
  • Y Combinator
  • FundersClub
  • Nicolas Dessaigne

RevenueCat Overview

About RevenueCat

RevenueCat is a San Francisco-headquartered subscription management platform for mobile app developers monetizing via in-app purchases. The service handles product catalogs, user entitlements, receipt validation, and analytics across iOS, Android, and web. RevenueCat powers apps like Notion and ClassDojo, offering paywall A/B testing and integrations with Stripe and Amplitude.


Founded

2017

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$30M (May 2025)

Valuation

$500M (May 2025)

RevenueCat Valuation

RevenueCat is currently valued at $500M, based on its Series C in May 2025.

The $50M round was led by Bain Capital Ventures, with participation from Volo Ventures, Index Ventures, Y Combinator, SaaStr Fund and Adjacent.

RevenueCat's valuation has grown 1.7x from $300M at its Series B in May 2021 to $500M in May 2025, across 3 priced rounds.

RevenueCat valuation by funding round

Revenue multiple
RevenueCat valuation by funding round
DateStageValuationRevenue Multiple
May 2025Series C$500M16.7x
Apr 2024Series C$500M25.0x
May 2021Series B$300M-

RevenueCat Revenue

RevenueCat's latest recorded revenue is $30M, as of its Series C in May 2025. At a $500M valuation, that implies a 16.7x revenue multiple.

Revenue grew from $20M in April 2024 to $30M in May 2025, while the revenue multiple moved from 25.0x to 16.7x.

RevenueCat revenue by funding round

RevenueCat revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2025$30M$500M16.7xSeries C
Apr 2024$20M$500M25.0xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

RevenueCat Funding History

RevenueCat has raised a total of $119M across 5 funding rounds.

RevenueCat's first fundraising round was a $2M seed round in October 2018. The most recent completed round was a $50M Series C in May 2025.

RevenueCat funding rounds

RevenueCat funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2025Series CBain Capital Ventures (lead); Volo Ventures; Index Ventures; Y Combinator; SaaStr Fund; Adjacent$50M$500MRevenueCat is a platform that simplifies monetization for consumer mobile apps, handling subscriptions, in-app purchases, consumables, lifetime purchases, and virtual currencies across iOS, Android, and web. It powers over 50,000 apps, including more than one-third of new subscription apps worldwide, and processes over $8 billion in annual transactions for clients like OpenAI’s ChatGPT, Notion, and VSCO. Recent launches include Paywalls (drag-and-drop editor), Web Billing for external payments, virtual currency support, and Web Paywall Button to test non-in-app purchases following U.S. iOS policy changes. In May 2025, RevenueCat raised $50 million in a Series C extension led by Bain Capital Ventures, with participation from Index Ventures, Y Combinator, Adjacent, Volo Ventures, and SaaStr Fund. This brought total Series C to around $62 million and overall funding to $100 million. The post-money valuation was $500 million, with ~$30 million ARR growing at 75% YoY, achieving an ARR multiple of ~16x, and the company being slightly profitable with minimal cash burn after raising ~$80 million in primary capital previously. Funds will support staffing, product development, and expansion into fintech (addressing app store payout delays), user acquisition, conversion optimization, and retention tools amid rising demand in AI, gaming, productivity, and web payments. RevenueCat rejected a ~$500 million acquisition offer at the end of 2024 due to valuation gaps, confident in scaling 5-10x larger toward a public company. It positions itself to capture growth in a market that has expanded 10x since 2017, expecting another 10x in the next decade.
Apr 2024Series CAdjacent (lead); Volo Ventures; Index Ventures; Y Combinator; SaaStr Fund$12M$500MRevenueCat is a subscription management platform founded in 2017 that enables app developers to build, manage, and monetize in-app subscriptions and purchases across iOS, Android, and web platforms. The company provides tools for subscription billing, product management, user analytics, and has expanded to offer RevenueCat Billing, a web SDK allowing developers to accept subscription payments on websites. In April 2024, RevenueCat closed a $12 million Series C funding round led by Adjacent, with participation from Y Combinator, Index Ventures, Volo Ventures, and SaaStr Fund. This round came after the company had previously raised $56 million, bringing total funding to over $68 million at that time. The capital was designated for product expansion and geographic market expansion, particularly in Japan and South Korea. At the time of the April 2024 round, RevenueCat reported approximately $20 million in annual recurring revenue (ARR) and maintained over $40 million in cash reserves. The company operated more than 30,000 apps and processed over $2 billion in annual subscriptions. While not yet profitable, the company had halved its burn rate since mid-2023 and was focused on sustainable growth rather than aggressive spending, with management stating profitability remained on the horizon.
May 2021Series BY Combinator Continuity Fund (lead); Index Ventures; Tobias Balling; Nicolas Dessaigne; Oakhouse Partnaers; Adjacent; FundersClub; SaaStr$40M$300MRevenueCat is a San Francisco-based platform offering development tools for subscription-based mobile apps. The company provides solutions for managing in-app subscriptions across app stores and integrations platforms. On May 27, 2021, RevenueCat raised $40 million in Series B funding led by Y Combinator's Continuity Fund, with participation from Index Ventures, SaaStr, Oakhouse, Adjacent, FundersClub, as well as Tobias Balling and Nicolas Dessaigne as individual investors. YC Continuity Partner Anu Hariharan joined the board alongside Index's Mark Fiorentino. At the time of the Series B, RevenueCat had grown to more than 6,000 apps live on its platform, managing over $1 billion in tracked subscription revenue—double the number of apps from its $15 million Series A the previous August. The company planned to use the new funding to lower pricing to reach more developers, expand support beyond Apple's App Store and Google Play to include Amazon's Appstore, and expand its headcount from 30 to 60 people across design, product, engineering, sales, and other functions. Recently, the company hired Jens-Fabian Goetzmann as head of Product, previously at Microsoft and 8fit.
Aug 2020Series AIndex Ventures (lead); Jason Lemkin; Nico Wittenborn; Tobias Balling; Nicolas Dessaigne; Oakhouse Partnaers; Adjacent; SaaStr; Josh Buckley; Harry Stebbings; Andrew Maguire$15M--
Oct 2018SeedJason Lemkin (lead); Buckley Endeavors; George Deglin; Oakhouse Partnaers; FundersClub; Josh Buckley$2M--

Who has invested in RevenueCat?

19 investors have backed RevenueCat across its funding rounds, including Index Ventures, Adjacent, Oakhouse Partnaers, Y Combinator, FundersClub and Nicolas Dessaigne.

Lead investors include Bain Capital Ventures, Adjacent, Y Combinator Continuity Fund, Index Ventures and Jason Lemkin.


RevenueCat Investors

Investors in RevenueCat by funding rounds participated
InvestorHQRoundsRoleFirst check
Index VenturesUnited KingdomLondon4LeadAug 2020
AdjacentUnited StatesNew York City, NY4LeadAug 2020
Oakhouse PartnaersUnited StatesSan Francisco, CA3ParticipantOct 2018
Jason LemkinUnited StatesSan Francisco, CA2LeadOct 2018
Volo VenturesUnited StatesUnited States2ParticipantApr 2024
Y CombinatorUnited StatesSan Francisco, CA2ParticipantApr 2024
Tobias BallingGermanyBerlin2ParticipantAug 2020
Nicolas DessaigneUnited StatesSan Francisco, CA2ParticipantAug 2020
SaaStr FundUnited StatesSan Francisco, CA2ParticipantApr 2024
FundersClubUnited StatesSan Francisco, CA2ParticipantOct 2018
SaaStrUnited StatesSan Francisco, CA2ParticipantAug 2020
Josh BuckleyUnited StatesSan Francisco, CA2ParticipantOct 2018
Nico WittenbornUnited StatesNew York City, NY1ParticipantAug 2020

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Acquisitions by RevenueCat

RevenueCat has acquired 1 company to date.

Last acquisition by RevenueCat was on September 26th 2024. RevenueCat acquired Dipsea for undisclosed valuation.


Latest Acquisitions by RevenueCat

Dipsea
Description
Dipsea is a San Francisco-headquartered audio content studio producing erotic short stories for sexual wellness. Listeners access over 300 immersive episodes featuring diverse scenarios, narrated by voice actors with sound design. Available via subscription app on iOS and Android, it caters to women and couples with customizable series like "Dipsea After Dark." Founded in 2018, Dipsea partners with retailers such as Target for branded products.
HQ CountryUnited States
HQ City
San Francisco, CA
Deal Date26 Sep 2024
Valuationundisclosed
EV/Revenue
EV/EBITDA

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RevenueCat Competitors

RevenueCat competitors include listed companies like Teamshares and Miroku Jyoho Service, and private ones like Payhawk, PointFive, Spenmo and Deskera.

Public and private companies comparable to RevenueCat
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
PayhawkBulgariaSofiaPrivate$45M-$1B-
PointFiveUnited StatesNew York City, NYPrivate--$500M-
SpenmoSingaporeSingaporePrivate--$500M-
DeskeraUnited StatesMinneapolis, MNPrivate--$495M-
TeamsharesUnited StatesUnited StatesPublicly listed$472M($23M)$545M1.4x
Miroku Jyoho ServiceJapanJapanPublicly listed$315M$58M$396M1.1x

RevenueCat Public Comps

RevenueCat is still privately-owned, but its public comps include Teamshares, Miroku Jyoho Service, Nordtech Group, Baiwang Cloud, GMO Financial Gate, Paysafe, Azkoyen, CPI Card, Avant Group and Cuscal.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Teamshares$472M($23M)1.7x1.4x(35.0x)33.2x
Miroku Jyoho Service$315M$58M1.1x1.1x6.0x-
Nordtech Group$72M$15M5.1x-25.2x-
Baiwang Cloud$109M$433K2.6x2.7x648.3x-
GMO Financial Gate$115M$18M2.8x2.3x17.6x14.7x
Paysafe$1.7B$341M1.6x1.5x7.8x5.9x
Azkoyen$243M$40M1.1x1.0x6.5x5.8x
CPI Card$544M$77M1.0x0.9x7.0x5.3x

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Common questions about RevenueCat

When was RevenueCat founded?RevenueCat was founded in 2017.
Where is RevenueCat headquartered?RevenueCat is headquartered in San Francisco, CA, United States.
Is RevenueCat publicly listed?No, RevenueCat is a private, VC-backed company.
What is RevenueCat's valuation?RevenueCat was last valued at $500M in its Series C in May 2025.
How much funding has RevenueCat raised?RevenueCat has raised $119M across 5 funding rounds.
What was RevenueCat's last funding round?RevenueCat's last funding round was a $50M Series C in May 2025, led by Bain Capital Ventures.
Who are RevenueCat's investors?RevenueCat's investors include Index Ventures, Adjacent, Oakhouse Partnaers, Jason Lemkin, Volo Ventures, Y Combinator, Tobias Balling, Nicolas Dessaigne, SaaStr Fund, FundersClub and 9 others.
What is RevenueCat's revenue?RevenueCat's latest recorded revenue is $30M (May 2025).
What is RevenueCat's revenue multiple?RevenueCat's latest valuation implies a 16.7x revenue multiple ($500M valuation on $30M of revenue).
Which companies are comparable to RevenueCat?Companies comparable to RevenueCat include Payhawk, PointFive, Spenmo, Deskera, Teamshares and Miroku Jyoho Service.
How many companies has RevenueCat acquired?RevenueCat has acquired 1 company, including Dipsea.

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