US subscriptions payments platform ReCharge intends to establish an Irish operation over the next year after raising $227 million (€186.5 million) in funding in a move that values the company at $2.1 billion.
The company, with its headquarters in Santa Monica, was founded by Irish-Americans Oisin O'Connor and Mike Flynn in 2014 and was entirely self-funded until accepting outside financing for the first time two years ago.
Mr O'Connor, whose parents hail from Dublin, said the company was in early talks with IDA Ireland about establishing a base locally as part of a plan to expand beyond North America following the fundraise.
"We currently don't have an Irish presence but, that said, with this raise we are expanding into Europe and part of that is with a European presence, mainly an Irish entity/ team," said Mr O'Connor, ReCharge's chief executive.
Mr Flynn, the company’s chief technology officer, is second-generation Irish with his parents having emigrated to the US from Cork.
From its core offering as a subscription billing platform, ReCharge has expanded to a broader set of products designed to help e-commerce businesses increase revenues and reduce operating costs. The company manages subscriptions for 15,000 merchants and 20 million subscribers worldwide.
Summit Partners, Iconiq Growth and Bain Capital Ventures led the recent fundraise, which is to be used to further develop products, increase headcount and expand into new markets.
“Our merchants are seeing a huge benefit from the addition of subscription offerings to their businesses,” said Mr O’Connor.
“Whether you’re a direct-to-consumer or an omnichannel brand, subscription solutions strengthen a brand’s relationship with their customers and make it easy for consumers to make repeat purchases,” he added.
ReCharge employs about 300 people on a remote working basis across 10 countries, with the company having nearly doubled its headcount over the past year.