"We just kind of slowly and clumsily discovered how big of an annoying problem this was," Eiting said. Eiting and Carranza spent their time at Elevate developing and reworking tools to track subscriptions.
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They wanted to collect key data points about customer transactions to share up-to-date revenue numbers and growth patterns with executives and shareholders, but it was impossible with current tools, and inconsistent numbers between iOS and Android apps.
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The startup, which helps developers manage app subscriptions, collect data, and organize payments, just announced on Tuesday a $15 million Series A funding round led by Index Ventures that values it at $60 million.Įiting and his cofounder Miguel Carranza ran into all these developer problems themselves when they worked at brain-training app Elevate. There's no quick and easy way for developers to track how their company is growing, he said, because they won't have information about how much revenue was made until weeks later.Įiting's company RevenueCat wants to make app creators' lives much easier. Plus, the data that each app store provides - about how much money was paid, what currency was used, or who purchased what - is different. Not to mention the fact that developers have to contend with a completely different backend when dealing with Google's Play store.
"They care much more about the end user experience than the developer experience. "There's this huge gap in what developers practically need to run a business on these tools and what Apple actually delivers - and they're not exactly good at listening or taking feedback," Eiting said. When a customer tries to make a subscription purchase through an app, it's a pretty simple process: They hit a couple buttons, get their thumbprint or face scanned, and then use whatever card they've saved in the payment system. On the developer's side, however, the process involves wrestling with the store's internal payment system and parsing through incomplete data to figure out who is actually buying, according to Eiting. When a new employee joins the startup RevenueCat, cofounder and CEO Jacob Eiting makes them read through the app payments process for Apple's app store to help them understand why the company exists. Visit Business Insider's homepage for more stories.The company has grown to 18 employees and more than 3,000 apps since it launched in 2017.The Y-Combinator startup was created after cofounders Jacob Eiting and Miguel Carranza realized while working at brain-training app Elevate that there was no easy way to collect up-to-date app revenue numbers or other necessary data for shareholders.App subscriptions manager RevenueCat raised $15 million at a $60 million valuation, the company announced Tuesday.Account icon An icon in the shape of a person's head and shoulders.
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