Canadian-led, San Francisco-based Nue has raised a $20-million USD ($28.8-million CAD) Series A round for its revenue lifecycle management platform.
The all-equity round was led by Montréal-based venture firm Inovia Capital, who will gain a board seat, with participation from Bluefish Capital, NextWorld Capital, NJP Ventures, Operator Stack Fund, and Toronto-based Information Venture Partners.
Inovia partner Karamdeep Nijjar says Nue is “perfectly positioned” to lead the revenue lifecycle management category.
Information Venture Partners led Nue’s $6-million USD seed round in June 2022, and also returned for its $9-million USD seed extension round in May 2023. Nue said in a statement that it has raised $40 million USD to date.
Nue’s revenue lifecycle management software aims to help companies build, manage, and keep track of quotes, customer lifecycles, billing, and revenue.
In addition to Nue’s Canadian backers and 12 Canadian employees, CEO Mark Walker studied at Western University and currently lives in Canada.
While the software is built on top of Salesforce’s own customer relationship management and Configure, Price and Quote (CPQ) platform, Walker, in a statement, said Nue is the “increasingly the go-to alternative to Salesforce CPQ.” The company says it allows businesses to transition from Salesforce CPQ to a “Salesforce-based system that is simpler and less expensive.”
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Nue claims it experienced threefold year-over-year sales growth in 2024 and secured a number of public and private companies as customers, including Procurify, Iodine, Mews, and i3 Verticals.
According to Inovia partner Karamdeep Nijjar, Nue is “perfectly positioned” to lead the revenue lifecycle management category.
“They fill a crucial gap in B2B SaaS by enabling innovation in pricing, packaging, and revenue operations,” Nijjar said in a statement. “We’re excited to support the team as they reshape this rapidly expanding market.”
Nue said its recent growth and funding will allow it to capture a “major share” of the CPQ and billing markets over the next three to four years, and plans to develop its revenue lifecycle platform, grow its team, and expand globally.
Feature image courtesy Campaign Creators via Unsplash.