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How SaaStr Fund-Backed RevenueCat Went from a $1.5M Round at $7M Valuation in 2018 to $500M+ Today
- RevenueCat, a mobile subscription infrastructure company, has grown from a $1.5M round at a $7M valuation in 2018 to over $500M valuation in 2025.
- Founded in 2017 by Jacob Eiting and Miguel Carranza, RevenueCat started to address the challenges developers faced with managing in-app subscriptions.
- Mobile subscription tools were lacking, leading RevenueCat to quickly hit product-market fit after launching from Y Combinator in 2018.
- SaaStr Fund recognized the potential early and became the first major institutional investor in RevenueCat.
- RevenueCat expanded rapidly, offering features like paywalls, targeting, and a pricing model based on a percentage of revenue.
- By 2023, RevenueCat powered subscriptions in over 70,000 mobile apps and aimed to become the 'Shopify for mobile apps.'
- In 2025, RevenueCat secured a $50M Series C at a $500M valuation, solidifying its position as a key player in the mobile subscription market.
- The growth trajectory showcases a remarkable 71x return for early investors over 7 years, highlighting the success of infrastructure investing.
- RevenueCat's journey offers strategic insights for SaaS builders, emphasizing the importance of solving developer pain points and focusing on platform strategies.
- This success story underscores the significance of timing, founder-market fit, and building developer-first products in the tech industry.
- RevenueCat's evolution into a pivotal player in the mobile subscription economy reflects the impact of solving universal developer problems with a robust infrastructure solution.
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