Most of the IT world has been shifting to recurring revenue models rather than outright hardware sales or software license agreements. The big question: How can I.T. entrepreneurs more easily track their recurring revenues? ChartMogul -- founded by two ZenDesk veterans -- thinks it has the answer.
Think of it this way: Google Analytics made web traffic traffic easy for the masses. Now, ChartMogul wants to make recurring revenue tracking easy for the masses as well. The company just raised $600,000 in seed funding. And frankly, I'm bummed I wasn't in on the financial action.
ChartMogul claims to track: Monthly recurring revenue (MRR), churn, average revenue per user (ARPU), lifetime value and additional metrics. It starts at $1 per month for a business managing up to 100 active customers, and scales to $49 per month for businesses managing up to 500 customers. From there, you can buy additional 500-customer increments at the $49 per month rate.
Now, let me reveal just how naive I am. I don't know if traditional accounting software packages and business management dashboards have simple MRR tracking capabilities. Either way, ChartMogul seems to be putting a simple, slick, low-cost spin on the situation.
I'm intrigued (at least at first glance...) because ChartMogul's founding team includes ZenDesk veterans. And we all know how Zendesk disrupted/revolutionized the help desk market...
Still, it's very early in the ChartMogul game. Roughly $600,000 in seed money can come and go really rapidly. ChartMogul will need to find midmarket businesses managing 500 or more customers in order to make its low-cost financial model work... We'll be tracking the company to measure its progress...
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