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Recharge platform tops 100 million subscribers served and surpasses $100 million in ARR
Wednesday, March 27, 2024
SANTA MONICA, Calif., March 19, 2024 /PRNewswire/ -- Recharge--the leading subscription platform powering smarter subscription experiences--announced today that it has achieved two major milestones: first, it has powered subscriptions for 100 million subscribers across more than 20,000 brands; second, it has surpassed $100 million in annual recurring revenue. The sustained growth achieved by Recharge is a testament to the continued potential of subscription commerce, which seamlessly delivers everyday essentials to consumers and provides brands with reliable recurring revenue.
"Recharge's philosophy is simple: we help brands succeed by powering a smooth, sophisticated subscription experience for customers," said Oisin O'Connor, Recharge co-founder and CEO. "That makes this moment especially gratifying, because it speaks directly to this team's tireless work on our core mission over the past nine years. These milestones would never have been possible without their efforts or our merchants' trust. I'm feeling grateful, and even more driven to take our brands to the next level."
When Recharge started in 2014, it was one of the first subscription management apps in the ecommerce ecosystem. More than nine years later, Recharge has emerged as the leader in the subscription-first and ecommerce landscape, evolving from a single-product app into a unified suite of tools that enables brands to grow and retain customers. The Recharge platform now features products and tools for subscriptions and bundles, rewards programs, and cancellation prevention, enabling merchants to easily build and test personalized customer journeys.
The subscription ecommerce sector experienced explosive growth with the onset of COVID in 2020, as customers realized the importance of having the products they love delivered straight to their door, right when they need them. As the leading subscription platform, Recharge grew with the market to meet customer demand and deliver for its merchants. Even now, with traditional retail returning to normal, the seamless nature of ecommerce subscriptions continues to drive growth. With subscription customers continuing to embrace routines, it's more important than ever for brands to retain their hard-earned subscribers. Recharge has expanded its focus to retention strategies in an effort to maintain and continue to grow the customer base its merchants have developed.
Recharge brands understand the importance of customer retention and predictable recurring revenue. The powerhouse brands driving the company's growth include:
-- Oats Overnight has worked with Recharge for seven years, and has
transformed its business through subscriptions. In 2018, 27% of the
company's revenue came from subscription orders, versus one-time
purchases. Last year over 92% of their net revenue came from
subscriptions. Year over year net revenue is up over 350% since 2021.
-- CrunchLabs uses Recharge to power its subscriptions since launching in
June 2022. Propelled by Mark Rober's 40 million YouTube subscribers,
CrunchLabs launched to unprecedented demand, selling out their entire
inventory within days. They aimed to reach profitability and 100,000
subscribers within two years, but instead reached those targets within
six months.
-- Create launched on Recharge in January 2023 and hit their first $1M
month just a year later with repeat revenue growing 25% MoM.
Recharge is consistently recognized for fast growth and innovation, most recently being named to Technology Fast 500 awarded by Deloitte for the third consecutive year.
About Recharge
Recharge is simplifying retention and growth for innovative ecommerce brands. As the #1 subscription platform, Recharge is dedicated to empowering brands to easily set up and manage subscriptions, create dynamic experiences at every customer touchpoint, and continuously evaluate business performance. Powering everything from no-code customer portals to personalized offers and dynamic bundles, Recharge helps merchants seamlessly manage, grow, and delight their subscribers while reducing operating costs and churn. Today, Recharge powers more than 20,000 brands serving 100 million subscribers, including Blueland, Hello Bello, CrunchLabs, LOLA, and Bobbie. For more information, visit https://rechargepayments.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/recharge-platform-tops-100-million-subscribers-served-and-surpasses-100-million-in-arr-302093042.html
SOURCE Recharge Inc.
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