Vindicia, an online subscription and microtransaction billing solutions provider, has secured $20 million in a series E round of financing, bringing its total amount raised to more than $41 million. The company will use this new round of capital to further expand its sales, services, and marketing teams.
FTV Capital, a new investor, led the round, and existing backers Bertelsmann Digital Media Investments (BDMI), DCM, and Onset Ventures also participated. FTV partner Eric Byunn, who has previously held management positions at Netscape and myCFO, has also joined Vindicia's board of directors.
Vindicia offers on-demand billing solutions for online subscriptions and one-time payments. Currently in its fifth year of compliance with the PCI security standard and SAS 70 auditing standard, it currently services Blizzard Entertainment, Atari, Mind Candy, and many other gaming and non-gaming firms.
"This additional funding is a testament to the market changing dynamics of online billing software," says Vindicia CEO and chairman Gene Hoffman. "Our ability to help clients collect otherwise lost revenue, to the tune of $45 million over the past year alone, highlights the business value we bring to our clients."
Hoffman added, "This investment and the expertise that FTV brings to the board will accelerate our market penetration across these diverse digital markets."
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