Lago, a Paris and UK-based open-source billing platform, has secured $15 million in Series A funding, bringing its valuation to approximately $100 million.

SaaS Investors 

The round was led by FirstMark, with participation from Y Combinator, New Wave, Addition (Lee Fixel’s fund), and Script, as well as notable individuals such as Meghan Gill, Romain Huet, and Clément Delangue.  

Lago Use of Funds 

The company intends to use the funds to continue expanding its billing platform and exploring additional features such as data analytics to provide insights into consumption patterns.   

The company may also consider venturing into payment orchestration, integrating payment solutions with its billing platform to offer users more control and integration options. 

About Lago

Founded in 2021 by Anh-Tho Chuong and Raffi Sarkissian, Lago is a company that provides open-source metering and usage-based billing solutions, operating in the fintech and cloud infrastructure sectors. Lago assists businesses in calculating and ensuring payments from end-users. Services include subscription management, consumption metering (e.g., minutes for telcos, kWh for electricity), invoice generation, payment tracking, and customer account management. Lago has gained traction with notable startups like Mistral.ai, Together.ai, and Juni as early customers.  

Funding Details  

Company: Lago Corp.

Raised: $15.0M               

Round: Series A   

Funding Month: March 2024                           

Lead Investors: FirstMark  

Additional Investors: Y Combinator, New Wave, Addition, Script, Meghan Gill, Romain Huet, Clément Delangue  

Company Website: https://www.getlago.com/   

Software Category: Metering and Billing  

Source: https://techcrunch.com/2024/03/14/lago-a-paris-based-open-source-billing-platform-banks-22m/