The subscription management platform behind Harry's, Native and Fiji Water just pulled in $277 million in Series B round backed Summit Partners, ICONIQ Growth and Bain Capital Ventures.

Santa Monica-based ReCharge, founded in 2014, bootstrapped its growth until last year, when the subscription ecommerce service raised $50 million from Summit. This latest round values the company at $2.1 billion.

The SaaS platform now powers subscriptions for 15,000 merchants and 20 million subscribers worldwide, including Oatly, Billie and other direct-to-consumer brands.

COVID has been a boon for the ecommerce business as the stay-at-home economy pushed consumers online. The profitable company has more than doubled annual recurring revenues from 2019 to 2020.

CFO Stephanie Lemmerman credits ReCharge's growth to a business model that prioritizes merchant and customer trust as well as product quality.

"Other subscription services offer limited turnkey solutions, whereas our API first approach to our product development allows a high level of customization and flexibility," said Lemmerman. "We offer a cloud-based approach for all business sizes."

ReCharge's software provides merchants a way to offer and manage subscriptions for physical products and make it easier for them to repeat purchases.

The company has processed $5.3 billion, doubling its processing volume each year for the last five years.

Lemmerman said the company plans to use the funds to invest in improving the product, build up marketing and work on customer service. She also said plans are in the works to expand beyond North America; but declined to reveal further details on specific products or services.