RevenueCat Rejects $500M Acquisition and Raises Series C

RevenueCat, a subscription management platform for mobile apps, rejected a ~$500M acquisition offer in late 2024 and subsequently raised a $30M primary / $20M secondary Series C at a $500M post-money valuation, achieving 75% YoY ARR growth while remaining profitable at ~$30M ARR on a 100-person team. The article explores the founder's decision-making rationale, investor dynamics during M&A negotiations, and operational principles like consistent monthly investor updates and disciplined hiring that enabled the company to grow efficiently without excessive burn.