Pipe's founding team are stepping down from executive roles in favour of new CEO Luke Voiles

Pipe Hires New CEO As Founders Make Way For Scale-Up Experience

Earlier today, Harry Hurst shared the following message with his employees

A Message from Pipe Co-CEO Harry Hurst

It was less than three years ago that Josh, Zain, and I set out with an ambitious goal to build the world’s first trading platform for recurring revenue–letting founders, operators, and companies grow on their terms. In this short time, we’ve achieved so much together.

In partnership with you, our amazing team, we’ve put recurring revenue financing on the map and created a category and asset class that’s evolved globally. While it’s no easy task to build a company and scale so fast, we’ve done something exceptional–and we should be extremely proud of what we’ve accomplished.

Together we’ve been able to attract over 22,000 companies to our platform who have connected $7B of ARR to Pipe and have expanded internationally to the UK. This is an incredible feat and one I’m immensely proud of, and it’s only the beginning.

With this initial success, we have kept a close eye on building a sustainable business. We are well capitalized with over half a decade of runway and we are, by far, the definitive market leader in the space. We have a world-class team and a phenomenal product loved by our customers.

As we’ve grown at a lightning pace, I’ve always taken time to think about how best I can serve our mission in a way that continues to unlock my strengths as a founder, while ensuring the company continues to flourish. I’m a zero-to-one builder, not a hardcore operator. We need both. I know that in order to take this company to the heights we know it can reach, we need to continue to build a culture of operational excellence within our team and recruit leaders who have the experience to drive our ambitious vision for Pipe on a massive and even public scale, and that starts at the top. With this in mind, I have some important news to share with you.

I’m excited to announce that we will be welcoming a new CEO to Pipe soon. As part of this process, I will move from my Co-CEO position into a Vice Chairman role, where I’ll focus my attention initially on supporting the CEO search and transition. I’ll continue my work evangelizing Pipe’s mission among our customers and partners while advising the leadership team on long-term strategy and vision for the company.

One of the great advantages of having a Co-CEO that you’ve worked with for almost a decade is that you can build and grow together. There’s an indescribable level of trust in each other to do so. That’s what I have in Josh, who will be moving from Co-CEO into the CEO position in the interim. Josh will continue leading the internal organization as we double down on what our customers need from us as their capital and growth partner. Once the new CEO is announced, Josh will become Executive Chairman, with a continued focus on product and strategy. As part of streamlining our leadership, Usman will also be transitioning to the CTO role. He’s had a tremendous impact on our organization. Zain will also remain deeply involved, both at the board level and in his role as Senior Advisor.

I can assure you all that these changes are the result of meaningful deliberation and thoughtfulness, over an extended period of time, about how to position Pipe for success over the long term. We’re fortunate to be able to make changes from a position of strength, both structurally and financially. We’re taking all the right steps to expand our board and management team, so we can run hard at the opportunities ahead with the best-in-class leadership.

We’re blessed to have an amazing team, a strong customer base, and significant capital. We have kept our burn low, giving us the latitude to be thoughtful about these long-term impactful decisions.

Our highest priority is to take our significant lead in the market and leverage our strong financial position as we build toward our ultimate goal–to become the trading platform for all revenue.

It’s always been about building for decades and I can’t wait to see what this one brings.

Speaking with PYMNTS, Hurst, explored the opportunity for FinTech to step in and connect SaaS companies to financing by treating their subscription contracts as an asset class that can be bought and sold — a strategy, he noted, that brings the value of cash flow predictability to financiers.

Wielding SaaS’s Revenue Predictability For Faster Financing

A little over one year ago, Pipe raised a $6 million seed round led by Craft Ventures to help it pursue its mission of giving SaaS companies a funding alternative outside of equity or venture debt.

This Pipe-ing hot startup just raised $50M to be the ‘Nasdaq for revenue’ – TechCrunch

Pipe Technologies, the one-year-old platform for companies to trade monthly recurring revenue for upfront annual revenue from yield-seeking buy-side investors, announced a strategic financing round on Tuesday consisting of a who's who of individuals and companies to fuel the company's global expansion.

The 'Nasdaq' for trading recurring revenue gets backed by Benioff, Palihapitiya, Shopify

Pipe, creator of a first trading platform for recurring revenue streams, brought in $50 million in strategic equity funding to expand.

‘The Nasdaq For Revenue’ Startup Pipe Pulls In $50M Equity Round

Recurring revenue is rising as its own asset class and one that deserves a new financing model.

The Case for The Recurring Revenue Asset Class

Investor line-up includes Next47, Raptor Group, Shopify, Slack, HubSpot, Chamath Palihapitiya, Marc Benioff, Alexis Ohanian and Joe Lonsdale

Pipe raises $50 million to unlock revenue as an asset class

The subscription financing platform enables companies to turn their monthly or quarterly subscriptions into upfront cash flow.

Pipe Pulls In $250M Equity Round For $2B Valuation, Lays Foundation for Expansion

Pipe, a company that has built a trading platform for recurring revenues, has secured $250 million in strategic equity funding, reaching a $2 billion valuation after publicly launching less than a year ago.