Our investment in Turnstile: The new system of record for modern revenue teams

Illuminate Financial is proud to co-lead Turnstile’s Series A alongside OMERS Ventures and other top-tier investors. Here’s why we believe Turnstile is poised to become the backbone of Revenue Lifecycle Management — and why now is the right moment to back their vision.

Pricing and billing are now at the center of how companies compete and grow.

In just five years, usage-based pricing has surged from 27% to 61%, transforming not only how products are sold, but how revenue is recognized and forecasted. The rise of AI-driven products, API-enabled services, and hybrid pricing models has made these processes more dynamic — and more challenging — than ever before.

Yet most revenue systems are still stuck in the past: fragmented, rigid, and unable to adapt at the pace of modern business. For companies ready to move faster, sell smarter, and unlock new growth, it’s clear that a new approach is needed.

Legacy providers have struggled to keep up.

Legacy CPQ and billing platforms were built for a different era — one where pricing was simpler, contracts were more standardized, and change was the exception rather than the norm. Many incumbents have grown through acquisition, stitching together tools that were never designed to operate as one system of record. The result is predictable: quoting lives in one place, billing lives in another, and finance teams are left reconciling changes after the deal is signed. Turnstile was built to close this gap.

As an AI-first Quote-to-Cash platform, it represents the next generation of Revenue Lifecycle Management — bringing quoting, subscription management, billing, and financial reporting into a single integrated workflow that can flex with how modern deals actually work.

A product-first team with the right lessons from building before.

Turnstile is led by repeat operators who understand what it takes to build durable, high-velocity infrastructure software. Jordan Zamir and Lillian Chou bring deep experience from Second Measure, where they helped scale a mission-critical platform and learned how to build systems that hold up under real operational complexity. That experience shows in Turnstile’s approach: a high bar for product quality, strong customer feedback loops, and a culture built to attract and retain top talent as the company scales.

Early customer feedback has been emphatic.

Turnstile is already resonating with fast-moving teams that need enterprise-grade revenue automation — without the overhead and complexity of legacy systems. Customers include Crafting, Reform, Brellium, Trayd, and atronous.ai. What we consistently hear is that Turnstile “just works”: teams can support negotiated terms, amendments, and flexible billing structures while keeping quoting, invoicing, and reporting in sync.

By making accepted deal terms the system of record — and automatically propagating changes downstream — Turnstile removes the manual rework that slows revenue teams down and introduces risk.

Turnstile is not just modernizing CPQ or billing in isolation — it’s rebuilding the revenue lifecycle around a unified, flexible foundation.

Building a compound startup is the new status quo.

Turnstile is not just modernizing CPQ or billing in isolation — it’s rebuilding the revenue lifecycle around a unified, flexible foundation. That matters because Quote-to-Cash complexity compounds as companies grow, and the teams that win will be the ones with infrastructure that can scale with them. We believe Turnstile has the product, positioning, and execution to become the platform revenue teams rely on to move faster, operate with confidence, and support the next wave of pricing innovation.

We’re proud to partner with the Turnstile team and co-lead their Series A alongside OMERS Ventures. At Illuminate Financial, we back companies building the future of financial and operational infrastructure — and Turnstile is exactly that.