Term Sheet — Friday April 13

IPO LAND

Happy Friday, Term Sheet readers. Lucinda again filling in for Polina. Feel free to ping me Lucinda[email protected]

Now onto the news.

Zuora popped 43% to $20 in its first day of trading Thursday, giving the company, which helps subscription-based firms manage billing and pricing, a valuation around $2 billion.

For the firm's early investors, it's confirmation that investors also believe that the subscription economy has space to grow.

"The subscription economy is in its early...

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