Latka december digital

LATKA
Who will break $100M
and who’s in trouble?
pg. 05
500 SAAS
WHY ARE 10,000 SAAS CEOS AND INVESTORS READING THIS MAGAZINE EVERY MONTH?
OPEN TO FIND OUT WHY.
Plotting Customer
Count vs ACV of
Companies
Cash Flow or Growth? Jarred
Sleeper of Matrix Partners breaks
down rule of E40 Trends
Christoph Janz
Point Nine Capital
E40 CHANGES
DON’ T MISS THIS FRE E MAGA ZINE NE X T MONTH .
Tell Us Where to Ship NathanLatka.com/magazine Bill
Boebel
pg. 24
New “Touch Zero” Funding
Model
How Pingboard CEO Bill Boebel
raised $2.5M in a new way
pg. 11
FrontApp 150% Net
Retention
A cohort analysis powered by
pricing tests you should run
pg. 20
210 SaaS Companies in
Trouble
Price point and customer
count combinations leading to
<$1M ARR troubles
pg. 51
$100M Growth
How fast is HotSchedules
growing with $100M in ARR
already?
pg. 27
pg. 27

GETLATKA.COM - THOUSANDS OF DATA POINTS ON PRIVATE SAAS COMPANIES
event focused on what playbooks SaaS CEO’s are currently
running to scale from $2M to $100M+: The Latka 100 SaaS
CEO Forum
Our mission is to lead each of the 4 sections with hard data
collected from over 1,000 interviews with SaaS CEO’s over the
past 2 years. From the SaaS Metrics we collected from these
and even bigger successes.
Where appropriate, we’ll invite the CEO’s on stage to share
questions.
Request Invite: NathanLatka.com/ConferenceMonday, March 4th, 2019
Invite Only, $10M+ ARR SaaS CEO's

Letter from
theChairman
One of the first major decisions every
founder makes is what to price their product
at. Generally speaking, founders go to market
too cheap. This is natural. The winners realize
they underpriced quickly and have the courage
to increase price.
The flip side of this pricing coin is keeping
the same price because you fail to face the chal-
lenge head on.
What should we do with our first, most loyal
customers, who pay us the least?
“I really don’t think people pay this”, found-
ers think, and then self-sabotage a pricing in-
crease before it starts.
There is most certainly a dead zone. 221
companies (pg 20) with less than $1m in ARR
are stuck in a zone of too low a price point and
not enough customer volume, or too high a
price point and not enough customer volume.
The trick is finding a balance.
In this issue we use Christoph Janz “8 points
of balance”: Combinations of customer counts
and price points you can use to build a $100M
company.
On page 5 you’ll see a graph of all 818 com-
panies plotted. It’ll become clear why most get
stuck under <$1m in ARR (221 in this data set)
and why others hit $10 - $100M (170 compa-
nies in this data set).
As you study this issue’s data set, consider
what kind of product you would have to offer
to fit at one of the 8 points Christoph Janz de-
scribes on page 4.
Coming up next month in our January 2019
issue is our “Fastest Growers” rankings! We’ll
rank 500+ SaaS companies on who grew ARR
the fastest this year (2018). Look out for that
issue in the new year and enjoy your holidays.
Nathan Latka, Chairman
GetLatka.com
For the love of data,
Nathan Latka
Nathan@nathanlatka.com
December 2018

Content
December 2018 Issue
04 ▶ 8 Ways to
Build a $100M
Company
Pricing can make or
break a company. Does
your current pricing give
you a shot at a $10M+
ARR company? Look at
this chart to find out.
08 ▶ 170 Potential
Future Unicorns
Between $10M &
$100M
14 ▶ $1M-$10M
ARR Companies
for Those of You
Trying to Grow in
This Stage
Of these companies, 29
hunt elephants, 154 hunt
deer, 104 hunt rabbits, 73
hunt mice, 9 hunt flies.
20 ▶ Lastly, These
220 Companies Are
in Trouble
With less than $1M in
ARR, they either need to
ramp up the volume of
customers they’re getting
at lower price points, or
drastically increase price
points and hyperfocus on
a very targeted group of
customers.
24 ▶ New “Touch
Zero” Model for
SaaS Funding Helps
Founder Raise $5
Million
It’s not always about
raising more money
every round. This founder
invented a new way to
keep all the leverage.
27 ▶ Breaking
Down E40 Rule: Do
Investors Care More
About Cash Flow
or Growth in Q4
2018?
Jared’s analysis of public
market E40 rule
30 ▶ Was Fleeq’s
AppSumo Launch
the Right Move?
We have the facts and
figures...decide for
yourself!
31 ▶ Why They’re
Building the Future
of HR Training
How 1Huddle is making
training fun and hitting
$800k in ARR
32 ▶ Stratifyd: 0%
Churn on $300k in
MRR
The story behind their
154% annual net revenue
retention
33 ▶ From $80k in
MRR to $620k...in
12 Months
How ParkBench plans to
use content marketing
to continue their insane
trajectory
34 ▶ How to Split
Your Company and
Clean Your Cap
Table
Why HireMojo is rapidly
approaching $200k in
MRR after spinning out
04
27
24

35 ▶ Why Cold
Prospecting Will
Never Be the Same
How Alyce’s AI-powered
Corporate Gifting Platform
is Changing Outbound
Sales
36 ▶ Want Low
Churn? Follow Their
Customer Strategy!
Why ArchiveSocial is
profiting from government
contacts
37 ▶ The Right Way
to Orchestrate a
Buyout from a Public
Company
How Alpha Software Spun
Out, Now Growing 70%
YoY
38 ▶ How to Scale to
$40k in MRR with
Just 3 Employees
The numbers and lessons
learned behind Brax’s lean
growth
39 ▶ GrowSumo’s
Strategy for
Optimizing
Customer Retention
Why closing the value
loop has help the
company reduce churn
40 ▶ Can Cliently
Hit $1M in ARR By
End of 2018?
Why this former PandaDoc
employee is aiming high
41 ▶ Say Goodbye
to Complex
Spreadsheets and
Static Calendars
Why 8,000 customers are
turning to CoSchedule
to unify their project
calendars
42 ▶ Why
Crowdsourcing
Security Issues Has
Detectify at $1.5M in
ARR
This Swedish company
is driving 80% of their
leads through “advanced”
content marketing
43 ▶ Skubana CEO:
$500M is Our
Minimum Sale Price
With $1.5M in MRR, will
they reach their ambitious
goal?
44 ▶ Will Nimble’s
Bet on Microsoft
Resellers Pay Off?
Why they think their
channel partners will help
them cross $4M in ARR
45 ▶ Why
EngageRocket
Scaled Revenue 8x
Last Year
When do you think this
fast-growing company will
reach profitability?
46 ▶ Can’t Find
a Slide? Shufflrr,
Doing $100k in
MRR, Can Help!
How they doubled
revenue year over year
with 110% annual revenue
retention
47 ▶ How GetAccept
Tripled Revenue to
$1.7M in ARR
How limiting churn in the
SMB space has driven
impressive growth
48 ▶ $750k in MRR
with Just $2M
Raised?
The numbers behind Hi
Platform’s domination in
Brazil
49 ▶ The Transition
from Agency to SaaS
How HipLead has
generated $30k in SaaS
MRR in their first 2 months
50 ▶ Why Helping
Farmers With Drones
Has Skycision at $11k
in MRR
How they’ve gained
traction with California
vineyards
51 ▶ Land and
Expand Done Right
How HotSchedules is
Maintaining Double Digit
Growth with $100M Run
Rate
52 ▶ Get the Most
Out of Your Remote
Workforce
Why bootstrapped
Hubstaff is doubling year
over year
53 ▶ Can JazzHR
Cross $10M in ARR
by the End of 2018?
With less than 1% monthly
logo churn in SMB space,
they’re doing something
right!
54 ▶ How Privy
Pivoted to $3.1M in
ARR
Why this company’s bold
move appears to be paying
off
55 ▶ Why Qebot is
Looking to Raise
$1M on a $4m Pre-
Money Valuation
With $124k in MRR and
substantial growth, do you
think they’re worth it?
56 ▶ How Fixing
Hotel Operations
Has Netted
RoomChecking $45k
in MRR
Why they think they
can continue to win in a
competitive space
57 ▶ Should
SlideBean Switch to a
Freemium Model?
Why their CEO thinks it’s
the answer to their stalled
growth

6 LATKA DECEMBER 2018
In 2012 Boris from VersionOne
argued there were only 2 ways to
build a SaaS Business. In 2014
Christoph Janz of Point Nine Cap-
ital expanded this idea by pointing
out 8 combinations you could use
to build a $100m ARR SaaS com-
pany.
8 WAYS TO BUILD
A $100M COMPANY

DECEMBER 2018 LATKA 7
Where do you fall on this chart?
Customer Count vs. Annual Price (ACV’s), N=818
Over the past 2 years I’ve interviewed 818 SaaS CEO’s
where they’ve shared their ACV, customer count, growth
and ARR. Using these data points from CEO’s, combined with Chris-
toph’s model, I wanted to plot these companies to try and see if pat-
terns emerged like:
1. If you charge $50/mo what is the likelihood you have at build-
ing a $100m SaaS company?
2. If you want a $100M ARR Company, should you hunt Deer
($10K ACV) or Mice? ($100 ACV)
3. If you realize you messed up pricing, how easy/hard is it to go
from $100/mo to a $10k/mo price point?
4. Is there a dead zone between $100/mo and $2000/mo where
you can’t find enough people to pay $100/mo but $2000/mo
is too little to put human touch on the sale. If true, this would
argue you must pick an extreme on the pricing graph (<$100/
mo for more volume, or $2k/mo+ to build aggressive sales ma-
chine). In the graph above, I have plotted 818 private B2B SaaS
companies with ACV (how much average customer pays per
year) on the y axis and customer count on the x axis.
You’ll notice density in the $10k-$100k ACV range be-
tween 100-1000 customers ($1m to $100m are the po-
tential ARR’s in that box). We’ll attach company names to these
companies in a second but first let’s look at the mental model Janz has
created that allows us to dig deeper into these data points.
Janz argues that there are 8 ways to build a $100m SaaS business.
Starting from the upper left and moving down and to the right, to build
a $100M SaaS company, founders can chase:
HOOTSUITE
$9 ACV, 16M Customers
ACV
CUSTOMER COUNT
CUSTOMER COUNT TYPE ACV
FIG. 1.1 (ALL DATA POINTS LISTED ON PAGE 8)
QUIZLET
$18 ACV, 1M Customers
JOTFORM
$300 ACV, 180,000 Customers
SWIFTPAGE
$1K ACV, 84K Customers
QUALTRICS
$27k ACV, 9,000 Customers
INFOSCOUT
$160k ACV, 184 Customers
10 WHALES $10M
100 DINOSAURS $1M
1,000 ELEPHANTS $100K
10,000 DEERS $10K
100,000 RABBITS $1K
1,000,000 MICE $100
10,000,000 FLIES $10
100,000,000 MICROBES $1
NEED TO BE ABOVE THIS LINE TO
BE A $100M COMPANY
NEED TO BE ABOVE THIS LINE TO
BE A $1M COMPANY
$1,000,000
$100,000
$10,000
$1,000
$100
$10
$1
1 10 100 1,000 10,000 100,000 1,000,000 10,000,000

Which of these categories do you current-
ly fall into? These analogies are helpful, but
patterns really start to reveal themselves when
you analyze which companies fall into which
categories.
To quickly understand how revenue is im-
pacted by customer counts and what custom-
ers pay per year on average, take a look at the
ARR levels in figure 1.2.
You’ll notice there is no obvious pattern
in terms of should you hunt Deer or Rabbits
to build a $10M+ ARR company. There are
hundreds of examples of companies hitting
these different ARR milestones with very
different customer count and ACV combina-
tions.
$1K ARR $10K ARR $100K ARR $1M ARR $10M ARR $100M ARR
DINOSAURS 1 1
ELEPHANTS 6 29 24 2
DEERS 3 51 154 71 11
RABBITS 3 11 60 104 45 1
MICE 6 26 60 73 29 4
FLIES 4 11 9 10 1
DINOSAURS ELEPHANTS DEERS RABBITS MICE FLIES
100%
75%
50%
25%
0%
$100,000,000 $10,000,000 $1,000,000 $100,000 $10,000 $1,000FIG. 1.2
However, if we flip the question we get use-
ful direction:
“What price points should we build
around if we want to drastically in-
crease our chances of growing above
$1M in ARR?”
The answer would be stay away from the
light yellows and reds in the chart below and
focus on selling $100k ACV plans to Ele-
phants where 90% (55) of those companies
are doing $1M or more in ARR (Green, blue,
and unicorn rainbow).
If you focus on $100 ACV Mice, your
chances of a $1M+ ARR company drops
from 90% (Elephants) to 53%. 60 companies
at Mice price point are stuck at $100k ARR,
26 stuck at $10k ARR, and 6 doing less than
$1k in ARR.
1 4
1 2 11 45
24 71 29 10
73
104
154
9
29
1
60
11
60
51
26
4
6 11
3 3
6

ARRCUSTOMERSCOMPANY CATEGORY ACV
DataStax
DiscoverOrg
Hootsuite
SmartBear
$100M
$165M
$150M
$100M
500
4,500
16M
10,000
Ping Identity
GitLab
Freshworks
$130M
$114M
$100M
1,500
5,000
150,000
iCIMS
Madwire
Xactly
$160M
$105M
$201.6M
3,500
10,000
560,000
Influenster
Workfront
Zoom
$144M
$127.2M
$150M
150
2,844
850,000
Sprinklr
Qualtrics
InfusionSoft
$190M
$290M
$132M
1,200
9,000
45,000
Alfresco
Centrify
HotSchedules
$100M
$100M
$100M
$200,000
$36,667
$9
$10,000
$86,667
$22,800
$667
$45,714
$10,500
$360
$960,000
$44,726
$176
$158,333
$32,222
$2,933
$72,993
$20,000
$625
1,370
5,000
160,000
So if you’re hunting Deers ($10k-$100k ACV’s), how
should you structure your sales organization?
When DiscoverOrg CEO Henry Shuck joined me on November 8th
2018 for my podcast, I asked what his secret sauce was. His answer was
quick: Our sales machine is easy to model but very hard to execute.
“We have a total of 50 Sales Development Reps (SDR’s) who make
80-150 calls per day,” said Shuck. These SDR’s are broken into 3 dis-
tinct groups with different playbooks:
Inbound SDR: Handles lead who fills out a webform. These SDR’s
call that lead immediately.
Outbound SDR: Cold calling all day
SWAT SDR: Somewhere in middle of inbound and outbound.
5 SDR’s are grouped with 5 Account Executives (AE’s) and each
SDR is expected to complete 20 demo’s per month. A demo means a
Zoom call or 1 on 1 with a lead where the SDR and the AE are usually
both present on the call.
50 SDR’s doing 20 demos per month means DiscoverOrg sales ma-
chine is doing 1000 targeted demos per month with customers who
are willing to pay $10k-$100k in annual contract values (ACV) for the
DiscoverOrg product set. This machine is adding $10M in pipeline
every month (1000 demos x $10k ACV). Between March and October,
bookings growth at DiscoverOrg was approximately $35M ($130M
ARR in March to $165M ARR in October).
Like their SDR team, DiscoverOrg’s AE’s are also split into 3 groups:
Commercial Reps: Handle SMB accounts
Regular Reps: Handle Mid Market
Enterprise Reps: Handle Enterprise accounts
After the AE closes the account, the account is immediately set up
with the “Learning and Development Team” which helps onboard
and activate new accounts.
Once the new paying customer is onboarded, a Customer Success
(CS) rep takes charge of the account with very specific expansion tar-
gets over the first year of the contract:
15% target expansion if account has 1,000+ team members
50% target expansion if company has less than 100 team members
This flow from SDR to AE to Learning and Dev Team to CS rep
has propelled DiscoverOrg to drive 100% net revenue retention across
4500 customers for $165M in total ARR over the trailing twelve
months. In 2014 DiscoverOrg hit $25M in ARR, 7 years after launch,
when they sold more than 50% of the company to private equity firm
TA Associates Management LP.
In March 2018 the company passed $130M in ARR and TA sold
about 30% of its stake to The Carlyle Group, another major private
equity firm. Henry Shuck, the founder, still runs the company today.
Starting on the next page, let’s take a look at 170 potential future
unicorns who are currently doing between $10M and $100M in ARR.
Since everyone loves a good unicorn, of the 20 companies in the
dataset with more than $100M in ARR, 11 of them are hunting deer.
Here they are ranked below from highest ACV to lowest:
CEO/FOUNDER
DiscoverOrg
Henry Schuck
ARR
MRR
ARPU
TOTAL CUSTOMERS
2016 REVENUE
INDUSTRY
Marketing
$70M
2.1K
$2.5K
$5.8M
$69.6M

ARR
ARR
CUSTOMERS
CUSTOMERS
COMPANY
COMPANY
CATEGORY
CATEGORY
ACV
ACV
Coveo
Gryphon Networks BounceX
Collibra Bizible
SnapLogic Pendo
introNetworks SaleCycle
$90M
$24M $18M
$59.4M $15M
$90M $14.4M
$12M $30M
1K
50 250
300 300
750 400
50 500
Movable Ink
Loginextsolutions Velocidi
InfoScout rFactr
PrintingForLess jobscience
ContentSquare Magnetic
nexosis Encompasscorporation
$40M
$15M $36M
$30M $10.8M
$28.8M $18M
$48M $20M
$12M $10.5M
500
50 500
184 220
300 500
200 400
100 250
Simpli
BloomReach Host Analytics
introhive Localytics
Zuberance Namely
$30M
$62.5M $45M
$10M $30M
$12M $40M
400
250 700
50 600
100 1K
Rainforest QA
Tradeshift Sumo Logic
Percolate Influitive
Sailthru Jitterbit
$13.5M
$75M $96M
$40M $13.5M
$48M $40M
150
150 1,300
200 270
400 1K
Smartcat
MarketFactory Contently
iChart Vena Solutions
Rant & Rave CB Insights
mparticle SecurityScorecard
$24M
$12M $21.6M
$36M $25M
$28.5M $18M
$36M $25M
300
30 300
200 500
285 500
150 450
Wayin
Customerville looker
Ace Metrix Jellyvision
Maropost Sift Science
Demandbase AirPR
smartassistant Linkfluence
$11.5M
$12.5M $80M
$12.5M $60M
$36.5M $18M
$96M $50M
$12M $20M
$90K
$480K $72K
$198K $50K
$120K $36K
$240K $60K
$80K
$300K $72K
$163,043 $49,091
$96K $36K
$240K $50K
$120K $42K
$75K
$250K $64,286
$200K $50K
$120K $40K
$90K
$500K $73,846
$200K $50K
$120K $40K
$80K
$400K $72K
$180K $50K
$100K $36K
$240K $55,556
$75,658
$250K $66,667
$132K $42,857
$96K $36K
$240K $50K
$120K $40K
152
50 1,200
95 1,400
380 500
400 1K
100 500
170 POTENTIAL FUTURE
UNICORNS BETWEEN
$10M AND $100M ARR
10 LATKA DECEMBER 2018 COMPANIES BETWEEN $10M-$100M IN ARR

ARR ARRCUSTOMERS CUSTOMERSCOMPANY COMPANYCATEGORY CATEGORYACV ACV
QASymphony predictiveindex
Showpad Outreach
Vendasta WebPT
Socialbakers Assembla
Condeco KnowBe4
$20M $73.2M
$30M $18M
$24M $42M
$35M $10.8M
$30M $60M
570 6,100
1K 2,200
1,100 10K
2,700 3,500
1,200 9,500
Brandwatch SharpSpring
Workato Conga
Cloudability Zenefits
DialogTech Wave HQ
CloudCheckr Bizness Apps
Skubana VWO
$50M $14M
$30M $80M
$20M $40M
$40M $25.2M
$14.4M $18M
$18M $18M
1,500 1,400
1K 11K
1K 10K
3,333 10K
600 3K
1K 5K
Feedvisor Sauce Labs
Fileboard ECRS
UserTesting Quantum Workplace
Seamless Doc Workable
$15M $30M
$20.4M $27M
$70M $10.8M
$24M $20M
500 3,500
800 4K
3K 2,200
1,412 6K
ROKT Freightos
LogiAnalytics redislabs
Inspire Beats TapClicks
CloudHealthTech Pixel & Tonic
$72M $12M
$30M $72M
$16M $13.2M
$50M $18.7M
2K 1K
1K 8,500
700 3K
3,500 6K
unilogcorp ClickDimensions
Vidyard Grow
Agiloft Hireology
brightpearl.com Brandfolder
Zinrelo Classy
$10M $40M
$30M $10.5M
$20M $20.4M
$11.3M $12M
$12M $12M
290 3,600
1K 1,300
1K 5K
913 4K
500 2K
ProcessMaker Pipeliner
Bynder winmo
Docebo DrChrono
Centage BirdEye
ForceManager Frontapp
Greenhouse Miva
$10.5M $10.5M
$48M $14M
$28M $23M
$12M $24M
$16.8M $12.4M
$36M $21.6M
$35,088 $12K
$30K $8,182
$21,818 $4,200
$12,963 $3,086
$25K $6,316
$33,333 $10K
$30K $7,273
$20K $4K
$12,001 $2,520
$24K $6K
$18K $3,600
$30K $8,571
$25,500 $6,750
$23,333 $4,909
$16,997 $3,333
$36K $12K
$30K $8,471
$22,788 $4,400
$14,286 $3,120
$34,483 $11,111
$30K $8,100
$20K $4,080
$12,432 $3K
$24K $6K
$30K $8,736
$30K $7K
$20K $3,833
$12K $2,400
$24K $4,941
$18K $3,600
350 1,200
1,600 2K
1,400 6K
1K 10K
700 2,500
2K 6K
DECEMBER 2018 LATKA 11COMPANIES BETWEEN $10M-$100M IN ARR

ARR ARRCUSTOMERS CUSTOMERSCOMPANY COMPANYCATEGORY CATEGORY
Kentico Treehouse Software
Help Scout AWeber
monday.com Fond
Webflow
ClickFunnels PDFFiler
$20M $24M
$15.1M $27.4M
$12.9M $24M
$14.4M
$66M $24M
10K 80K
9K 120K
15K 500K
30K
55K 200K
Podium FullContact
Wistia Videoblocks
Talkdesk Dashlane
Modus
Swiftpage Scribd
ConvertKit Quizlet
$12M $14.4M
$12M $20M
$39M $24M
$33.6M
$90.7M $54M
$12M $18M
6,500 50K
10K 150K
50K 666,667
80K
84K 500K
19,370 1M
Riskalyze Zapier
Instapage TeamSnap
Smartsheet Cirrus Insight
GetResponse
$33.4M $14.4M
$19.2M $33M
$65M $12M
$60M
19K 60K
16K 250K
65K 150K
100K
semrush pipedrive.com
mailupgroup SoloSEO
Teamwork Backblaze
CallTrackingMetrics
$64.8M $12M
$35M $48M
$18M $30M
$14.4M
30K 30K
20K 200K
20K 500K
30K
Expensify JotForm
PandaDoc Skillshare
Formstack TSheets
Typeform
Unbounce Zwift
$80M $54M
$12M $14.4M
$13.4M $38.4M
$19.2M
$15.6M $36M
42K 180K
10K 100K
16K 800K
40K
14K 300K
Booker Plivo
Olark Purple
prosperworks donuts
Issuu
ACT Weebly
DialSource
$18M $20M
$14.4M $10.6M
$72M $60M
$42M
$90M $24M
$12M
$2K $300
$1,680 $228
$864 $48
$480
$1,200 $120
$1,846 $288
$1,200 $133
$780 $36
$420
$1,080 $108
$620 $18
$1,756 $240
$1,200 $132
$1K $80
$600
$2,160 $400
$1,750 $240
$900 $60
$480
$1,905 $300
$1,200 $144
$840 $48
$480
$1,116 $120
$1,800 $286
$1,200 $132
$720 $20
$420
$1,059 $96
$600
10K 70K
12K 80K
100K 3M
100K
85K 250K
20K
ACVACV

With the exception of hunting Dinosaurs, your chances at building a
$10M+ ARR business ranges from 15-35% selling to Elephants, Deer,
Rabbits, Flies or Mice.
The commonality I found across most $10M+ ARR business mod-
els was a healthy degree of understanding of pricing axis and upselling
which allows brands to move from selling to Mice to Rabbits, to Deer.
FrontApp is a good example of this. Launched in 2013, take
a look at their early cohort reports starting in 6/1/2014 when the com-
pany was a little over a year old:
You’ll notice at month 12, the company was averaging 150% net
revenue expansion. Today CEO Mathilde Collins and her founding
team have raised $75M, passed 2500 paying customers, and are north
of a $412 monthly ARPU or a $5k ACV for north of $12.5M in ARR.
The last hard data points I have from when Collins came on my
podcast are from.
8/9/2016: 1210 customers paid on average $200/mo, for about
$3M in ARR. Cash burn was $100k per month ($200k total head-
count expense), and the company was growing MRR 10% month over
month with -3% monthly churn.
FrontApp CEO Mathilde Collins joining Nathan Latka on The
Top Entrepreneurs podcast on June 1st, 2018.
About a year later on 6/1/2017, Collins came back on the podcast
and shared:
1700 customers paying on average $412/mo (ARPU 2x’d), for about
$8.4M in ARR. Cash burn was $250k per month with $8m left in the
bank. Revenue churn monthly was net -10%.
As of today, we know they’re over 2500 customers and assuming
their ARPU has continued to expand, their ACV is well north of $5k
at this point for at least $12.5M in ARR. I’m totally speculating here,
but I’d guess revenue is much closer to $30M at this point assuming
the historical cohort performance Collins shared with me has at least
held flat (likely has improved) and that ACV has continued to increase.
Assuming a $7200 ACV ($600/mo ARPU) across 3500 customers
puts ARR north of $25M.
So how do Mice hunters move upstream to Rabbit and
Deer hunters? When you look at the evolution of Front Apps pric-
ing page, you see it moving from a model with little upsell opportunity,
to a model with loads of upsell opportunity.
$10M-$100M ARR
COMPANIES—OF
THIS GROUP, 24
ARE HUNTING
ELEPHANTS, 71
DEER, 45 RABBITS,
29 MICE, 10 FLIES.
150% ANNUAL EXPANSION: THE “LAND & EXPAND” STRATEGY WORKS
PERCENTAGE OF MRR RETAINED RELATIVE TO STARTING MONTH
COHORT ANALYSIS OF FRONTAPP
6/1/2014
7/1/2014
8/1/2014
9/1/2014
10/1/2014
11/1/2014
12/1/2014
1/1/2015
2/1/2015
3/1/2015
4/1/2015
5/1/2015
6/1/2015
7/1/2015
8/1/2015
9/1/2015
10/1/2015
11/1/2015
12/1/2015
1/1/2016
2/1/2016
3/1/2016
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

2014 PRICING
PAGE
2016 PRICING
PAGE
TODAY’S
PRICING
PAGE
FIG. 1.1
FIG. 1.2
FIG. 1.3

Today’s FrontApp pricing page captures 3
distinct pricing axis that every SaaS company
should have.
1. Upselling seats
2. Upselling modules or new products
3. Upselling on a usage-based metric
I’d whip out your black moleskin notebook
and try and draw this 3 pronged pricing model
for yourself.
The Top Entrepreneurs Podcast, Aaron Newman CEO CloudCheckr May 8th, 2018
How are you upselling seats? What product
upsell opportunities have you created for your
sales team? Do you have a clearly defined no
touch usage upsell?
The power of dialing in just one of these is
enough to take a company from selling to Mice
to selling to Deer.
CloudCheckr doesn’t price around seats but
has a strong product/module based upsell and
a potent usage based upsell model that is di-
rectly tied to a companies cloud spend.
This makes sense for CloudCheckr because
they’re product helps companies manage cloud
spend. As cloud usage grows at a macro level,
CloudCheckr cleans up with 145% net revenue
expansion annually with very little touch.
Lets look at the $1M-$10M ARR companies
for those of you trying to grow in this stage.
Of these companies, 29 hunt elephants, 154
hunt deer, 104 hunt rabbits, 73 hunt mice, 9
hunt flies.
Seats: Happens on D1 Onboarding
FrontApp Pricing Axis

ARR
ARR
CUSTOMERS
CUSTOMERS
COMPANY
COMPANY
CATEGORY
CATEGORY
SupportNinja
Jebbit
S6 HiConversion
Optimove SocialFlow
Beeswax Artesian
$1.1M
$4.8M
$4.2M $6M
$9.9M $9.9M
$9.6M $8.4M
10
50
20 100
77 200
40 120
wespire
Celect Chorus.ai
LogicBay HealthLoop
ShareThis Conversocial
StructuredWeb Altizon
Kvantum The SaaS Co.
$3.5M
$5.8M $8.4M
$9.9M $4M
$3.6M $9.9M
$8.6M $1.8M
$2.3M $1.1M
35
16 100
60 70
30 200
36 30
15 20
Crisp Thinking
TruSignal NarrativeDx
Cooleaf Branch Metrics
NowInteract CompStak
$9.9M
$4.8M $1.1M
$6M $2.7M
$2.6M $5M
100
16 15
26 45
19 100
stratifyd.com
Coredna
mobilewalla Fabl
Suzy Cloud Elements
$3.4M
$2.4M
$2.1M $3M
$9.6M $9.9M
30
25
9 50
70 200
Progress
LiveWorld Citia
AdGreetz Taykey
Workboard Zembula
Sirqul Adzerk
$5M
$9.9M $1.1M
$2M $2.4M
$6.2M $2.5M
$3.6M $6M
50
20 12
10 40
50 50
15 100
zylotech
knotch coremedia
msights test IO
Switch Automation swooptalent
daisyintelligence Apptimize
Stantive BrightFunnel
$1.5M
$6M $9.9M
$3.2M $9.7M
$2.4M $1.3M
$4M $6M
$7.5M $3.5M
$105,600
$96K
$210K $60K
$129,870 $50K
$240K $70K
$100K
$360K $84K
$166,667 $57,143
$120K $49,800
$240K $60K
$150K $54K
$100K
$300K $70,400
$230,769 $60K
$138,947 $50K
$112K
$96K
$229,333 $60K
$137,143 $50K
$100K
$500K $90K
$200K $60K
$125K $50K
$240K $60K
$100K
$300K $83,333
$158,400 $54K
$120K $49,778
$235,294 $60K
$150K $50K
15
20 120
20 180
20 27
17 100
50 70
$1M-$10M ARR
COMPANIES FOR
THOSE OF YOU
TRYING TO GROW
IN THIS STAGE
Of these companies, 29 hunt elephants, 154 hunt deer,
104 hunt rabbits, 73 hunt mice, 9 hunt flies.
ACV
ACV

pubvantage Blueriver
MarketMuse Kwanzoo
HipLead CleverTap
vutu FloQast
Choozle Turtl
$1.4M $1.5M
$4.2M $1.5M
$1.8M $4.8M
$9.9M $8M
$9.6M $1.5M
30 50
100 50
50 200
300 400
250 50
AdDaptive Engagio
HYPR sentisis
Kahuna Trex
OMX Signal
Adthena Cygilant
VenturePact DevHub
$9.9M $6M
$8M $2.4M
$3.6M $5.4M
$1.2M $3M
$7.5M $8M
$3.6M $1.5M
225 200
200 80
100 225
40 150
200 300
100 61
Rapt Media Gong.io
ObservePoint SnapApp
britech.com.br automatedinsights
unilogcorp RevBoss
$1.4M $6M
$9.9M $9M
$5.4M $7.2M
$9.9M $1.1M
34 200
250 300
150 300
290 50
AppZen above
LeadGenius Intellibrand
finch bizom
SaleScout Unomy
$1.1M $3M
$8.4M $1.2M
$9M $7.4M
$3.4M $2M
22 100
200 40
250 307
100 100
Traackr brandlive
lbaware LeanData
InsightPool Redox
LinkTrust ClearVoice
exponea ShipHawk
$6.8M $3M
$2M $7.5M
$3.6M $4.8M
$3.5M $3M
$3.2M $8.4M
150 100
50 250
100 200
110 150
85 300
Fision fullcircleinsights
Talkpush slatwallcommerce
Outleads Loop54
vFairs Kira Talent
BreezoMeter Ambassador
CommercialTribe Teckst
$1.1M $4.5M
$1.2M $1.4M
$1.6M $3.1M
$2M $6M
$1.1M $9M
$7M $1.4M
$48K $30K
$42K $30K
$36K $24K
$33,333 $20K
$38,400 $30K
$44,444 $30K
$40K $30K
$36K $24K
$31,200 $20K
$37,500 $26,667
$36K $23,803
$42,353 $30K
$40K $30K
$36K $24K
$34,483 $21,600
$48K $30K
$42K $30K
$36K $24K
$33,600 $20K
$45,333 $30K
$40K $30K
$36K $24K
$31,818 $20K
$38K $28K
$44K $30K
$40K $30K
$36K $23,846
$30,462 $20K
$36K $24K
$35K $22,154
24 150
30 45
45 130
65 300
30 375
200 65
ACVACV

ripplematch Hi Platform
Corporate360 Tradable Bits
shotfarm AdRoll
Cloud Cheery TrendKite
TargetRecruit Concentric
$1.5M $9M
$5.1M $3M
$1.4M $2M
$1.2M $9.9M
$4.8M $1.4M
75 750
300 250
100 200
100 1K
300 135
PeopleGrove sellercloud
Giraffe360 HireMojo
versium Innoplexus
elastic AppBuddy
BrandVerity Mintent
Price Intelligently RESULTS.com
$3.4M $7.2M
$1M $2.2M
$7M $2M
$2.4M $5.5M
$6M $1.1M
$8M $5M
170 600
60 200
500 200
200 550
400 100
600 500
paystand Socedo
Buzzilla SaaSquatch
Vertical IQ Verdigris
jostle sortable
$4M $2.4M
$4.8M $1.1M
$2.1M $3.1M
$6.6M $3M
222 200
300 100
140 300
500 300
musqot GrowSumo
goconsensus Spiffy
Adspert ClearView Social
Groove Scoop.it
$1.2M $2.4M
$3.4M $2M
$3.6M $1.5M
$5.2M $2.5M
60 200
200 170
250 147
400 250
Voxpopme Logz IO
Ceterus Clear C2
Vytmn Chili Piper
Datanyze convirza
zinc.it Memsource
$4.8M $3.6M
$3.4M $5M
$1.2M $2M
$6M $9.9M
$1.1M $5.3M
240 300
200 450
85 200
500 1K
70 500
Smartling Shufflrr
Limelight Health Prezly
Shoppable Delivra
fusetools.com RJMetrics
Lessonly Webhose
konnectinsights Ethnio
$9.6M $1.2M
$5M $3.2M
$6M $5M
$1.2M $4M
$6.8M $3.1M
$1.2M $1.5M
$20K $12K
$17K $12K
$14,400 $10K
$12K $10K
$16K $10,667
$20K $12K
$16,800 $10,800
$14K $10K
$12K $10K
$15K $10,560
$13,333 $10K
$18,018 $12K
$16K $10,800
$15K $10,400
$13,200 $10K
$20K $12K
$17K $12K
$14,400 $10,204
$13K $10K
$20K $12K
$16,800 $11,111
$14,400 $10K
$12K $10K
$15,086 $10,560
$19,200 $12K
$16,800 $10,800
$13,699 $10K
$12K $10K
$15K $10,400
$13,333 $10K
500 100
300 300
438 500
100 400
450 300
90 150
ACVACV

etailinsights Enplug
tintup.com sentione
knak Broadly
Omny Radio Hatchbuck
realcontentnetwork mydbsync.com
$1.4M $4.8M
$5.5M $1.9M
$3.6M $6M
$4.1M $2.5M
$1.1M $2.1M
150 1K
700 450
600 2,500
750 1,200
150 700
sococo Salesfuel
gremlinsocial Postalytics
Personyze NeonCRM
activedemand Rock Content
15Five Walls.io
shorthand Usersnap
$2.7M $7M
$2.3M $1.6M
$3M $7.2M
$2.4M $3M
$9.9M $1.4M
$1.5M $2.4M
300 1,500
300 450
500 3K
500 1,500
1,500 500
250 1K
HMS LiquidPlanner
Siftrock botkeeper
Funnel JazzHR
Yesware Globalvision
$2M $8M
$1.1M $1.6M
$2.2M $8.8M
$9.9M $7M
250 1,800
140 500
340 3,500
1,667 3K
Handshake close
Flowhub Repsly
GenieBelt ArchiveSocial
Accelo Detectify
$9.6M $2.4M
$4M $4.2M
$1.2M $3.6M
$8.6M $1.5M
1K 500
500 1K
200 1,500
1,500 700
piwik.pro Vainu
Parkbench roadmunk
Onfleet Moosend
Troops Genoo
eleapsoftware Mural
$3.6M $4.8M
$7.5M $8M
$1.8M $1.7M
$1.1M $1M
$7.2M $3.4M
400 1K
1K 2K
300 700
200 500
1,035 1,200
RingLead omniconvert.com
Niche woopra
scripted Stackify
Buildfire Simplero
Mattermark Pingboard
Vero Wishpond
$6M $1.1M
$3M $3.6M
$3M $2.2M
$4.8M $1.3M
$3.3M $3.2M
$1.8M $6M
$9K $4,800
$7,857 $4,200
$6K $2,400
$5,400 $2,083
$7,200 $3K
$9K $4,667
$7,500 $3,600
$6K $2,400
$4,800 $2K
$6,667 $2,796
$6K $2,400
$8K $4,444
$7,500 $3,120
$6,480 $2,514
$5,999 $2,333
$9,600 $4,800
$8K $4,200
$6K $2,400
$5,760 $2,160
$9K $4,800
$7,536 $4K
$6K $2,400
$5,280 $2,040
$6,957 $2,800
$8,571 $4,560
$7,500 $3,600
$6K $2,400
$4,800 $1,800
$6,600 $2,640
$6K $2,400
700 250
400 1K
500 900
1K 700
500 1,200
300 2,500
ACVACV

solides.com.br easywebinar
fotoware.com Mention
leadfeeder.com CoSchedule
MaestroConference Proposify
Hiver risevision
$1.8M $2.7M
$6M $2.9M
$3M $4.8M
$1.1M $1.8M
$1.4M $4.2M
1K 3K
4K 4K
2,500 8K
1K 3,200
1K 6K
Databox Business Hangouts
Hubdoc Plotly
Postman evvnt.com
Paubox Batchbook
AdEspresso brandyourself
sleeknote Lumen5
$1.1M $8.4M
$1.6M $2.2M
$8.4M $1.8M
$1.2M $5M
$4.8M $6.4M
$1.4M $1.2M
650 10K
1,100 3K
7K 3K
1,200 10K
4K 10K
1,200 2K
alphasoftware BuzzBuilder
Tilkee SalesNexus
BrightLocal Services WebinarNinja
WriterAccess SocialProof
$5M $1.2M
$2.3M $3.5M
$4.2M $7.7M
$1.2M $1.4M
3K 1,500
1,600 5K
3,500 12,800
1K 2,400
Simplifeye Airdna
RelaHQ Qebot
DroneDeploy Acuityscheduling
Cloudbeds Slidebean
$1.8M $4.5M
$4M $1.5M
$1.2M $9.6M
$9.9M $1.5M
1K 5K
2,500 2K
1K 16K
9K 2,500
Ringostat Shopper Approved
RankWatch omnisend
Lexicata eClincher
Reply Hubstaff
WebinarNinja ScreenCloud
$1M $6M
$2.3M $2.2M
$3.6M $3M
$1.1M $3.8M
$2.6M $1.7M
600 7K
1,500 3K
3K 5K
1K 7,500
1,900 2,500
AgoraPulse Klipfolio
The Hotels Network Contactually
Proven HireWire
Perkville Ivy
Brand24 HotJar
Vtiger CRM Privy
$5M $6.8M
$4.3M $8.4M
$1.8M $2.4M
$2.3M $9.9M
$2.4M $6.2M
$3.6M $3M
$1,800 $900
$1,500 $720
$1,200 $600
$1,080 $563
$1,380 $700
$1,680 $840
$1,440 $720
$1,200 $600
$1K $504
$1,200 $642
$1,200 $600
$1,667 $800
$1,425 $700
$1,200 $602
$1,200 $600
$1,800 $900
$1,600 $744
$1,200 $600
$1,111 $588
$1,700 $857
$1,500 $720
$1,200 $600
$1,080 $507
$1,380 $696
$1,667 $805
$1,440 $720
$1,200 $600
$991 $500
$1,200 $624
$1,200 $600
3K 8,500
3K 11,667
1,500 4K
2,300 20K
2K 10K
3K 5K
ACVACV

LeadDyno HelloTech
Pantheon
OneMob
MindMeister
Sendlane
HelloSign
$1.1M $3.3M
$3.6M
$2.4M
$2.6M
$1.8M
$7.2M
2,400 40K
10K
10K
30K
6,500
47K
badgermapping Any.do
Crystal
PageCloud
bookafy
nurseVersity
$3.1M $3.5M
$1M
$1.8M
$1.1M
$1.3M
7,500 100K
3K
8,400
4K
10K
GetAccept getsigneasy
Paymo
Lucky Orange
janeapp
Apptivo
$1.7M $2.4M
$1.2M
$2.4M
$4.7M
$9.6M
4,700 130K
4K
15K
18K
80K
Reamaze hornet.com
Bugsn
mentimeter
Eventzilla
DocHub
$1.7M $8.4M
$1.4M
$1.5M
$1.1M
$1.1M
3,600 100K
4K
6K
10K
13,571
DocSend Everlance
SiteWit
Visme
Boomerang
$1.2M $1.8M
$3.6M
$2.1M
$3.9M
2,800 30K
10K
7,500
29,545
CrazyLister Nimble
Pure Chat
JivoChat
Venngage
Select
$1.8M $2.7M
$1.3M
$5M
$2.9M
$1.1M
$440 $83
$360
$240
$88
$276
$153
$413 $35
$348
$214
$264
$132
$362 $18
$300
$160
$261
$120
$480 $84
$360
$250
$106
$84
$429 $60
$360
$276
$132
$391 $26
$315
$161
$264
$127
4,600 105K
4K
31K
11K
9K
ACVACV
“Increase price
and touch, or
decrease both.
Don’t get stuck
in the middle.”
Nathan Latka

ARR
ARR
CUSTOMERS
CUSTOMERS
COMPANY
COMPANY
CATEGORY
CATEGORY
Astronomer
Greendeck.co
xiQ StellarEmploy
SigOpt TARA.ai
BigchainDB sensorberg
$720K
$120K
$840K $60K
$576K $960K
$600K $574K
20
4
10 3
12 65
5 20
Maximus Live
ComnPlus SimplyInsight
Zapnito consent.io
demandjump Gus Chat
Yeti Data frrole
Resource Execvision
$900K
$999,996 $300K
$840K $180K
$990K $480K
$600K $492K
$600K $849,996
25
1 10
12 10
22 35
5 18
10 50
Metadata
doorboost Leadiro
prooV Markerly
Verloop censia
$420K
$900K $600K
$950,004 $720K
$960K $600K
13
6 20
10 30
18 40
CaliberMind
Engine
BurstIQ CloudLead.co
linkett HomeMaker
$432K
$60K
$900K $960K
$300K $675K
12
2
10 40
6 45
blurbiz
FunnelEnvy
trials.ai BLUErabbit
MARIANA bant
OAG Analytics tchop
$720K
$210K
$300K $36K
$960K $446,400
$600K $414K
20
7
4 2
20 31
5 15
ParallelDots
SocialRep indico
Elafris Contify
Zirra PacketZoom
pulseinsights Kapta
tiltsta Sorry As A Service
$500,004
$999,996 $600K
$240K $900K
$600K $900K
$999,996 $750K
$600K $171,600
$36K
$30K
$84K $20K
$48K $14,769
$120K $28,700
$36K
$999,996 $30K
$70K $18K
$45K $13,714
$120K $27,333
$60K $17K
$32,308
$150K $30K
$95K $24K
$53,333 $15K
$36K
$30K
$90K $24K
$50K $15K
$36K
$30K
$75K $18K
$48K $14,400
$120K $27,600
$33,334
$333,333 $30K
$60K $18K
$40K $13,235
$100K $25K
$60K $15,600
15
3 20
4 50
15 68
10 30
10 11
With less than $1M in ARR, they either need to ramp up
the volume of customers they’re getting at lower price
points, or drastically increase price points and hyperfocus
on a very targeted group of customers.
LASTLY, THESE 220
COMPANIES ARE IN
TROUBLE.
ACV
ACV
22 LATKA DECEMBER 2018 COMPANIES WITH LESS THAN $1M IN ARR

Skycision Outbound
IAMIP Yanado
theroishop LeadFuze
ListenLoop Metrilo
Spark MindTouch
$132K $360K
$720K $300K
$350,004 $367,500
$768K $810K
$840K $800,004
11 100
62 100
50 175
160 450
100 300
PredictLeads Credo
Clappia Chefs For Seniors
StoryTap Process
prism.fm TARS
Attentive.ly LeadGnome
pre.do FruitStreet
$360K $276K
$84K $192K
$276K $999,996
$600K $240K
$960K $249,996
$26,940 $180K
30 85
10 65
45 500
133 150
120 100
5 100
Alyce mobstac
ConveYour Seventh Sense
Notablist RoomChecking
feedz Trackur
$600K $300K
$840K $367,200
$150K $540K
$105,600 $180K
50 100
100 136
20 240
22 100
Adjusti.co RippleMatch
prevero Prospectify
Fashion Nova Toofr
tryindemand.com AeroLeads
$120K $54K
$600K $300K
$720K $216K
$120K $360K
10 15
50 100
100 100
25 200
Saleswise leadboxer
1HUDDLE Wurk
SalesSeek Netzei
meetappevent datability
IdealSpot ExpressPigeon
$144K $340K
$699,996 $600K
$999,996 $60K
$840K $648K
$804K $528K
12 100
61 200
150 30
175 400
100 200
EngageRocket ProcurementExpress
MedStack LeadGuru.io
Cooperatize Docufirst
Publicfast RightMessage
Uninstall academyocean
Brax ProLeads
$480K $780K
$378K $68,400
$180K $144K
$180K $240K
$120K $36K
$480K $180K
$12K $3,600
$11,613 $3K
$7K $2,100
$4,800 $1,800
$8,400 $2,667
$12K $3,247
$8,400 $2,954
$6,133 $2K
$4,511 $1,600
$8K $2,500
$5,388 $1,800
$12K $3K
$8,400 $2,700
$7,500 $2,250
$4,800 $1,800
$12K $3,600
$12K $3K
$7,200 $2,160
$4,800 $1,800
$12K $3,400
$11,475 $3K
$6,667 $2K
$4,800 $1,620
$8,040 $2,640
$12K $3,120
$8,400 $2,850
$6K $1,800
$4K $1,600
$8K $2,400
$5,217 $1,800
40 250
45 24
30 80
45 150
15 15
92 100
ACVACV
DECEMBER 2018 LATKA 23COMPANIES WITH LESS THAN $1M IN ARR

SiteManager planable
filestage Riddle
intellasphere shedwool
Archii Linkody
Smartbeat Userbrain
$168K $42K
$480K $420K
$28,440 $24K
$20,160 $115,200
$5,940 $29,400
138 70
400 700
30 50
28 300
5 50
contentlaunch People.ai
Contentools GoSquared
kickofflabs LiviLuv
Interact empoweryu
chatmatic convertri
KV Social Mailinator
$36K $300K
$840K $600K
$900K $144K
$576K $9K
$174,600 $550K
$420K $126K
30 500
700 1K
1K 300
800 25
150 1K
500 300
Proggio Texting Base
outseta Tagove
TeamBuildr.com Spacer.com
Serpstat pixelmeMe
$120K $300K
$5,940 $780K
$999,996 $300K
$840K $120K
100 500
5 1,300
1K 600
1K 300
Pipefy Propeller CRM
Qlicket KarmaCRM
tapfiliate impower solutions
Castle Hibox
$600K $30K
$120K $360K
$960K $999,996
$372K $115,200
400 50
100 600
1K 2K
500 300
Adya Screenful
saborpos Boostinsider
DonationMatch Vidalytics
FuelPanda Poptin
Cliently CStorePro
$9,600 $180K
$540K $600K
$18K $120K
$72K $26,784
$95,040 $882K
8 300
450 1K
20 250
100 72
80 1,500
SegMetrics Proposable
PayKickstart Snip.ly
ORBTR UpContent
Ease Illumineto
pr.co Prospect
Ryver Appointlet
$60K $300K
$600K $600K
$300K $108K
$7,788 $36K
$287,004 $204K
$840K $444K
$1,217 $600
$1,200 $600
$948 $480
$720 $384
$1,188 $588
$1,200 $600
$1,200 $600
$900 $480
$720 $360
$1,164 $550
$840 $420
$1,200 $600
$1,188 $600
$1K $500
$840 $400
$1,500 $600
$1,200 $600
$960 $500
$744 $384
$1,200 $600
$1,200 $600
$900 $480
$720 $372
$1,188 $588
$1,200 $600
$1,188 $600
$857 $432
$708 $360
$1K $510
$840 $404
50 500
505 1K
350 250
11 100
287 400
1K 1,100
ACVACV
24 LATKA DECEMBER 2018 COMPANIES WITH LESS THAN $1M IN ARR

EasyRedir DilMil
Orangedox Cladwell
CariClub Sitecake
Paytailor
devslopes.com Quuu
$180K $528K
$90K $840K
$600K $96K
$5,400
$31,200 $300K
500 4,400
300 11,500
3K 8K
40
130 5K
Komiko SEE Forge
TravelFlan Orion Labs
SuiteCRM
Haste
Transtutors RapidFunnel
Later
$720K $5,400
$600K $144K
$18K
$120K
$720K $960K
$600K
2K 50
2K 2K
100
1K
3K 20K
3,500
upsync Weekdone
standuply mailshake
Scout RFP Doodle
Around.io
$30K $900K
$180K $420K
$650,004 $750K
$100,800
100 10K
700 6,300
3K 25K
600
Salesflare Weblium
Demio Revue
Avocode Silvrback
Missinglettr
$36K $390K
$60K $84K
$600K $12,504
$96K
100 3,250
200 1K
2,800 500
600
Rewango Findo
replyify checkli.com
buzzsprout
Fleeq.io
Foxy.io eventespresso
$180K $83,916
$600K $14,400
$600K
$48K
$240K $960K
500 700
2K 200
3,333
400
1K 20K
Nudge SegMateApp
GoPBN MeisterTask
preppr
Ittavi
Kit PromoRepublic
Bizversity
$720K $8,532
$840K $360K
$72K
$240K
$456K $240K
$26,880
$360 $120
$300 $73
$200 $12
$135
$240 $60
$360 $108
$300 $72
$180
$120
$240 $48
$171
$300 $90
$257 $67
$217 $30
$168
$360 $120
$300 $84
$214 $25
$160
$360 $120
$300 $72
$180
$120
$240 $48
$360 $108
$280 $72
$180
$120
$228 $44
$168
2K 79
3K 5K
400
2K
2K 5,500
160
ACVACV
DECEMBER 2018 LATKA 25COMPANIES WITH LESS THAN $1M IN ARR

NEW “TOUCH ZERO” MODEL
FOR SAAS FUNDING HELPS
FOUNDER RAISE $7.5 MILLION
It’s not always about raising more money every
round. This founder invented a new way to keep
all the leverage.
Guest post from Bill Boebel, CEO Pingboard

This week my company, Pingboard, announced a $5mm
round of funding.
More than 1,000 customers globally use Pingboard to power their
live org chart, including companies like GoFundMe, Udemy, Sequoia
Capital, Khan Academy, and the Linux Foundation.
You probably hear about startups raising this type of funding all
the time in the tech press, but under the surface, these rounds are not
always what they seem.
For example, our latest raise was $2.5 million, not $5 million. It ap-
pears in our SEC filing as $5 million because we had $2.5 million in
convertible notes from our prior round which converted into equity
alongside this new $2.5 million round.
In fact, this was our third $2.5 million round:
• Seed 1 (2014): We raised $2.5mm, to get started
• Seed 2 (2016): We raised $2.5mm, once we found product-market fit
• Seed 3 (2018): Today, we raised $2.5mm, to expand the product
and growth
As a repeat founder and occasional angel investor, I’ve realized this
scenario happens quite often because “seed” is no longer a round of
funding, but rather a phase that startups go through; a phase when
startups must “build not just product-market fit, but a real company”,
as Hunter Walk at Homebrew wrote recently.
For this round, we chose to work with Active Capital, a new fund
based in Texas led by Pat Matthews and Pat Condon, because they
agree wholeheartedly with the funding and operating strategy I de-
scribe below.
How most SaaS Companies should be funded
Earlier this year, I considered raising a typical Silicon Valley series
A. Over the course of a couple weeks, I met with partners at about two
dozen top tier VCs to pitch them on Pingboard.
It was clear that Silicon Valley VCs are looking to invest in rocket-
ships. A rocketship will either get you to the moon or crash, and that’s
the model most venture capitalists want to put their money behind.
The Power Law of venture capital mandates that investors categorize
you as either a 1 or a 0 as quickly as possible.
Bill Boebel, CEO Pingboard
“A flywheel spins faster
and faster the harder
you push on it. It may
slow down temporari-
ly when things don’t go
as planned, but it won’t
crash — flywheels keep
spinning.”
Bill Boebel, CEO Pingboard
ZERO TOUCH CASH MODEL

Unfortunately, this approach is not ideal for companies like mine — or
most SaaS companies. SaaS companies’ capital requirements and tra-
jectory require a different approach. We may become rocketships, but
our gestation cycle is longer.
Most SaaS companies are building a flywheel, not a rock-
etship.
A flywheel spins faster and faster the harder you push on it. It may
slow down temporarily when things don’t go as planned, but it won’t
crash — flywheels keep spinning.
SaaS companies do not require large amounts of capital all at once
in order to fund expensive R&D, brand marketing, or giant sales teams.
Instead, we require small amounts of capital over an extended period
of time, in order to experiment and continuously push harder on the
things that work.
This is why most SaaS companies today should raise several smaller
rounds of funding during their “seed phase” before raising a series A.
The ideal funding for a SaaS company looks closer to an IV drip than
a shot of adrenaline to the heart. We need more funding sources that
understand this.
There’s also a personal side to choosing a funding model.
If you’ve built a rocketship and you’re confident you’ve made the right
calculations to get to the moon, grab ahold and don’t let go! Still, you
will probably crash eventually, and traditional venture capitalists will
tell you that’s okay. They’ll tell you that by “failing fast” you will get
more “at bats” starting more companies, increasing your chances of
finding your rocketship one day.
While this math works for VCs, it’s a different story for entrepre-
neurs. As a founder, you put your entire life into your company, sacrific-
ing money, health, family, friends — and when you fail, you walk away
smarter and with hard won battle scars, but also burnt out, broke, and
unsure if you should try again.
All this happens while the VC has a dozen more companies just like
yours in their portfolio, needing just one to reach the moon.
Luckily, there are other ways to build a successful company.
The Touch Zero Operating Model. I recommend treating
each round of funding as if it’s your last. Put your company on a path
to profitability before you run out of money. The companies I’ve built
have never had a “fume date”. A fume date is the date at which the
bank account goes below $0 and you either go out of business or have
to raise more money.
Instead we have a Touch Zero Date, which is the basis of my whole op-
erating strategy. A Touch Zero Date is the moment when two key data
points align: we reach $0 in the bank account and profitability. That
means we don’t go out of business or need to raise more money; we are
always in control of our own destiny.
We use the Touch Zero Operating Model to manage our business. We
measure everything and use data to model how to scale our growth
investments and revenue so that we touch $0 and reach profitability at
the same time.
Why is our goal to run out of money and reach profitability at the
same time?
If we operate on a plan with a large cash buffer, we’re sitting on cash
and growing slower than we otherwise could. And if we operate on a
plan that has us dipping below $0, we die. It’s as simple as that. We
tune this model weekly as we try new things and get more data.
If things go well, we may raise more money and reset the plan, push-
ing back the touch $0 date, just as we are doing today. If we grow
slower, we’ll conserve cash and make sure we reach profitability while
we make adjustments.
During fundraising, I did not feel aligned with most VCs when I told
them about my Touch Zero Operating Model. In fact, many emphatically
said they would want me to change my approach if they invested.
They wanted me to invest more money at a faster pace to accelerate
growth and aim for milestones that would theoretically earn us the
opportunity to raise another round of funding. Then, we’d repeat the
cycle again and again.
As an investor myself, I’ve seen too many startups not reach those
milestones and suddenly find themselves in a tight financial situation
where they have to raise cash on terrible terms to survive.
When this happens, VCs end up owning more of the company
than the founders ever expected. Most VCs aren’t taking unfair ad-
vantage of the situation (although some do), they are just doing their
job. Founders have to understand the risks if they choose to get on the
VC treadmill.
Build your company, your way. There are many ways to build
a very large company. I encourage you to figure out what type of com-
pany you want to build and do it your way. You don’t have to play by
someone else’s rules. Entrepreneurs get to write and rewrite the rules,
including the rules of financing.
I predict we’ll see new financing models over the next few years that
recognize that company stage and phase no longer align with tradition-
al venture fundraising strategies.
I am going to keep writing about my way to build companies and I
hope you will share yours, too.
CEO/FOUNDER
Pingboard
Bill Boebel
ARR
MRR
ARPU
TOTAL CUSTOMERS
2018 REVENUE
INDUSTRY
HR Software
$3.2M
1.2K
$220
$264K
$3.2M

BREAKING DOWN E40 RULE:
DO INVESTORS CARE MORE
ABOUT CASH FLOW OR
GROWTH IN Q4 2018?
Jared Sleeper, Matrix Partners
VC life can get pretty busy, and
for much of 2018 I fell behind at
keeping my SaaS company models
up to date. As market conditions have
changed, I’ve gotten a bunch of requests
for an update- where do multiples sit? Are
SaaS companies overvalued or underval-
ued? Tough questions to answer (especial-
ly the latter one), but I decided to take a
look to what insights I could find in the
data.
To answer them, I’ve spent some spare
time refreshing models for 33 public soft-
ware companies (one day I’ll get to add-
ing some of the newly IPOed ones). The
preliminary results are pretty counter-in-
tuitive and there are some neat dynamics
at play.
First, a quick refresher- I value recur-
ring revenue companies using EV/Gross
Profit. In the past, I’ve found through tri-
al and error that investors tend to value
companies based on a combination of the
growth rate and the free cash flow margin
For more from Jared, check out
sleeperthoughts.com
2016 GROSS PROFIT GROWTH + 2016 FREE CASH FLOW MARGIN
ENTERPRISEVALUE/2017GROSSPROFIT(USINGDILUTEDSHARES)
26x
24x
22x
20x
18x
16x
14x
12x
10x
8x
6x
4x
2x
0x
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

the company earns (or, in the case of startups,
the burn rate required to fuel that growth). It
makes sense- all else equal, higher growth is
better and so are higher margins. These two
variables have historically correlated to the
multiple on gross profit investors are willing
to pay for public software companies (the only
ones for which we have such detailed data).
Here’s what the chart looked like just over a
year ago:
So a company with a 40% growth rate and
a 10% free cash flow margin (40%+10%=50%
on the x axis) traded at about 12x 2017 gross
profit in October 2017 (figure 1.1). I used a
regression to estimate attribution between
growth and free cash flow margin, and found
them to be approximately equal- investors were
treating a company growing 40% with a 0%
margin and a company growing 0% with a
40% margin about the same.
This year, as I redid the work, the correla-
tion was much less impressive visually. I was
intrigued, so I reran the regression, and the
correlation between free cash flow margin and
multiple has disappeared. In today’s market
(even after the recent decline) investors are
valuing software companies almost exclusively
based on their growth rate:
To make sense of this, I took a look at anoth-
er chart I use frequently, a simple scatter plot of
2018 growth rate (y axis) against free cash flow
margin (x axis). As always, the free cash flow
margin is adjusted to penalize companies that
issue a ton of stock based compensation, which
otherwise isn’t accounted for as an expense:
Cross referencing the two charts, a few
points stick out:
1) At the high end, there are four compa-
nies in a league of their own when it comes
to growth (at least, among the group I have
models built for, figure 1.3): MongoDB, Okta,
Shopify and ZScaler. These are the same four
companies that really drive the correlation be-
tween multiples and growth- all four trade at
24-28x 2018 gross profit (figure 1.2), some of
the highest multiples I’ve ever plotted. Though
their margin profiles vary, there is no relation
between their margins and the multiples they
trade for within the group.
2) Investors still do pay-up for cash flow- the
issue in the data is few public software com-
panies have much of it. Ansys (ANSS), Aspen
Tech (AZPN) and Veeva (VEEV), the three
most cash-generative companies (figure 1.3),
all trade at a premium multiple vs. what their
growth would imply alone. For the rest, there’s
no discernible pattern- a muddled middle.
18 FCFA MARGIN
2018 GROSS PROFIT GROWTH
FIG 1.2
FIG 1.3
28x
26x
24x
22x
20x
18x
16x
14x
12x
10x
8x
6x
4x
2x
x
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
-30% -20% -10% 0% 10% 20% 30% 40%
10% 0% 10% 20% 30% 40% 50% 60%
18/17GPENTERPRISEVALUE/2018GROSSPROFIT
MongoDB, OKTA, Shopify, ZScaler All Trade
24-28x 2018 Gross Profit
Ansys (ANSS), Aspen (AZPN), and Veeva
(VEEV) Generate Most Cash

How’d we get to a place where the equation I
was so proud of lost its relevance? There’s only
one way- high growth companies have outper-
formed so far this year (figure 1.4), meaning-
fully. This chart makes the relationship clear
(figure 1.4):
If this seems like an obvious point, remem-
ber that it is not- software growth rates are
relatively predictable year to year, and so the
correlation doesn’t look too different if I use
the 2017 growth rate. Investors have clearly
changed their appetites in 2018 in favor of
growth, without too much regard for the costs.
At this point, I had one last curiosity- was
this a result of the ebullient markets earlier in
the year, with investors now retreating to slow-
er-growth names in the last few months? To
answer, I picked a date for the “peak” (10/3,
the date markets really starting rolling over)
and took another look at returns vs. growth
(figure 1.5).
The answer is a resounding no- the higher
growth names have been more resilient since
the NASDAQ peaked. It is not a perfect correla-
tion and there are stock specific factors (earn-
ings misses at companies like ELLI and APTI),
but still, there is no evidence of a retreat to cash
generative companies.
At least for now, software investors are back
to caring almost exclusively about growth. 2018 YEAR TO DATE RETURN
2018 GROSS PROFIT GROWTH
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
0% 50% 100% 150%
-10% 0% 10% 20% 30% 40% 50% 60%
2018GROSSPROFITGROWTHRETURNSINCE10/3
High Growth Companies Like OKTA, Mon-
goDB, Outperforming So Far This Year
Highest Growth Companies More Resilient
Since Oct 3rd NASDAQ Peak
FIG 1.4
FIG 1.5

Was Fleeq’s AppSumo Launch the
Right Move?
We have the facts and figures...decide for yourself!
When you’re looking to educate
your team or audience, instructional
videos are an excellent way to clear-
ly communicate processes and ideas.
But, creating high-quality videos can be time
consuming and an overall hassle, especially if
you’re camera shy or don’t have the proper
equipment.
Fleeq was designed to make this entire pro-
cess extremely simple. Their platform allows
companies to create, share, localize and track
customer facing videos and GIFs in minutes.
The Fleeq software is built for support, sales,
training, HR, and product teams to create live
videos from from screenshots and descriptions
without cameras, production crews, narrators,
or hosting.
How much is Fleeq doing in MRR?
Fleeq is a pure-play SaaS company that bills
on a per seat basis each month. They current-
ly offer both a self-service model for SMB and
a more sophisticated version for enterprises.
Average customers pay them $10 per seat per
month.
Their freemium platform is currently home
to 10k users with 120 of those users paying for
a monthly subscription. Launched in January
of this year, a large portion of Fleeq’s revenue
has come from their AppSumo campaign and
the upsells related to it.
Overall, the company has generated
north of $130k in revenue from the
AppSumo deal and are using that cash
to self-fund the team right now.
Overall, CEO Shai Wolkomir noted that the
company is north of $4k in MRR today and is
on track to hit a $180k run rate by the end of
this year.
What is Fleeq’s CAC? Wolkomir ex-
plained that the company is spending approx-
imately $60 to acquire a customer at present.
Acquisition efforts are mostly focused on Prod-
uct Hunt launches and cold calls at this point.
Fleeq’s models currently assume an
LTV of around $200 over 20 months
and, while still in the early stages,
Fleeq has yet to churn any customers
thus far.
How much has Fleeq raised to date?
Fleeq was born out of another cloud product
Wolkomir founded and has raised $1M total to
date. Going forward, the company’s team of
4 full-time employees is looking to raise in the
near future.
CEO/FOUNDER
Fleeq
Shai Wolkomir
ARR
MRR
ARPU
TOTAL CUSTOMERS
2016 REVENUE
INDUSTRY
Team Communication
$48K
100+
$10
$4K+
$48K+

Why They’re Building the
Future of HR Training
How 1Huddle is making training fun and hitting $800k
in ARR.
Training employees can be a tough, yet critical task be-
hind scaling your business. Bestowing the proper knowledge and
processes upon new team members or refreshing old lessons to veterans
is essential to keeping your machine running smoothly.
1Huddle has made a name for themselves in the HR Training space
by getting rid of boring training modules and replacing them with a
mobile gaming platform. Their gamification of training takes every-
thing your workforce needs to know and helps upskill them faster, effi-
ciently, and more effectively.
How much is 1Huddle doing in ARR? 1Huddle is a pure-play
SaaS product that also charges an upfront integration fee between $5k
and $50k. On average, their customers pay north of $1k per month,
with most plans billed annually.
The company had scaled to 82 total customers, as of March 2017,
and was at $800k in ARR according to CEO Sam Caucci. 1Huddle
recorded $1.2M in total revenue in 2016, doubling year over year.
FROM PODCAST INTERVIEW: Caucci noted that the com-
pany was focused on hitting $1.3M in ARR by the end of
2017.
What is 1Huddle’s churn? Due to a variety of factors – inte-
gration fees, annual upfront billing, the nature of training products
– 1Huddle has exhibited impressive customer retention thus far. Cau-
cci explained that the company has had 100% customer retention to
date and is currently investigating ways to find the ceiling in terms of
product pricing.
The company
has raised
$3.6M in total
funding.
How much has 1Huddle raised? 1Huddle was originally
founded 7 years ago out of an HR training consultancy. The company
was bootstrapped for the first six years, prior to raising a $500k seed
round in March of 2017. Today, the company has raised $3.6M in
total funding.
In terms of team size, the company has grown to 20 full-time em-
ployees and is focused on the transition from a bootstrapped company
to discovering the best ways to deploy their recently raised capital.

Stratifyd: 0% Churn on
$300k in MRR
The story behind their 154% annual net revenue
retention.
Understanding customers is crucial for companies of all
sizes to achieve sustainable success. Constantly understanding
where you’re falling short, discovering new opportunities for growth,
and executing on them is a proven recipe for long-term dominance.
Stratifyd was created to help enterprises rethink customer analytics
in the AI era. Their full service platform allows Fortune 1500 compa-
nies improve customer satisfaction and retention by processing valu-
able customer data from surveys, emails, and other sources, at scale.
Their software couples ML and AI algorithms to bring customer ana-
lytics into the the 21st century.
How much is Stratifyd doing in MRR? Stratifyd is a pure-play
SaaS product that charges its customers on an annual basis, upfront.
Their deal size range between $100k and $500k annually, with their
average customers landing at approximately $200k per year.
ACCORDING TO CEO DEREK WANG: The company cur-
rently serves 30 enterprises today and reported $280-
300k in MRR last month.
Stratifyd is growing rapidly and has posted nearly 400% year over
year growth, adding roughly $80k in MRR in the last quarter alone.
What is Stratifyd’s churn? Founded in 2014, Stratifyd landed
their first customer in 2015 and haven’t churned a single entity thus
The company
has exhibited
154% net revenue
retention annually
far. Of their 30 customers, they have experienced 100% logo retention,
with one third renewing at a higher price point.
The company has exhibited 154% net revenue retention annually,
over the last 12 months, and credits their attention to customer success
as a key retention factor. Wang noted that Stratifyd receives payback
immediately on a cash basis, but spends roughly half of their custom-
er’s first year revenue in CAC. On average, they pay $100k to acquire
a customer, receiving payback within 6 months.
How much has Stratifyd raised? Upon founding the compa-
ny, Wang bootstrapped Stratifyd for the first 6 months before raising
less than $12M in venture capital. The company sought out additional
funds to speed up their go-to-market strategy and land customers fast-
er.
Going forward, Stratifyd’s team of 35 employees is focused on grow-
ing 4-5x again in 2018 by sharpening their messaging to their focus
market sector, increasing landed deal size, and accelerating the number
of new logos added per month.

From $80k in MRR to $620k...
in 12 Months
How ParkBench plans to use content marketing to
continue their insane trajectory.
Any business’s success can be direct-
ly attributed to the quantity and quality
of relationships each leadership team
has within its community and ecosys-
tem. The ability to open doors and get deals
done is due in large part to who you know and
how much value you can provide them.
ParkBench has sought out to help real estate
agents become the “digital mayor” of their
neighborhood and build long-lasting relation-
ships throughout their communities. Their
technology aggregates local events, deals, and
news while giving agents a platform to inter-
view and feature local community members in
well-written articles that provide value to the
community right away.
How much is ParkBench doing in
MRR? ParkBench is a SaaS product that also
offers marketing services to real estate agents
via their sister agency. Their customers, on
average, pay between $4,500 and $5,000 for
an annual subscription to their software, paid
upfront.
The company is serving approximately 1k
total customers as of June 2017.
ACCORDING TO CEO AMANDA
NEWMAN: ParkBench added 150 new
customers and did $628k in MRR in
May of 2017, scaling rapidly from just
$80k in MRR and 215 customers 12
months prior.
What is ParkBench’s churn? Park-
Bench is exhibiting gross logo churn of 2.75%
on a monthly basis at present, with approxi-
mately 60-70% of customers currently renew-
ing their annual subscription. The company
spends $65k on advertising spend each month,
with most of their efforts focused on Facebook
ads. ParkBench pays $675 to acquire a new
customer today.
In regards to lifetime value, Newman
explained that the company estimates
an LTV of $13k over approximately 3
years at this point in time.
Going forward, ParkBench is looking to
spend less on paid advertising spend, due to
diminishing returns, and honing in on content
creation to drive organic traffic.
How much has ParkBench raised?
ParkBench was accepted into 500 startups in
2016 and used their $125k investment to drive
additional growth. Aside from this sum, the
company has not raised any outside capital
and has no plans to do so in the near future.
Newman and their entire team of 30 full-time
employees are focused on continuing to grow
the business and potentially diversifying their
portfolio.
CEO/FOUNDER
ParkBench
Amanda Newman
ARR
MRR
ARPU
TOTAL CUSTOMERS
2016 REVENUE
INDUSTRY
Consumer
$804K
1K
$628
$628K
$7.5M

How to Split Your Company and
Clean Your Cap Table
Why HireMojo is rapidly approaching $200k in MRR
after spinning out.
Landing top talent can be the difference between a
growing business and a dying one. Recruiting is an investment
you need to make in order to ensure long-term success.
HireMojo was built to make this process as efficient and effective
as possible. Their RecruiterBot® gives companies the gift of time
through a subscription-based Hiring Automation Platform™ that uti-
lizes AI, robots, big data and analytics to help you fill jobs across your
company faster, easier and less expensively. Their software was built to
handle repetitive grunt work, so you can spend your time interviewing
and hiring top performers.
How much is HireMojo doing in MRR? HireMojo is a pure-
play SaaS product that charges companies annually, based on usage.
Their current customers pay between $10-50k annually, with the aver-
age paying approximately $24k each year.
ACCORDING TO CEO JOHN YOUNGER: The company has
scaled their customer base to 200 total customers today
and is rapidly approaching $200k in MRR.
HireMojo has accomplished this by hitting 8-12% monthly growth
each of the last 12 months.
What is HireMojo’s churn? Playing in the enterprise space,
churn has been fairly low for HireMojo. Younger explained that the
company has close to 90% annual retention at this point in time.
HireMojo is currently paying approximately $1,700 to
acquire a new customer today, but is looking to be more
aggressive in this area moving forward.
They assume a minimum LTV of $150k over 36 months right now.
How much has HireMojo raised? Despite being a spin-out
from Accolo, a recruitment process outsourcing service, HireMojo has
grown to scale by bootstrapping. Their team remains lean today and
operates with just 10 full-time employees based in San Francisco.
CEO/FOUNDER
HireMojo
John Younger
ARR
MRR
ARPU
TOTAL CUSTOMERS
2016 REVENUE
INDUSTRY
Human Resources
$720K
200
$1.7K-$2K
$200K
$2.4M

Why Cold Prospecting Will Never
Be the Same With Alyce
How Alyce’s AI-powered Corporate Gifting Platform is
Changing Outbound Sales.
Cold prospecting remains at the core for virtually any
business. Getting more leads into the top of your funnel is funda-
mental to sustained growth and long-term expansion. But, how do you
get the attention of prospective customers in a world where attention
is spread so thin?
Alyce is an AI-powered corporate gifting and incentive platform that
tells a corporate gifter exactly what to send and the most impactful
times to send it. The company has honed in on the prospecting use
case and sends potential clients an offer for a free gift, in exchange
for attending a sales meeting. With conversion rates as high as 30% in
some campaigns, prospecting will never be the same.
How much is Alyce doing in MRR? While originally focused
on generating revenue from gift sales for a wide variety of corporate
gifts, Alyce has recently lasered in on the cold outreach vertical and
has consequently transitioned to a focus on their SaaS offering. Today,
corporations pay them between $1k and $10k each month for access
to their platform.
Of the 500-600 total customers Alyce serves today, roughly 10%
have transitioned to the monthly subscription model, according to
CEO Greg Segall.
While specific figures around MRR weren’t discussed, the
company crossed the $1M mark in gross merchandise
volume (GMV) last year and is on track to hit $5M in GMV
by the end of 2018.
How much has Alyce raised? Sustained growth of 25-50%
month over month lead Alyce to recently close a $5.3M seed round.
The company has raised $5.9M in total thus far and Segall mentioned
emphasis was placed on partnering with operators as the company in-
cluded Founder Collective, Boston Seed Capital, and others on their
most recent round.
Launched in December 2015, the company has evolved significant-
ly since inception. Their team of 40 remote full-time employees has
shown continued devotion to their new business model and will push
forward to convert more enterprises to their SaaS model.
The company
has raised
$5.9M in total
thus far.

Want Low Churn? Follow
ArchiveSocial and Land
Government Agencies!
Why ArchiveSocial is profiting from government
contacts.
In 2018, social media is no longer a fad; it’s a way of life.
So much so that government agencies and other public organizations
are using it as a tool to communicate valuable information to the mass-
es in real time. But, when these important messages are pushed out,
certain compliance measures need to be taken.
ArchiveSocial was built to make the process of maintaining legal
records of social media as easy as possible for organizations in regulat-
ed environments. Their software automatically captures content, stores
proper records, and helps agencies produce the relevant information
needed during inquires or litigation.
How much is ArchiveSocial doing in ARR? ArchiveSocial is
a pure-play SaaS offering catered mostly towards government agen-
cies. According to CEO Anil Chawla, a majority of the company’s cus-
tomers currently pay less than $5k annually. While they offer monthly
plans, most agencies elect for their annual deals and pay upfront, in
full.
The company offers a 30-day free trial for prospective clients and
pricing starts at $2,400 annually.
With 1,500 total paying customers, ArchiveSocial is cur-
rently north of $3.6M in ARR today and growing between
50% and 100% year over year.
What is ArchiveSocial’s churn? Due in large part to their cus-
tomer demographics and their strong need for compliance, ArchiveSo-
cial has found an incredibly sticky product. Overall, the company is
exhibiting 0.5% gross revenue and logo churn monthly right now.
In terms of customer acquisition, the company has placed a large
focus on direct sales thus far but is shifting resources towards marketing
efforts now.
Chawla mentioned that they like to receive payback
within 12 months and are hitting that mark today, getting
complete payback on a cash basis immediately.
How much has ArchiveSocial raised? ArchiveSocial has
grown to scale with little outside funding. Due to their annual, upfront
billing, the company has been profitable since the early days. Overall,
they have raised less than $500k thus far in seed capital, mostly to facil-
itate strategic moves. Their team of 50 full-time employees is based in
Durham, North Carolina.

The Right Way to Orchestrate a
Buyout from a Public Company
How Alpha Software Spun Out, Now Growing 70% YoY.
A large portion of the world’s workforce—60% to be ex-
act—spends their day out in the field, away from a comput-
er. Field sales representatives, nurses, factory workers, and more don’t
have time to input valuable data into standard terminals.
This is where Alpha Software comes in. Their platform makes it easy
for companies to build mobile applications faster to collect high value
information from employees on the go. Their software gives non-tech-
nical team members the capability to design a mobile application in
around 30 minutes, making notepads and long-form data capture a
thing of the past.
How much is Alpha Software doing in ARR? Alpha Soft-
ware is a pure-play SaaS company that charges for their application
creator and hosting. On average, customers pay them approximately
$140 per month for their service.
The company has scaled to 3,000 total customers today, serving
both entrepreneurs looking to validate ideas and enterprises interested
in mobilizing their teams.
ACCORDING TO CEO RICHARD RABINS: Alpha Software
is at an annual run rate between $5M and $10M right
now and has grown revenue 70% year over year.
What is Alpha Software’s churn? Rabins spoke highly of the
company’s sticky product and for good reason.
Alpha Software is currently north of 85% annual gross
revenue retention at this point in time.
The company’s long history began in the late nineties when it was
originally founded by Rabins, grown to $25M in revenue, and then
sold to SoftQuad International. After seeing an emergence of the mo-
bile field, Rabin negotiated a spin out of Alpha from SoftQuad in 2004
and has been running the company ever since.
How much has Alpha Software raised? After spinning out
the business, Alpha Software ran a bootstrapped operation for a num-
ber of years before taking on $10M in capital from successful software
entrepreneurs in order to fund product development efforts. Today, the
company’s team of 50 full-time employees is based entirely in the U.S.
CEO/FOUNDER
Alpha Software
Richard Rabins
ARR
MRR
ARPU
TOTAL CUSTOMERS
2016 REVENUE
INDUSTRY
Team Communication
$5M
3K
$140
$416K-833K
$5M-$10M

How Brax Crossed $40k in MRR
with Just 3 Employees
The numbers and lessons learned behind
Brax’s lean growth.
Creating the right ad sets is both an art and a process.
Creative ideas need to be thoroughly tested for performance with real
data, improved on accordingly, and optimized for maximum output.
Brax is doing just that with their content discovery platform. Their
software helps performance marketers manage multiple accounts, all
in one place. Their tools assist creatives in creating A/B tests, quickly
editing them, and reusing the most successful variations faster than
ever.
How much is Brax doing in MRR? Brax is a pure-play SaaS
company that charges its customers on a monthly or annual basis.
While subscriptions begin at just $200 per month and scale up based
on the amount of advertising spend managed on the platform, their
average customer currently pays $400 per month today.
ACCORDING TO CEO MARK SIMON: the company has
grown to 92 total paying customers right now and is
doing $40k in MRR.
Brax has roughly doubled revenue year over year and expects to
grow an additional 75-100% by the end of 2018, with Simon aiming
for $75-80k in MRR by January.
What is Brax’s churn? Brax is exhibiting low revenue and logo
churn today on a gross basis and has achieved net negative revenue
retention annually.
The company is also efficient at acquiring new customers,
mostly via word of mouth and organic channels, and only
spends roughly $600 in CAC at this point in time.
Simon noted that the company aims to receive payback within 2
months.
Brax, launched in 2015, is a lean organization and has grown to
scale with just three full-time employees. Simon elaborated on their
past mishaps in hiring too many, too fast and now prefers to grow head-
count at a slower rate. Their team is entirely remote and focused on
driving additional growth by the end of 2018.
CEO/FOUNDER
Brax
Mark Simon
ARR
MRR
ARPU
TOTAL CUSTOMERS
2016 REVENUE
INDUSTRY
Marketing Automation
$480K
92
$400
$40K
$480K

GrowSumo’s Strategy for
Optimizing Customer Retention
Why closing the value loop has help the company
reduce churn.
Channel partnerships can be a magic recipe for rapid
growth. Companies like Hubspot, Evernote, and Inuit have thrived
by implementing reseller and partnership programs to expand their
reach.
GrowSumo is a unique tool built to provide everything enterprises
require to get started and scale their partner, reseller, and marketing
programs. Their platform is a fully automated way to on-board, moni-
tor tracking and attribution, manage assets, track partner payouts, and
ensure compliance for all of your channel partners.
How much is GrowSumo doing in MRR? GrowSumo prices
on two components: an annualized subscription charged monthly and
a performance fee based on transaction volume. On average, compa-
nies pay them $1,500 per month, according to CEO Luke Swanek.
The company has facilitated and supports over 270,000 partner-
ships globally across 200 unique customers. GrowSumo has landed
deals with big names like Intuit, Drift, Asana, and Buffer early on and
has been growing revenue 25% month over month.
Swanek did not disclose specifics behind MRR figures,
but did note that the company is below $300k in MRR
right now and has not achieved profitability yet.
What is GrowSumo’s churn? Thanks to their ability to close
the value loop, GrowSumo has exhibited impressive customer reten-
tion thus far. Each month, the company strategically sends invoices
that highlight the massive value driven through their platform along-
side their associated fee. With this tactic in place, the company has
gotten to monthly logo churn below 2%.
When acquiring customers, GrowSumo has not placed a large em-
phasis on tracking fully-weighted CAC thus far. Swanek did mention
however, that customer success is a point of focus for the company
and a significant level of human touch is placed on the on-boarding
process.
How much has GrowSumo raised? GrowSumo is a proud
Y Combinator alum and has raised more than $1M in
outside capital to date.
The company has remained extremely capital efficient to this point
and has grown to scale with a team of just 20 full-time employees.
Going forward, GrowSumo has its sights on building relationships
with global institutional resellers to help transform the way they bring
value to market.
CEO/FOUNDER
GrowSumo
Luke Swanek
ARR
MRR
ARPU
TOTAL CUSTOMERS
2016 REVENUE
INDUSTRY
$3.6M
200
$1.5K
<$300K
<$3.6M

Can Cliently Hit $1M in ARR By
End of 2018?
Why this former PandaDoc employee is aiming high.
A company’s pipeline is the road-
map to future growth. If your business’s
pipeline isn’t filled with qualified leads, you’re
setting yourself up for failure, both in the long
and short term.
Cliently is a software built to help you find,
engage, and close new prospects in less than 5
minutes per day. Their tools help your business
discover ideal contacts from millions of leads
and automatically engage them with email,
video, postcards, notes, and gifts.
How much is Cliently doing in MRR?
Spencer Farber, a former star employee at Pan-
daDoc, founded Cliently two years ago and has
transformed their business considerably in that
time. While initially launched as a pure-play
SaaS company, Cliently eventually pivoted
to become a professional services agency that
helped fulfill calls for their clients. This busi-
ness model helped the company grow to $65k
in MRR, but ultimately took them away from
their core focus.
Today, Cliently is back to a pure-play SaaS
model and is currently pricing their product
beginning at $80 per month and scaling up
with usage and number of seats. The company
is aiming for an ARPU of around $250 and is
hitting that mark today.
In the 5 week transition back to SaaS,
Cliently has landed 12 customers and
has grown to $3.3k in MRR.
With a mature app and a sales team in place,
Farber has set an aggressive goal for $1M in
ARR by the end of 2018.
How much has Cliently raised to
date? Cliently has raised $800k in total capi-
tal thus far. Funding sources include $100k of
Farber’s own money, $50k from the state of
South Carolina, and the remainder from two
VC’s.
The company’s team has scaled to 9
full-time employees and is focused on
landing 500 customers by year end.
Be sure to keep an eye on this ambitious
team as they look to take their business to the
next level!
CEO/FOUNDER
Cliently
Spencer Farber
ARR
MRR
ARPU
TOTAL CUSTOMERS
2016 REVENUE
INDUSTRY
$40K
13
$256
$3.3K
$40K

Say Goodbye to Complex
Spreadsheets and Static Calendars
Why 8,000 customers are turning to CoSchedule to
unify their project calendars.
Managing your marketing efforts across different teams
can be a hassle. With constant changes and adaptations to your
roadmaps, it can seem impossible to keep a singular source of truth an
entire department can lean on.
CoSchedule was designed to tackle this problem head-on. Their uni-
fied project calendar is helping teams say goodbye to complex spread-
sheets and static calendars. Their active, living, and highly customiz-
able workflows save teams 12 hours per week on average.
How much is CoSchedule doing in MRR? Launched in late
2013 out of a marketing agency, CoSchedule has been built as a pure-
play B2B SaaS company. Today, their customers pay between $50 and
$150 for monthly subscriptions.
ACCORDING TO CEO GARRETT MOON: CoSchedule is
currently serving 8,000 total customers and is around
$400k in MRR right now.
What is CoSchedule’s churn? Logo churn is difficult to master
in the social tool space, with averages around 4% each month. Co-
Schedule aims to stay below that figure and has been able to do so as
of late. By upselling new features, CoSchedule has been able to drive
expansion revenue as well.
In terms of customer acquisition, CoSchedule has been able to land
new customers for approximately $100. On average, the company is
receiving full payback within two months.
How much has CoSchedule raised? CoSchedule raised
a priced round of $500k in 2014 and another venture
round in May of 2017 for $2M.
The company’s team of 65 has roughly 50% of their staff dedicated
to product development and is focused on growth opportunities up-
market, as their product continues to mature.

Why Crowdsourcing Security Issues
Has Detectify at $1.5M in ARR
This Swedish company is driving 80% of their leads
through “advanced” content marketing.
Hackers are getting smarter by the hour. Undetected vul-
nerabilities pop up all the time, leaving your applications and products
wide open to threats.
Luckily, Detectify has built a website vulnerability scanner that helps
you scan your web application for security issues crowdsourced by
150+ white-hat hackers. Their web security scanner performs fully au-
tomated tests to identify vulnerabilities on web applications and is con-
tinuously updated with new vulnerabilities that are submitted by the
world’s biggest security research team of independent, ethical hackers.
How much is Detectify doing in ARR? Detectify is a pure-
play SaaS product that charges on a monthly basis. Their customers
range between $50 per month and and in the six-figure ranges annual-
ly, with the average customer paying approximately $180 each month.
The company, launched 4 years ago, serves 700 paying customers
today.
ACCORDING TO CEO RICKARD CARLSSON: They are
currently doing $1.5M in ARR and have tripled revenue in
the last 12 months.
What is Detectify’s churn? Detectify has exhibited healthy
churn to date. The company is currently at 2% monthly logo churn
and has achieved net negative revenue churn of 1-2% overall. Carlsson
notes that a majority of their churn has been attributed to their smaller
customer segments, with the company displaying much better reten-
tion from their enterprise cohorts.
Organic traffic through “advanced and deep” content marketing
has driven 80% of Detectify’s business to date.
The company currently has a fully-weighted CAC of
around $550 and receives payback within 4 to 5 months.
Carlsson noted that the company estimates LTV to be around
$4,500 at this point in time.
How much has Detectify raised? Detectify has raised north of
$8M to date with their most recent round coming in March of 2018
with Inside Venture partners. Their team of 30 full-time employees is
based in Stockholm.

Skubana CEO: $500M is Our
Minimum Sale Price
With $1.5M in MRR, will they reach their ambitious
goal?
Managing the backend of your retail operation can be
a huge hassle. There are seemingly endless moving parts between
point of checkout to delivery.
Luckily for advanced sellers, Skubana has emerged onto the scene
in order to power orders, inventory and business intelligence for the
world’s top high-volume brands and retailers. Their end-to-end plat-
form provides tools for order tracking, inventory management, algo-
rithmic purchase orders, and analytics all in one easy to access portal.
How much is Skubana doing in MRR? Skubana is a pure-
play SaaS business that serves its customers on one year commitments,
billed monthly. They currently charge customers $1,500 per month for
access to their platform.
According to CEO Chad Rubin, the company has scaled to north
of 1,000 total paying customers today and are growing so fast, they are
having difficulties serving their new clients.
The company is doing around $1.5M in MRR right now
and has tripled their headcount year over year.
What is Skubana’s churn? Skubana measures addressable
gross logo churn at 3-5% annually today. Rubin notes that addressable
churn is a metric the company uses to account for legacy customers
more likely to churn.
In terms of customer acquisition, Skubana has grown to scale with
little to no dedicated marketing efforts or spend. A majority of the
company’s sales are generated through organic inquiries and are exe-
cuted on by their team of two salespeople.
How much has Skubana raised? To date, Skubana has raised
$1.9M in total capital, with $1M of that sum coming directly from Ru-
bin. Overall, they view themselves as a bootstrapped entity and spend
according to this mindset. Their team of 27 employees is based in New
York and dedicated to growing their customer base and developing
profitable features going forward.
Rubin mentioned that Skubana is not currently in the process of
selling the company or raising additional capital. “My minimum sale
price would be $500M,” he explained to Nathan on The Top Entre-
preneurs Podcast.
Skubana has
raised $1.9M in
total capital.

Will Nimble’s Bet on Microsoft
Resellers Pay Off?
Why they think their channel partners will help them
cross $4M in ARR.
In today’s marketplace, with social media and constant
mobile engagement, every employee now has a chance
to touch a customer at some point in the sales process. A
CRM is no longer a tool built just for the sales and marketing teams:
it’s a relationship platform your entire company can gain value from.
Nimble was developed to be this solution in the SMB space. Their
product is more than a CRM: it blends social media, marketing, and
sales all onto one platform for automatically building your contact list.
Their software integrates seamlessly with Office 365, G Suite, and
many other services, making prospecting smarter and faster.
How much is Nimble doing in MRR? Nimble is a pure-play
SaaS product that charges on a monthly basis. The company currently
converts 5% of trial users from their website and 10% of trial users ac-
quired through VARs on Microsoft and Google products to paid plans
and has grown to 10,500 total paying customers as of March 2017.
ACCORCING TO CEO JON FERRARA: On average, cus-
tomers pay Nimble $30 per month and the company was
doing $225k in MRR at the time of his interview.
They have exhibited healthy growth to this point, doubling year over
year, and were aiming for $4M in ARR by the end of 2017.
What is Nimble’s churn? Churn is always critical in any SaaS
business, especially one playing the volatile SMB space. Nimble is
currently churning 3% of their logos on a monthly basis and has not
achieved net negative revenue churn yet.
FERRARA NOTED: The company assumes an LTV of ap-
proximately $600 today over 20 months.
How much had Nimble raised? Nimble just closed a $9M
round in March of 2017, bringing their total amount raised to $12M
thus far. Ferrara explained that the capital will be allocated to scaling
the channels working today as well as developing parts of the business
that can help grow their top of the funnel acquisition.
The company’s team of 32 full-time employees is split between San-
ta Monica and Ukraine. Nimble has placed a strong focus on leverag-
ing Microsoft and Google’s value added resellers to educate the market
and distribute their product. They currently pay 20% kickbacks to re-
sellers in this channel.
CEO/FOUNDER
Nimble
Jon Ferrara
ARR
MRR
ARPU
TOTAL CUSTOMERS
2016 REVENUE
INDUSTRY
Sales Automation
$2M
10.5K
$30
$225K
$2.7M

Why EngageRocket Scaled
Revenue 8x Last Year
When do you think this fast-growing company will
reach profitability?
Understanding your employee engagement is a crucial
feature to gain insight on how to better manage, motivate,
and optimize your teams. But getting solid, actionable data is dif-
ficult, especially as your team increases in size. More and more time
and resources need to be dedicated in order to extract the right infor-
mation.
EngageRocket recognized these pains and created a software to ad-
dress it. Their solution improves employee engagement by pulling data
in from different sources such as 360 feedback reviews, pulse surveys,
and more. Their platform helps leaders and organizations make better
people decisions using real-time data.
How much is EngageRocket doing in MRR? EngageRocket
is a pure-play B2B SaaS platform that charges its customers on an
annual basis. According to CEO CheeTung Leong, the company’s av-
erage contract value is approximately $12,700 today.
The company has scaled to 40 total customers right now
and is doing approximated $40k in MRR.
Founded in October 2016, EngageRocket has exhibited impressive
growth early on has scaled revenue 8x in the last 12 months.
What is EngageRocket’s churn? While still in the early days,
EngageRocket churned three of the eight logos that were up for renew-
al after their first year contract expired. Despite this logo churn, the
company has achieved net revenue retention of approximately 105%
in the last 12 months.
Leong also noted that the company spends $5k in fully-weight CAC
today and receives payback in less than 6 months. A large majority of
their sales costs are allocated towards an outbound sales team of three
business development representatives and three account executives.
What LTV does EngageRocket assume? EngageRocket
currently assumes a lifetime value between $28k and
$33k right now.
The company has not reached profitability at this point and just
closed a seed round earlier this month.
To date, EngageRocket has grown to scale with just $450k in total
funding. Their team of 17 full-time employees is gearing up to use their
$640k seed round for continued expansion.

Can’t Find a Slide? Shufflrr, Doing
$100k in MRR, Can Help!
How they doubled revenue year over year with 110%
annual revenue retention.
On how many occasions have you wasted valuable time
perusing your documents, drive folders, and emails look-
ing for a specific slide? Perhaps it’s from a presentation you creat-
ed or one you’re borrowing from another successful pitch. Either way,
few things are as frustrating as not being able to find the right presen-
tation when it matters the most.
Shufflrr has been designed to redefine the way corporations and
companies manage their presentations. Their interface can search
through hundreds of thousands of decks and dig out the exact slide
you’re looking for, in record time. Their software enables sales and
marketing teams to spend less time preparing and more time selling.
How much is Shufflrr doing in MRR? Shufflrr is a pure-play
SaaS company playing in the enterprise space. Their average customer
pays them approximately $1k per month and scales up based on the
number of seats utilized.
ACCORDING TO CEO JAMES ONTRA: the company has
grown to 100 paying customers today and is at $100k in
MRR.
Shufflrr has doubled revenue year over year, up from $50k in MRR
12 months ago.
What is Shufflrr’s churn? Ontra noted that Shufflrr is below
10% in terms of gross revenue churn annually and has hit 110% in an-
nual revenue retention. The company spends $2,500 to acquire a new
customer, mostly allocating funds toward content marketing creation,
and receives payback within 3 months.
Shufflrr was launched in 2013 and landed its first customer the fol-
lowing year. Ontra has proudly bootstrapped the company and has
been profitable since day one. Going forward, the Shufflrr team of
12 is focused on raising $2M in capital in order to create additional
enterprise features.
CEO/FOUNDER
Shufflrr
James Ontra
ARR
MRR
ARPU
TOTAL CUSTOMERS
2016 REVENUE
INDUSTRY
Team Communication
$1.2M
100
$1K
$100K
$1.2M

How GetAccept Tripled Revenue
to $1.7M in ARR
How limiting churn in the SMB space has driven
impressive growth.
When a sale is verbally committed to, it’s crucial to en-
sure any and all remaining friction is eliminated in order
to get the deal done. Many great partnerships have fallen apart
at the eleventh hour due to minute details. Your team cannot afford to
take any risks.
GetAccept has built a trusted eSignature solution for your business
that allows sales teams to upload and send documents with a single
click and increase their close rates. Their smart tracking gives real-time
insights, helps your team keep track of your pipeline, and maximize
your performance with advanced reporting.
How much is GetAccept doing in ARR? GetAccept is a pure-
play SaaS company that charges its customers upfront, on an annual
basis. According to CEO Samir Samjic, the average user pays them
$30 per month today.
WITH A FREEMIUM MODEL GetAccept has scaled to
4,700 paying customers at this point in time and is cur-
rently doing $1.7M in ARR.
The company has nearly tripled year over year and was doing just
$670k in revenue one year ago.
Samijic attributes the increase in hiring for their sales and market-
ing team, as well as the viral nature of the product for this impres-
sive growth. Each document sent using GetAccept includes branding
which consequently increases awareness of the product. The company
also has relied heavily on co-marketing partnerships with CRMs such
as Hubspot, Pipedrive, and Microsoft Dynamics to bring in additional
business.
What is GetAccept’s churn? Despite being in the SMB space,
GetAccept has exhibited impressive customer retention to date. The
company is currently churning less than 1% of their logos each month
and has hit 105% net revenue retention annually.
In terms of customer acquisition, GetAccept is paying ap-
proximately $220 to land a new customer and is receiv-
ing full payback on a cash basis immediately.
Samijic explained that they assume an LTV of $700-800 over the
course of 24 months right now.
How much has GetAccept raised? After graduating from Y
Combinator, the company raised a bridge round, bringing their total
raised to $1.8M. Their team of 26 full-time employees is distributed
throughout the world and is focused on finding ways to enter an earlier
part of the sales funnel going forward.
CEO/FOUNDER
GetAccept
Samir Samjic
ARR
MRR
ARPU
TOTAL CUSTOMERS
2016 REVENUE
INDUSTRY
Sales Automation
$528K
4.7K
$30
$142K
$1.7M

Hi Platform at $750k in MRR in
Brazil with Just $2M Raised
The numbers behind Hi Platform’s domination in Brazil.
Relating to your consumers is a surefire way to increase
conversions and facilitate beneficial, long-term relation-
ships with them. And with social media, browser and push notifica-
tions, email, and many other channels, there are more ways than ever
to accomplish this.
Hi Platform is a customer care platform focused on helping media
and enterprise businesses get the most out of these channels and better
relate with their customers. They deliver software like their chatbots,
email management tools, social media optimizers, and more in order to
help businesses monitor, engage, and automate their outreach efforts.
How much is Hi Platform doing in MRR? Hi Platform is a
pure-play SaaS company that charges its customers on a monthly ba-
sis. Their ARPU is approximately $1k per month and drive notable
expansion revenue via product upsells. New customers typical begin at
monthly plans around $400-500 and scale up.
Today, the company is serving 800 total customers, according to
CEO Marcelo Pugliesi.
Hi Platform is currently doing $750k in MRR and is grow-
ing revenue at a rate of 20-25% year over year.
What is Hi Platform’s churn? Hi Platform is currently exhibit-
ing 2.5% net revenue churn per month. The company pays between
$1,500 and $2k in CAC right now and is receiving payback within 8
months. Pugliesi noted that the company is acquiring new customers
via events, inbound sales, and cold calls.
With only $2M raised since its founding in 2000, Hi Plat-
form has scaled rather efficiently.
The company has grown its team to 180 full-time employees across
Brazil and is currently looking to raise $5-7M at a $20M pre-money
valuation.
When asked if he would sell the company for a price of 4x annual
revenue, Pugliesi did not express interest. Going forward, he and the
entire team see a lot of room to grow and will look to accomplish this
feat after raising additional capital.

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