Gusto

“So we grew from that like hundred customers in that first month to a thousand in the first year.”

“The majority of our customer acquisition in that first year was coming from customers telling, you know, their friends, telling other business owners they know in their communities, on their email lists, you know, in their, you know small business forums, like…”

“There's about 500,000 new employers each year in the U.S., and only about half make it to year five.”

“Our initial ACVs were like 500 bucks-ish.”

“At some point, Gusto, you know, will be a public company.”

“When Gusto went live, And I know we'll talk about this shortly, about a year after we got started. Like it was a product that was just for new companies in California with full-time employees who had never, you know, paid someone before and they could just do …”

“I think it's a flag if people love a product because of pricing is number one, like pricing was number like six. And we had people telling us like, you should raise your prices, your two sheets, which is also a pretty good sign, frankly, but like the number on…”

“When we started Gusto, you had close to 40% of companies in the U.S. Doing payroll by hand. You had close to that same percentage, you know, 30 to 40% getting fined, penalized by the government for making mistakes. You had billions and billions of dollars of p…”

“So we've gone to around, I think like, 50, 60 companies using Gusto prior to launching. But once we launched, we had a hundred companies sign up that we had never talked to all across California who we had never met.”

“It was 20 founders, CEOs that You know, did that seed round. It was the founders of PayPal and Instagram and Mint and Eventbrite and Stripe and Nest and a whole bunch of really incredible businesses Box and Dropbox.”

“So when we did our Series A, which I know is fast-forwarding a bit in 2013 we still had like two-thirds of that seed round in the bank”

“Like we had a fantastic fundraising moment in that spring where, where we did a six million dollar seed round.”

“It wasn't until 2015 was actually getting to nationwide coverage.”

“We chose payroll to start because it is the de facto system of record for employee data, and it's the least optional part of the stack. Another way to think of it is, like, if you don't pay someone, they quit, and so it is the medicine, not the vitamin”

“I mean, you're at, like, you know, over five hundred million in revenue, nearly ten billion valuation, over 300,000 customers selling to, like, SMBs, which is just absolutely mind-blowing.”

“So early on customer growth, I mentioned that thousand was the first year. Next year was around 9000.”

“That means eventually Augusta will be serving all size companies in all countries around the world with, you know, all pain points tied to running a business.”

“There was a lot of ideas came out, which were just like taking consumer grade product and design and applying it to just like the Slack kind of thing. The Slack, Stripe, Gusto, et cetera.”