Gusto

“At Gusto, we actually give everyone on their one-year anniversary a free plane ticket anywhere in the world. That expires on their second year anniversary specifically for this reason.”

“We have now over 25,000 small businesses spread across the country over half a percent of all employers in America using the product, partnering with us.”

“And so our seed round, which we did in 2012, we actually had several different VC firms offer, and we actually declined all VC firms. We did a seed round with about 20 CEOs, and it was all individuals. And today, We've done that in every round. We have about 7…”

“Yeah, we did a kind of an insider round, fifty million dollars, but the company in aggregate has raised about one hundred and thirty six million.”

“So we give folks a one or two month free trial when they start and over 98% convert from the free trial to being a paid customer.”

“We still had fifty million in the bank in December, and basically some of our existing investors were really excited about how we were doing, and were interested in putting in additional capital, and so we basically set terms and then welcomed them in as incre…”

“So it's not only the PR aspect, but they're backed by big national banks and those banks can't touch cannabis cash and they need those banks to run payroll through. So because of that hurdle, they cannot service this clientele which leaves a big opportunity.”

“The last time I actually said Gusto, I think, and we are moving away from Gusto. We've just kind of been reached the point where we're outgrowing them.”

“Our target was somewhere close to probably about 10 was what we were thinking about raising ten million.”

“We got offers anywhere at a fifty million, a hundred million. I mean, even one that was above that as well.”

“I mean, again, there was nobody that was literally on our cap table at the time, right? We had a convertible note at best.”

“We were close. Yeah.”

“We were at roughly 15.”

“And he was the first M&A deal that Gusto did, which we'll talk about.”

“The pricing power of the large players in the space was really commoditizing the industry. And then you had, you know, the introduction of companies like Gusto which came in with, you know, really low pricing working a lot through the CPA channel. So especiall…”