PandaDoc

“We scaled outbound sales. We have about 1200 unique signups a day. So we're a massive inbound machine.”

“Inbound is you cast a wide net and you catch anything. So lots of small businesses, lots of small deals. And you know, that's fantastic. That's great. But the LTV of those customers, you're in the four K range, right?”

“So we have Nikita, two co-founders, CTO, CEO. They started it in Belarus. So that's where our tech team is. There's 25 devs there. And then we have, oh gosh, about 40 people in San Francisco. So sales, marketing, ops, or all here stateside.”

“We could be profitable tomorrow if we wanted to be. We're focused on growth right now and top line more so than that.”

“Ten million.”

“Quote Roller was bootstrapped to profitability, and then PandaDoc was launched as a product, and then we raised money after we had profits in Quote Roller and profits in PandaDoc.”

“We did a five million dollar series A in July, and then we're just fixing to announce. So I bet this is the first time the public is hearing this. We raised a four million dollar add on debt round with a square one bank.”

“And then what we're trying to do is grow, you know, an outbound sales development team, and then also build our partner program, which is what I oversee to grow that LTV you know, upwards of 10 K, right? That's the objective. Get us above 10,000 dollars per Yo…”

“And now we're at 300 K MRR and 400,000 users.”

“We've built and close partnerships with companies as large as HubSpot Oracle Salesforce where basically our product is in front of their customers and they're kind of, Power resellers, so to speak.”

“Panda doc is a kind of a general purpose document management system. They do signatures and you can, you know, have contracts and that kind of thing. But for us, we were kind of like laser focused on mainly the digital agency space and giving them the design t…”

“Yeah, I was actually a U.S. Employee number one and started that sales team there.”

“We had Jared Fuller and Makita on, and they talked about how they passed ten million bucks in ARR in 2016.”

“No, definitely not.”

“The cheap products and services are being taken over by e-commerce, by two-sided marketplaces. And where we focus is is, is basically deals that have a substantial value. Deals that require some kind of paperwork.”

“That's fair.”

“We benchmark ourselves against against basically 12 months payback. And the reason, and by the way, like we do that primarily on the sales assisted deals.”

“That's the plan.”

“Our outbound sales team Has the worst cac-LTV ratio, and we're, like, cac-to-ACV ratio, not cac-to-LTV, cac-to-ACV ratio, and you know, like, we know that, we're aware of that.”

“Like we have more than a hundred people in the org and there are two people that focus on demand gen.”

“What's fundamentally different about PandaDoc is that PandaDoc is not built on top of PDF. So the templates that we create, they're not PDF files. They're HTML pages. And when you send a document through Panda doc, you pretty much send a link to a web app, to …”

“Revenue, that's the case. Actually, that's going to be that's going to be negative, right?”

“So like, money is immaterial. At some point, like when you, I think like when every founder breaks, breaks like, Three million dollar AR mark. It's like, doesn't matter. Like whatever you do, you're going to be wealthy.”

“19 and a half.”

“More than 7000.”

“So basically what happens is that we do get a lot of freelancers that sign up for an account, and they close a large deal. And they work that deal for like three, four, five months, whatever, and they cancel their account, therefore, and then they reactivate. …”

“Combined together, if we look at the number of accounts, that would be way over 10,000. That would be like way over 12 at this point.”

“It's more than that. It's closer to a hundred.”

“We're under a quarter of a million.”

“Churn is a, you know, is something that I wouldn't probably be disclosing on a podcast, but it is much lower than five percent.”

“Depends in bookings. Yes. In MRR, we're a little shy of that.”

“Series B was no, no, no, it was 15. Yeah, prior to that raised five, so that makes a total of Close to 20”

“We've got about 90 people in Belarus. And we've got about 80 people in the U.S. Actually, to be correct, like 97 are in Belarus the last time I checked. A little over 70.”

“We are close to 10,000 accounts.”

“No, it's less. We're averaging 70%.”

“The reason we do professional services is, frankly, not to make money, but to ensure that our customers get to value faster. And that's that helps tremendously.”

“Yeah, it's pretty close to 16.”

“Belarus is fantastic for hiring engineers hundreds of outsourcing companies that you can pull from, and we've been fortunate to have our product organization in Minsk.”

“I mean, it's not dumb if you're not, you know, if you're not in, if you're not an SMB SaaS company, but it was pretty dumb for PandaDoc.”

“Close to 14,000.”

“We're trying to build a business that lasts, so we're, you know, cash flow neutral.”

“We continue to focus on small to mid-sized businesses, companies that have more from 10 to a couple hundred employees.”

“I'll tell you that our net net retention is positive.”

“Yeah. A little more than that.”

“It hasn't been the major driver of the growth. It's a good growth channel. Partnerships in general is a very good growth channel for us, but it hasn't been the major one.”

“We're not. No.”

“Well, we're not really measuring that revenue because that revenue is not that strategic for us. What's strategic is that we basically add more value to customers. Not only they can streamline their documents, but also a portion of payments through documents. …”

“We're actually a little bit under than 12 months with the payback”

“We're getting close to 19 right now.”

“I have to look into the spreadsheets, but we're doing something like 55, 60% year-over-year growth.”

“We were never dependent on anyone to drive our growth.”

“The 23.”

“It's the COO of RingCentral who invested in our business early on and who helps with advice advice and, you know, kind of a little bit of guidance.”

“So, 800 product updates. You might call BS, but I checked today, like, how many did we do today? 24 so far. They're still going. And, ah, so that's all the updates we're delivering to production, which our customers can already use.”

“So the PandaDoc, we probably right now have roughly 300 feature flags, like, ah, in the different stages, some of them they're rolled out completely, some of them they're like still, maybe like one, two percent, but this is how it works.”

“And so we launch this and that feature flag to 100%. It's done, but it's not. And the teams don't know about this. They can sell it. They don't know, like, how it works and all those things. So this is very important to kind of, like, close the loop and Capita…”

“When you hit scale, and when you have four teams working on the different things in the different parts of the application, launching this to the users, and 300 feature tags, what it creates a big mess, which you put on your customers.”