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Penji

20 statements across 1 episodes · 4 bullish · 0 bearish · 2 people on the record · first statement Nov 4, 2020 by Jonathan Grzbowski · said 38 times in 2 episodes since 2020 · across every show →

Mentions by year

brought up most by Nathan Latka (29), Jonathan Grzbowski (9)

tap a year for its mentions
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2020 38 mentions in 2 episodes 19 per episode

every mention, scene by scene, with the transcript →

Everything said about Penji, oldest first

Nov 4, 2020 positive
Assertion Not checkable as stated
Penji maintains 60% to 70% net profit margins on design subscriptions
“Oh, absolutely. We're definitely profitable. You know, I'd say somewhere in the realm of 60 to 70%, depending on the month.”
Jonathan Grzbowski Nov 4, 2020 ▶ 16:39 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020 positive
Assertion Not checkable as stated
Penji generates over $350,000 in monthly recurring revenue
“You're looking at around a little bit over three 50.”
Jonathan Grzbowski Nov 4, 2020 ▶ 12:51 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020
Assertion Not checkable as stated
Penji is approaching 1,000 active monthly design subscription customers
“Yeah, we're approaching a thousand now.”
Jonathan Grzbowski Nov 4, 2020 ▶ 11:52 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020 positive
Assertion Not checkable as stated
Penji sources full-time design talent from South America, Vietnam, and Philippines
“We primarily source our talent in South America. We primarily source our talent in Vietnam. My business partner is actually Vietnamese and also the Philippines.”
Jonathan Grzbowski Nov 4, 2020 ▶ 18:41 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020 bullish
Prediction Not checkable as stated
Venture-backed competitors cannot defeat Penji with paid ads due to SEO
“I don't think that that would work because at the end of the day our SEO in particular and our just brand recognition is going to speak for itself.”
Jonathan Grzbowski Nov 4, 2020 ▶ 28:49 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020
Assertion Not checkable as stated
Grzbowski: Penji MRR was $160,000 to $175,000 one year prior
“I would say probably around one 61 75 this time last year.”
Jonathan Grzbowski Nov 4, 2020 ▶ 13:03 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020
Assertion Not checkable as stated
Penji operates with a total team headcount of 133 people
“I think we're at like one 33 to be exact.”
Jonathan Grzbowski Nov 4, 2020 ▶ 19:16 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020
Assertion Not checkable as stated
Penji employs 150 full-time designers rather than operating a freelance marketplace
“We have a 150 designers essentially working for us. We pay them full time. They're under our brand. They do not work for anybody else.”
Jonathan Grzbowski Nov 4, 2020 ▶ 11:23 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020
Disclosure
Grzbowski: Penji spends roughly $50,000 per month on paid ads
“I'd say roughly 50.”
Jonathan Grzbowski Nov 4, 2020 ▶ 20:49 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020 neutral
Opinion
Latka: Graphic design services face churn from Google ad bidding wars
“Churn is an issue, but it's an issue for everybody in this space as it really is sort of a bidding war on keywords in Google.”
Nathan Latka Nov 4, 2020 ▶ 33:50 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020 neutral
Assertion Not checkable as stated
Penji acquires $499-per-month customers for just $250 via paid ads
“I would be somewhere around two something two 42 50, somewhere around there.”
Jonathan Grzbowski Nov 4, 2020 ▶ 14:25 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020
Disclosure
Penji is completely bootstrapped and plans to never seek outside capital
“So we're actually bootstrapped. We've never received an ounce of funding. We've, don't plan on ever looking for funding, et cetera.”
Jonathan Grzbowski Nov 4, 2020 ▶ 4:41 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020 neutral
Assertion Not checkable as stated
Penji monthly revenue churn is between 10% and 20%
“So it's somewhere between 10 to 20, excuse me, 10 to 20%, depending upon the month. And I say that because it was skewed because of COVID. But in short, we want to get under 15. Last month in particular, it was somewhere around 12%.”
Jonathan Grzbowski Nov 4, 2020 ▶ 23:22 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020
Assertion Not checkable as stated
Founders leveraged up to $100,000 in agency resources to build Penji
“Waterfront Media, we use the leverage and the resources from Waterfront Media, which was the agency to fuel that. So, I mean, if you're looking for that, I would say in all maybe 50 to a 100,000 dollars.”
Jonathan Grzbowski Nov 4, 2020 ▶ 6:13 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020 neutral
Opinion
Grzbowski: 99designs is probably Penji's biggest competitor
“I would either say that or not like a 99 design for sure. That's probably our biggest our biggest competitor is that.”
Jonathan Grzbowski Nov 4, 2020 ▶ 25:27 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020
Disclosure
Grzbowski: Penji pays affiliate partners a 15% recurring commission
“15%.”
Jonathan Grzbowski Nov 4, 2020 ▶ 22:19 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020 neutral
Assertion Not checkable as stated
Founders fired entire agency staff to instantly rehire them for Penji
“We actually did something very interesting. We fired every single person on Waterfront Media, and then rehired them under Penji.”
Jonathan Grzbowski Nov 4, 2020 ▶ 7:05 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020
Disclosure
Grzbowski took no formal paycheck for six years while building Penji
“There was a time where I didn't receive a paycheck for close to six years of just of saving and just driving it back into the business.”
Jonathan Grzbowski Nov 4, 2020 ▶ 8:51 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020
Assertion Not checkable as stated
Grzbowski: Penji's average customer pays around $499 per month
“Our middle package is four 99. So I would say, and on average would be that.”
Jonathan Grzbowski Nov 4, 2020 ▶ 11:04 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Nov 4, 2020
Assertion Not checkable as stated
Grzbowski: Penji's average customer stays for four to six months
“Somewhere around four to six months.”
Jonathan Grzbowski Nov 4, 2020 ▶ 22:30 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
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