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May 27, 2026 · 21m · top-founders

$28M Series A at $100M Val: The Pest Control SaaS Nobody Saw Coming

Justin Clements · 13m spoken Nathan Latka · 6m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this interview, PestShare co-founder Justin Clements and host Nathan Latka discuss how the vertical SaaS startup scaled to 300,000 residential doors, doubled ARR year-over-year past $10 million, and secured a $28 million Series A at a $100 million valuation.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 34.1% of the talking time here. How this is scored →

Nathan as informed peer 6.8 Guest teaching 4.2 Guest disagreement 1.5 Nathan pushing back 4.2
05100:0010:0020:000:44–4:17 · Nathan as informed peer 5/10 From D1 Football Safety to B2B SaaS Entrepreneur Latka opens with an easygoing exploration of Justin's athletic background before steering into product mechanics and go-to-market workflows. Justin provides an in-depth walkthrough of how their resident-facing triage software integrates into property management systems. The dynamic is highly cooperative and informative with zero friction.4:22–7:13 · Nathan as informed peer 6/10 Scaling to Two Thousand Logos and Three Hundred Thousand Doors Latka drills down into specific operating metrics, clarifying the difference between logos and doors under management while estimating unit pricing. Justin readily shares their 2,000 logo and 300k door milestones alongside the $5 to $29 pricing tiers. The exchange is methodical and collaborative.7:13–9:42 · Nathan as informed peer 7/10 Founderpath Capital Deployment and SaaS Founder Pitch Latka introduces a sharp theoretical challenge about product churn, asking why clients wouldn't cancel once pest issues are resolved. Justin counters by framing the software as preventative maintenance rather than one-off remediation, which Latka categorizes as a classic vitamin versus painkiller sale.9:42–13:21 · Nathan as informed peer 8/10 Converting Contracted ARR to Achieve One Hundred Million Valuation Latka pushes for the Series A valuation figure, prompting Justin to explain the complex gap between contracted ARR and live ARR during property onboarding cycles. Latka validates the financial terminology and presses again until Justin confirms the $100M valuation mark.13:21–15:47 · Nathan as informed peer 8/10 Securing Series A Lead Partner Integrity Growth Partners Latka displays deep venture market knowledge by citing Integrity Growth Partners' fund size and concentrated bet strategy. Justin agrees and elaborates on why private equity operational discipline mattered more to them than traditional venture capital.15:47–19:53 · Nathan as informed peer 7/10 Optimizing Gross Margins and Financial Modeling with Private Equity Latka investigates the mechanics of secondary capital and challenges Justin on prior capitalization history after assuming the company was entirely bootstrapped. Justin clarifies their previous seed and bridge rounds while explaining how the secondary allocation originated from investor appetite.0:44–4:17 · Guest teaching 4/10 From D1 Football Safety to B2B SaaS Entrepreneur Latka opens with an easygoing exploration of Justin's athletic background before steering into product mechanics and go-to-market workflows. Justin provides an in-depth walkthrough of how their resident-facing triage software integrates into property management systems. The dynamic is highly cooperative and informative with zero friction.4:22–7:13 · Guest teaching 3/10 Scaling to Two Thousand Logos and Three Hundred Thousand Doors Latka drills down into specific operating metrics, clarifying the difference between logos and doors under management while estimating unit pricing. Justin readily shares their 2,000 logo and 300k door milestones alongside the $5 to $29 pricing tiers. The exchange is methodical and collaborative.7:13–9:42 · Guest teaching 5/10 Founderpath Capital Deployment and SaaS Founder Pitch Latka introduces a sharp theoretical challenge about product churn, asking why clients wouldn't cancel once pest issues are resolved. Justin counters by framing the software as preventative maintenance rather than one-off remediation, which Latka categorizes as a classic vitamin versus painkiller sale.9:42–13:21 · Guest teaching 6/10 Converting Contracted ARR to Achieve One Hundred Million Valuation Latka pushes for the Series A valuation figure, prompting Justin to explain the complex gap between contracted ARR and live ARR during property onboarding cycles. Latka validates the financial terminology and presses again until Justin confirms the $100M valuation mark.13:21–15:47 · Guest teaching 3/10 Securing Series A Lead Partner Integrity Growth Partners Latka displays deep venture market knowledge by citing Integrity Growth Partners' fund size and concentrated bet strategy. Justin agrees and elaborates on why private equity operational discipline mattered more to them than traditional venture capital.15:47–19:53 · Guest teaching 4/10 Optimizing Gross Margins and Financial Modeling with Private Equity Latka investigates the mechanics of secondary capital and challenges Justin on prior capitalization history after assuming the company was entirely bootstrapped. Justin clarifies their previous seed and bridge rounds while explaining how the secondary allocation originated from investor appetite.0:44–4:17 · Guest disagreement 1/10 From D1 Football Safety to B2B SaaS Entrepreneur Latka opens with an easygoing exploration of Justin's athletic background before steering into product mechanics and go-to-market workflows. Justin provides an in-depth walkthrough of how their resident-facing triage software integrates into property management systems. The dynamic is highly cooperative and informative with zero friction.4:22–7:13 · Guest disagreement 1/10 Scaling to Two Thousand Logos and Three Hundred Thousand Doors Latka drills down into specific operating metrics, clarifying the difference between logos and doors under management while estimating unit pricing. Justin readily shares their 2,000 logo and 300k door milestones alongside the $5 to $29 pricing tiers. The exchange is methodical and collaborative.7:13–9:42 · Guest disagreement 2/10 Founderpath Capital Deployment and SaaS Founder Pitch Latka introduces a sharp theoretical challenge about product churn, asking why clients wouldn't cancel once pest issues are resolved. Justin counters by framing the software as preventative maintenance rather than one-off remediation, which Latka categorizes as a classic vitamin versus painkiller sale.9:42–13:21 · Guest disagreement 2/10 Converting Contracted ARR to Achieve One Hundred Million Valuation Latka pushes for the Series A valuation figure, prompting Justin to explain the complex gap between contracted ARR and live ARR during property onboarding cycles. Latka validates the financial terminology and presses again until Justin confirms the $100M valuation mark.13:21–15:47 · Guest disagreement 1/10 Securing Series A Lead Partner Integrity Growth Partners Latka displays deep venture market knowledge by citing Integrity Growth Partners' fund size and concentrated bet strategy. Justin agrees and elaborates on why private equity operational discipline mattered more to them than traditional venture capital.15:47–19:53 · Guest disagreement 2/10 Optimizing Gross Margins and Financial Modeling with Private Equity Latka investigates the mechanics of secondary capital and challenges Justin on prior capitalization history after assuming the company was entirely bootstrapped. Justin clarifies their previous seed and bridge rounds while explaining how the secondary allocation originated from investor appetite.0:44–4:17 · Nathan pushing back 2/10 From D1 Football Safety to B2B SaaS Entrepreneur Latka opens with an easygoing exploration of Justin's athletic background before steering into product mechanics and go-to-market workflows. Justin provides an in-depth walkthrough of how their resident-facing triage software integrates into property management systems. The dynamic is highly cooperative and informative with zero friction.4:22–7:13 · Nathan pushing back 3/10 Scaling to Two Thousand Logos and Three Hundred Thousand Doors Latka drills down into specific operating metrics, clarifying the difference between logos and doors under management while estimating unit pricing. Justin readily shares their 2,000 logo and 300k door milestones alongside the $5 to $29 pricing tiers. The exchange is methodical and collaborative.7:13–9:42 · Nathan pushing back 5/10 Founderpath Capital Deployment and SaaS Founder Pitch Latka introduces a sharp theoretical challenge about product churn, asking why clients wouldn't cancel once pest issues are resolved. Justin counters by framing the software as preventative maintenance rather than one-off remediation, which Latka categorizes as a classic vitamin versus painkiller sale.9:42–13:21 · Nathan pushing back 6/10 Converting Contracted ARR to Achieve One Hundred Million Valuation Latka pushes for the Series A valuation figure, prompting Justin to explain the complex gap between contracted ARR and live ARR during property onboarding cycles. Latka validates the financial terminology and presses again until Justin confirms the $100M valuation mark.13:21–15:47 · Nathan pushing back 4/10 Securing Series A Lead Partner Integrity Growth Partners Latka displays deep venture market knowledge by citing Integrity Growth Partners' fund size and concentrated bet strategy. Justin agrees and elaborates on why private equity operational discipline mattered more to them than traditional venture capital.15:47–19:53 · Nathan pushing back 5/10 Optimizing Gross Margins and Financial Modeling with Private Equity Latka investigates the mechanics of secondary capital and challenges Justin on prior capitalization history after assuming the company was entirely bootstrapped. Justin clarifies their previous seed and bridge rounds while explaining how the secondary allocation originated from investor appetite.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 37.5% · guest 62.5%0:00 · Nathan 37.5% · guest 62.5%3:00 · Nathan 19.8% · guest 80.2%3:00 · Nathan 19.8% · guest 80.2%6:00 · Nathan 52.5% · guest 47.5%6:00 · Nathan 52.5% · guest 47.5%9:00 · Nathan 32.1% · guest 67.9%9:00 · Nathan 32.1% · guest 67.9%12:00 · Nathan 24.4% · guest 75.6%12:00 · Nathan 24.4% · guest 75.6%15:00 · Nathan 25.7% · guest 74.3%15:00 · Nathan 25.7% · guest 74.3%18:00 · Nathan 40.4% · guest 59.6%18:00 · Nathan 40.4% · guest 59.6%21:00 · Nathan 93.9% · guest 6.1%21:00 · Nathan 93.9% · guest 6.1%
Sharpest disagreement ▶ 7:59 Challenging the cancellation premise

Justin rejects Latka's premise that customers should cancel when no pests are visible, explaining that the absence of pests is proof the preventative system is working.

 Hardest push from Nathan ▶ 11:52 Demanding the valuation number after deflection

Latka refuses to let Justin off the hook with a long explanation of contracted ARR versus live ARR, directly pointing out that he provided the buildup without revealing the final valuation.

 Biggest teaching moment ▶ 10:06 Explaining contracted ARR conversion mechanics

Justin educates Latka on why SaaS embedded in real estate leases experiences onboarding lag, requiring customer success to convert contracted ARR to live ARR across renewal cycles.

 Nathan holds their own ▶ 14:41 Reciting lead investor fund data

Latka demonstrates specialized market knowledge by citing Integrity Growth Partners' exact fund size and their hyper-concentrated investment approach of backing single-digit portfolio companies.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
From D1 Football Safety to B2B SaaS Entrepreneur 5412 Latka opens with an easygoing exploration of Justin's athletic background before steering into product mechanics and go-to-market workflows. Justin provides an in-depth walkthrough of how their resident-facing triage software integrates into property management systems. The dynamic is highly cooperative and informative with zero friction.
Scaling to Two Thousand Logos and Three Hundred Thousand Doors 6313 Latka drills down into specific operating metrics, clarifying the difference between logos and doors under management while estimating unit pricing. Justin readily shares their 2,000 logo and 300k door milestones alongside the $5 to $29 pricing tiers. The exchange is methodical and collaborative.
Founderpath Capital Deployment and SaaS Founder Pitch 7525 Latka introduces a sharp theoretical challenge about product churn, asking why clients wouldn't cancel once pest issues are resolved. Justin counters by framing the software as preventative maintenance rather than one-off remediation, which Latka categorizes as a classic vitamin versus painkiller sale.
Converting Contracted ARR to Achieve One Hundred Million Valuation 8626 Latka pushes for the Series A valuation figure, prompting Justin to explain the complex gap between contracted ARR and live ARR during property onboarding cycles. Latka validates the financial terminology and presses again until Justin confirms the $100M valuation mark.
Securing Series A Lead Partner Integrity Growth Partners 8314 Latka displays deep venture market knowledge by citing Integrity Growth Partners' fund size and concentrated bet strategy. Justin agrees and elaborates on why private equity operational discipline mattered more to them than traditional venture capital.
Optimizing Gross Margins and Financial Modeling with Private Equity 7425 Latka investigates the mechanics of secondary capital and challenges Justin on prior capitalization history after assuming the company was entirely bootstrapped. Justin clarifies their previous seed and bridge rounds while explaining how the secondary allocation originated from investor appetite.

Statements from this episode (13)

Assertion Supported
PestShare is the first on-demand residential pest control platform
“So we're a kind of first ever on demand pest control platform that's designed to give residents the tools directly in their hands to request pest control services.”
Justin Clements May 27, 2026 ▶ 1:27
Assertion Not checkable as stated
PestShare manages 300,000 doors across 2,000 customer logos
“I think we're at roughly about close to 2000, and then on doors under management, ultimately, where I think we're, we just breached over about 300,000 now.”
Justin Clements May 27, 2026 ▶ 5:15
Disclosure
PestShare charges between $5 and $29 per door monthly
“So by door, ultimately, it ranges from anywhere from five dollar plans all the way up to a 29 dollar plan, and really the way that it works is it's very much, very similar to kind of a warranty basis, and so we have a coverage-based system, so we'll have certa…”
Justin Clements May 27, 2026 ▶ 6:24
Prediction Not checkable as stated
PestShare projects $17M to $18M in ARR for 2026
“We'll end about this year, probably around 17, eighteen million.”
Justin Clements May 27, 2026 ▶ 8:58
Assertion Not checkable as stated
PestShare finished 2025 at just over $10M in ARR
“We finished in 25 just over five million, sorry, just over ten million in 20, 25.”
Justin Clements May 27, 2026 ▶ 9:11
Assertion Not checkable as stated
PestShare has roughly doubled its revenue every year since inception
“We've doubled pretty much every year since inception early days. We did a little bit more since 20, 24. We've doubled every, every single year, and we're looking to do the same thing this year.”
Justin Clements May 27, 2026 ▶ 9:18
Insight
Founders must prove contracted-to-live ARR conversion before fundraising
“Being able to give yourself enough time before you actually start fundraising, build that talk track, to build the proof in the pudding ultimately, to say, here's our contracted revenue, this is ultimately how we're converting, this is our confidence in the co…”
Justin Clements May 27, 2026 ▶ 12:23
Disclosure
PestShare raised its $28M Series A at a $100M valuation
“Yeah, we said a hundred million dollar valuation. You're right on the nose.”
Justin Clements May 27, 2026 ▶ 13:15
Disclosure
$25M of PestShare's $28M Series A was primary capital
“Most of it was primary. I think only did a, like a very small portion of secondary, but most of it, I'm going to say 25 was primary.”
Justin Clements May 27, 2026 ▶ 13:38
Disclosure
IGP's first priority was restructuring PestShare's P&L and COGS
“I would actually say that they're the biggest thing that they kind of first started to work through was creating a sustainable and repeatable you know, model ultimately. And what I mean by that is tracking the right things and understanding in the right way, w…”
Justin Clements May 27, 2026 ▶ 15:56
Disclosure
PestShare's Series A founder secondary was spurred by lead investor IGP
“Actually, it was spurred by IGP.”
Justin Clements May 27, 2026 ▶ 18:59
Disclosure
PestShare was entirely bootstrapped until taking its first check in 2020
“We were bootstrapped until twenty-twenty, when we took our first check”
Justin Clements May 27, 2026 ▶ 19:13
Disclosure
PestShare raised a $1M seed and $4M bridge before Series A
“We did four million in the bridge, and then one million in the seed.”
Justin Clements May 27, 2026 ▶ 19:28
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