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Jun 8, 2022 · 20m · top-founders

This SaaS makes sure your gas station doesnt' run out of chargers. You won't believe their revenue.

Guy Freary · 10m spoken Nathan Latka · 7m 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 episode of Conversations with Nathan Latka, Dolado co-founder and CEO Guy Freary details how his company digitizes offline Brazilian retailers using free management software and wholesale electronics distribution. Freary breaks down Dolado's $2.4 million GMV run rate, 13% net contribution margin, $10 million Series A funding, and long-term roadmap for embedded financial services.

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 41.6% of the talking time here. How this is scored →

Nathan as informed peer 4.7 Guest teaching 3.0 Guest disagreement 2.3 Nathan pushing back 4.0
05100:0010:0020:000:40–3:38 · Nathan as informed peer 4/10 Introducing Guy Freary and His Founder Background Nathan introduces Guy's background and immediately presses him on whether Delato is just a side gig and where the actual SaaS component is. Guy clarifies that Delato is his primary focus and explains that the software is currently given away for free as a customer acquisition tactic for their marketplace.3:39–8:36 · Nathan as informed peer 7/10 Marketplace Metrics, Order Volume, and Unit Economics Nathan digs into order volumes, 1P versus 3P sales, and independently calculates the gross margin and contribution margin run rates. Guy explains that over 90% of their volume is direct 1P inventory and clarifies their 28% gross margin and 13% net contribution margin.8:37–11:02 · Nathan as informed peer 4/10 Customer Persona and Long-Term Data Monetization Strategy Nathan establishes an analogy of convenience stores buying chargers, and Guy educates Nathan on his sequencing strategy. Guy explains why monetizing SaaS immediately would be a mistake, arguing that transaction data is essential first before offering lending and charging software fees.11:05–15:29 · Nathan as informed peer 7/10 Sponsor Message: LinkedIn Advertising Solutions Following an ad read, Nathan challenges Guy on their Series A valuation, arguing that treating marketplace volume like pure SaaS revenue creates an unsustainable 120x multiple on take-rate revenue. Guy defends the valuation by highlighting their market positioning and superior contribution margins relative to competitors.15:30–18:06 · Nathan as informed peer 5/10 Team Expansion, Burn Management, and Series B Targets Nathan probes into headcount, monthly cash burn, and runway, doing quick division on the capital raised. Guy explains their capital preservation strategy and outlines the benchmarks they need to hit for a future Series B.18:07–19:31 · Nathan as informed peer 1/10 The Famous Five Rapid-Fire Questions The interview concludes with standard rapid-fire questions covering favorite business books, admired CEOs, software tools, and personal habits.0:40–3:38 · Guest teaching 3/10 Introducing Guy Freary and His Founder Background Nathan introduces Guy's background and immediately presses him on whether Delato is just a side gig and where the actual SaaS component is. Guy clarifies that Delato is his primary focus and explains that the software is currently given away for free as a customer acquisition tactic for their marketplace.3:39–8:36 · Guest teaching 3/10 Marketplace Metrics, Order Volume, and Unit Economics Nathan digs into order volumes, 1P versus 3P sales, and independently calculates the gross margin and contribution margin run rates. Guy explains that over 90% of their volume is direct 1P inventory and clarifies their 28% gross margin and 13% net contribution margin.8:37–11:02 · Guest teaching 5/10 Customer Persona and Long-Term Data Monetization Strategy Nathan establishes an analogy of convenience stores buying chargers, and Guy educates Nathan on his sequencing strategy. Guy explains why monetizing SaaS immediately would be a mistake, arguing that transaction data is essential first before offering lending and charging software fees.11:05–15:29 · Guest teaching 4/10 Sponsor Message: LinkedIn Advertising Solutions Following an ad read, Nathan challenges Guy on their Series A valuation, arguing that treating marketplace volume like pure SaaS revenue creates an unsustainable 120x multiple on take-rate revenue. Guy defends the valuation by highlighting their market positioning and superior contribution margins relative to competitors.15:30–18:06 · Guest teaching 2/10 Team Expansion, Burn Management, and Series B Targets Nathan probes into headcount, monthly cash burn, and runway, doing quick division on the capital raised. Guy explains their capital preservation strategy and outlines the benchmarks they need to hit for a future Series B.18:07–19:31 · Guest teaching 1/10 The Famous Five Rapid-Fire Questions The interview concludes with standard rapid-fire questions covering favorite business books, admired CEOs, software tools, and personal habits.0:40–3:38 · Guest disagreement 2/10 Introducing Guy Freary and His Founder Background Nathan introduces Guy's background and immediately presses him on whether Delato is just a side gig and where the actual SaaS component is. Guy clarifies that Delato is his primary focus and explains that the software is currently given away for free as a customer acquisition tactic for their marketplace.3:39–8:36 · Guest disagreement 2/10 Marketplace Metrics, Order Volume, and Unit Economics Nathan digs into order volumes, 1P versus 3P sales, and independently calculates the gross margin and contribution margin run rates. Guy explains that over 90% of their volume is direct 1P inventory and clarifies their 28% gross margin and 13% net contribution margin.8:37–11:02 · Guest disagreement 2/10 Customer Persona and Long-Term Data Monetization Strategy Nathan establishes an analogy of convenience stores buying chargers, and Guy educates Nathan on his sequencing strategy. Guy explains why monetizing SaaS immediately would be a mistake, arguing that transaction data is essential first before offering lending and charging software fees.11:05–15:29 · Guest disagreement 5/10 Sponsor Message: LinkedIn Advertising Solutions Following an ad read, Nathan challenges Guy on their Series A valuation, arguing that treating marketplace volume like pure SaaS revenue creates an unsustainable 120x multiple on take-rate revenue. Guy defends the valuation by highlighting their market positioning and superior contribution margins relative to competitors.15:30–18:06 · Guest disagreement 2/10 Team Expansion, Burn Management, and Series B Targets Nathan probes into headcount, monthly cash burn, and runway, doing quick division on the capital raised. Guy explains their capital preservation strategy and outlines the benchmarks they need to hit for a future Series B.18:07–19:31 · Guest disagreement 1/10 The Famous Five Rapid-Fire Questions The interview concludes with standard rapid-fire questions covering favorite business books, admired CEOs, software tools, and personal habits.0:40–3:38 · Nathan pushing back 4/10 Introducing Guy Freary and His Founder Background Nathan introduces Guy's background and immediately presses him on whether Delato is just a side gig and where the actual SaaS component is. Guy clarifies that Delato is his primary focus and explains that the software is currently given away for free as a customer acquisition tactic for their marketplace.3:39–8:36 · Nathan pushing back 5/10 Marketplace Metrics, Order Volume, and Unit Economics Nathan digs into order volumes, 1P versus 3P sales, and independently calculates the gross margin and contribution margin run rates. Guy explains that over 90% of their volume is direct 1P inventory and clarifies their 28% gross margin and 13% net contribution margin.8:37–11:02 · Nathan pushing back 3/10 Customer Persona and Long-Term Data Monetization Strategy Nathan establishes an analogy of convenience stores buying chargers, and Guy educates Nathan on his sequencing strategy. Guy explains why monetizing SaaS immediately would be a mistake, arguing that transaction data is essential first before offering lending and charging software fees.11:05–15:29 · Nathan pushing back 7/10 Sponsor Message: LinkedIn Advertising Solutions Following an ad read, Nathan challenges Guy on their Series A valuation, arguing that treating marketplace volume like pure SaaS revenue creates an unsustainable 120x multiple on take-rate revenue. Guy defends the valuation by highlighting their market positioning and superior contribution margins relative to competitors.15:30–18:06 · Nathan pushing back 4/10 Team Expansion, Burn Management, and Series B Targets Nathan probes into headcount, monthly cash burn, and runway, doing quick division on the capital raised. Guy explains their capital preservation strategy and outlines the benchmarks they need to hit for a future Series B.18:07–19:31 · Nathan pushing back 1/10 The Famous Five Rapid-Fire Questions The interview concludes with standard rapid-fire questions covering favorite business books, admired CEOs, software tools, and personal habits.

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

0:00 · Nathan 48.1% · guest 51.9%0:00 · Nathan 48.1% · guest 51.9%3:00 · Nathan 29.6% · guest 70.4%3:00 · Nathan 29.6% · guest 70.4%6:00 · Nathan 38.8% · guest 61.2%6:00 · Nathan 38.8% · guest 61.2%9:00 · Nathan 49.6% · guest 50.4%9:00 · Nathan 49.6% · guest 50.4%12:00 · Nathan 46.1% · guest 53.9%12:00 · Nathan 46.1% · guest 53.9%15:00 · Nathan 22% · guest 78%15:00 · Nathan 22% · guest 78%18:00 · Nathan 61% · guest 39%18:00 · Nathan 61% · guest 39%
Sharpest disagreement ▶ 14:22 Guest defends valuation and rejects pure SaaS multiple comparison

Guy firmly rejects Nathan's framing that investors are overpaying, arguing that their marketplace margins and dominant positioning in LATAM justify their funding metrics.

 Hardest push from Nathan ▶ 14:07 Host attacks valuation multiple based on take rate

Nathan refuses to accept the valuation multiple, arguing that marketplace revenue with a 26% margin cannot be valued like 100x multiple pure SaaS revenue.

 Biggest teaching moment ▶ 10:10 Guest details data collection necessity for credit underwriting

Guy reframes the host's assumption about moving to SaaS margins by explaining that capturing order data from offline merchants is the prerequisite to offering high-margin financial services.

 Nathan holds their own ▶ 5:26 Host recalculates exact gross and contribution margins

Nathan deconstructs Guy's reported order volume, calculating live on the fly the exact gross margin dollars, deduction of logistics costs, and ultimate monthly contribution take-home.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Introducing Guy Freary and His Founder Background 4324 Nathan introduces Guy's background and immediately presses him on whether Delato is just a side gig and where the actual SaaS component is. Guy clarifies that Delato is his primary focus and explains that the software is currently given away for free as a customer acquisition tactic for their marketplace.
Marketplace Metrics, Order Volume, and Unit Economics 7325 Nathan digs into order volumes, 1P versus 3P sales, and independently calculates the gross margin and contribution margin run rates. Guy explains that over 90% of their volume is direct 1P inventory and clarifies their 28% gross margin and 13% net contribution margin.
Customer Persona and Long-Term Data Monetization Strategy 4523 Nathan establishes an analogy of convenience stores buying chargers, and Guy educates Nathan on his sequencing strategy. Guy explains why monetizing SaaS immediately would be a mistake, arguing that transaction data is essential first before offering lending and charging software fees.
Sponsor Message: LinkedIn Advertising Solutions 7457 Following an ad read, Nathan challenges Guy on their Series A valuation, arguing that treating marketplace volume like pure SaaS revenue creates an unsustainable 120x multiple on take-rate revenue. Guy defends the valuation by highlighting their market positioning and superior contribution margins relative to competitors.
Team Expansion, Burn Management, and Series B Targets 5224 Nathan probes into headcount, monthly cash burn, and runway, doing quick division on the capital raised. Guy explains their capital preservation strategy and outlines the benchmarks they need to hit for a future Series B.
The Famous Five Rapid-Fire Questions 1111 The interview concludes with standard rapid-fire questions covering favorite business books, admired CEOs, software tools, and personal habits.

Statements from this episode (15)

Assertion Contradicted
Freary: Most small merchants in Brazil operate completely offline
“Most of the merchants, the small entrepreneurs in Brazil are 100% offline.”
Guy Freary Jun 8, 2022 ▶ 1:49
Assertion Supported
Freary: Dolado is the only VC-backed online electronics B2B marketplace
“We decided to focus on electronic. We are the only one on the B to B marketplace space online VC backed.”
Guy Freary Jun 8, 2022 ▶ 2:22
Disclosure
Freary: Dolado offers free SaaS as a CAC hack to sell inventory
“The SaaS part of the business, we're giving it for free because it's a way for us to, it's a cack hack. Like we offer the e-commerce solution for them to sell to their final cloud for free. But the moment they started using our solution and build the trust, we…”
Guy Freary Jun 8, 2022 ▶ 2:53
Assertion Not checkable as stated
Freary: Dolado has 500 electronics SKUs and 30k registered merchants
“So right now we have around 500 SKUs, 100% focus on the electronics. We have more than 30,000 merchants registered.”
Guy Freary Jun 8, 2022 ▶ 3:50
Assertion Not checkable as stated
Freary: Dolado has 1,500 monthly buyers spending $120 on average
“Last, last 30 days, around one, 1500. It's spent on average with us 100 and 20 dollars on average. And we've been growing 50% month over month.”
Guy Freary Jun 8, 2022 ▶ 4:34
Assertion Not checkable as stated
Freary: Dolado's 28% gross margin is among the highest in B2B marketplaces
“So right now the gross margin consider the price we sell and how much we pay in terms of COGS, it's 28%. So it's one of the highest in the B to B segment, the B to B marketplaces.”
Guy Freary Jun 8, 2022 ▶ 5:09
Disclosure
Freary: Over 90% of Dolado volume is first-party sales
“Most of them it's directly that I, the marketplace, the three P play that it's, it just started last month. So over 90% of what we are talking here is From our, like we buying and selling to the clients, not just intermediating on the trippy marketplace.”
Guy Freary Jun 8, 2022 ▶ 6:35
Assertion Not checkable as stated
Freary: Dolado is pacing at an annualized revenue run rate of $2M
“So right now, if you annualize the numbers that I told you, it's going to be something around two million dollars in ARR and one annualized.”
Guy Freary Jun 8, 2022 ▶ 8:05
Disclosure
Freary: Dolado targets single-store retailers in towns under 100k population
“We're talking about very small retailers that has usually one store. And we're not going after The retailer, the low hanging fruit, as I told the retailer that is located in Sao Paulo in Mexico city. No, not this guy. I'm talking about the guy who is in a city…”
Guy Freary Jun 8, 2022 ▶ 8:52
Disclosure
Freary: Dolado will monetize via credit, payments, and SaaS using merchant data
“Giving credit for this segment is super hard because nobody has the actual data. But the moment I know how much he's selling online, The moment I know how much he's buying, the moment I have all the data of the transactions that are going, the real data, then …”
Guy Freary Jun 8, 2022 ▶ 10:33
Disclosure
Freary: Dolado raised a $10M Series A led by Valor Capital
“The last round we just announced two months ago was a ten million dollar round. That was led by Valor Capital, and we brought like six, six funds alongside.”
Guy Freary Jun 8, 2022 ▶ 12:48
Disclosure
Freary: Dolado took 15% equity dilution in its Series A
“No, less than that, we, to, I can disclose you the numbers, but we were diluted 15% to be precise.”
Guy Freary Jun 8, 2022 ▶ 13:34
Assertion Not checkable as stated
Freary: B2B marketplace take rates in Latin America average around 4%
“And to be honest with you, if you look at the take rate for the B to B marketplaces here in the region, it's the take rates around four percent.”
Guy Freary Jun 8, 2022 ▶ 14:57
Disclosure
Freary: Dolado maintains over 30 months of cash runway
“So we have like more than 30 months of revenue, runway, because the business is still growing, but first of all, like more, more than 50%.”
Guy Freary Jun 8, 2022 ▶ 16:13
Disclosure
Freary: Dolado targets $5M ARR and 40% gross margin for Series B
“So our goal is to reach five million dollars in ARR with a net net positive net positive revenue retention. And also like to reach 40% gross margin as the way I told you, like revenue minus COGS and build the best team.”
Guy Freary Jun 8, 2022 ▶ 17:07
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