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Apr 1, 2022 · 20m · top-founders

Supermetrics Does $4.3m in March, $51.7m Run Rate Helping Marketers Get All The Data They Need

Nathan Latka · 8m spoken Mikael Thuneberg · 8m 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 metric-driven interview, Nathan Latka speaks with Supermetrics founder Mikael Thuneberg about scaling the company to €46.5 million ARR with 50% year-over-year growth. Thuneberg details their product-led distribution, sales organizational structure, sustained profitability, and future expansion strategies.

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 49.9% of the talking time here. How this is scored →

Nathan as informed peer 5.8 Guest teaching 2.4 Guest disagreement 1.6 Nathan pushing back 2.6
05100:0010:0020:000:46–3:20 · Nathan as informed peer 5/10 Supermetrics Product Evolution and Value Proposition Nathan demonstrates solid context regarding Supermetrics' history with Google Workspace and historical ARR numbers. Mikael collaboratively outlines their product evolution into data warehousing without conflict.3:21–6:13 · Nathan as informed peer 6/10 Building the Sales Organization and Team Headcount Nathan pulls exact timeline figures from 2010 to 2019 to ask how sales org scaling impacted their inflection point. Mikael answers transparently while verifying details about his early sales leadership hires.6:14–9:08 · Nathan as informed peer 5/10 Sales Quota Structures, Enterprise Tiers, and Upsell Strategy Nathan probes into quota structures and presses Mikael on whether they have signed seven-figure contracts. Mikael clarifies their upper ACV limits and details their data warehouse upsell motions.9:09–14:13 · Nathan as informed peer 7/10 Expanding the 18,000 Customer Base Nathan calculates ARR in real-time from customer count and ACV while analyzing market multiples. Mikael politely declines to reveal current target valuations while underscoring that the business has remained profitable and unspent investor capital.14:15–17:25 · Nathan as informed peer 6/10 Competitive Landscape and M&A Strategy Nathan explores competitive dynamics and proposes buying out Funnel.io. Mikael shows a rare flash of combativeness toward competitors by dismissing buying them, before discussing net retention metrics.0:46–3:20 · Guest teaching 2/10 Supermetrics Product Evolution and Value Proposition Nathan demonstrates solid context regarding Supermetrics' history with Google Workspace and historical ARR numbers. Mikael collaboratively outlines their product evolution into data warehousing without conflict.3:21–6:13 · Guest teaching 2/10 Building the Sales Organization and Team Headcount Nathan pulls exact timeline figures from 2010 to 2019 to ask how sales org scaling impacted their inflection point. Mikael answers transparently while verifying details about his early sales leadership hires.6:14–9:08 · Guest teaching 3/10 Sales Quota Structures, Enterprise Tiers, and Upsell Strategy Nathan probes into quota structures and presses Mikael on whether they have signed seven-figure contracts. Mikael clarifies their upper ACV limits and details their data warehouse upsell motions.9:09–14:13 · Guest teaching 3/10 Expanding the 18,000 Customer Base Nathan calculates ARR in real-time from customer count and ACV while analyzing market multiples. Mikael politely declines to reveal current target valuations while underscoring that the business has remained profitable and unspent investor capital.14:15–17:25 · Guest teaching 2/10 Competitive Landscape and M&A Strategy Nathan explores competitive dynamics and proposes buying out Funnel.io. Mikael shows a rare flash of combativeness toward competitors by dismissing buying them, before discussing net retention metrics.0:46–3:20 · Guest disagreement 1/10 Supermetrics Product Evolution and Value Proposition Nathan demonstrates solid context regarding Supermetrics' history with Google Workspace and historical ARR numbers. Mikael collaboratively outlines their product evolution into data warehousing without conflict.3:21–6:13 · Guest disagreement 1/10 Building the Sales Organization and Team Headcount Nathan pulls exact timeline figures from 2010 to 2019 to ask how sales org scaling impacted their inflection point. Mikael answers transparently while verifying details about his early sales leadership hires.6:14–9:08 · Guest disagreement 1/10 Sales Quota Structures, Enterprise Tiers, and Upsell Strategy Nathan probes into quota structures and presses Mikael on whether they have signed seven-figure contracts. Mikael clarifies their upper ACV limits and details their data warehouse upsell motions.9:09–14:13 · Guest disagreement 2/10 Expanding the 18,000 Customer Base Nathan calculates ARR in real-time from customer count and ACV while analyzing market multiples. Mikael politely declines to reveal current target valuations while underscoring that the business has remained profitable and unspent investor capital.14:15–17:25 · Guest disagreement 3/10 Competitive Landscape and M&A Strategy Nathan explores competitive dynamics and proposes buying out Funnel.io. Mikael shows a rare flash of combativeness toward competitors by dismissing buying them, before discussing net retention metrics.0:46–3:20 · Nathan pushing back 1/10 Supermetrics Product Evolution and Value Proposition Nathan demonstrates solid context regarding Supermetrics' history with Google Workspace and historical ARR numbers. Mikael collaboratively outlines their product evolution into data warehousing without conflict.3:21–6:13 · Nathan pushing back 3/10 Building the Sales Organization and Team Headcount Nathan pulls exact timeline figures from 2010 to 2019 to ask how sales org scaling impacted their inflection point. Mikael answers transparently while verifying details about his early sales leadership hires.6:14–9:08 · Nathan pushing back 3/10 Sales Quota Structures, Enterprise Tiers, and Upsell Strategy Nathan probes into quota structures and presses Mikael on whether they have signed seven-figure contracts. Mikael clarifies their upper ACV limits and details their data warehouse upsell motions.9:09–14:13 · Nathan pushing back 4/10 Expanding the 18,000 Customer Base Nathan calculates ARR in real-time from customer count and ACV while analyzing market multiples. Mikael politely declines to reveal current target valuations while underscoring that the business has remained profitable and unspent investor capital.14:15–17:25 · Nathan pushing back 2/10 Competitive Landscape and M&A Strategy Nathan explores competitive dynamics and proposes buying out Funnel.io. Mikael shows a rare flash of combativeness toward competitors by dismissing buying them, before discussing net retention metrics.

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

0:00 · Nathan 58.7% · guest 41.3%0:00 · Nathan 58.7% · guest 41.3%3:00 · Nathan 50.8% · guest 49.2%3:00 · Nathan 50.8% · guest 49.2%6:00 · Nathan 16.9% · guest 83.1%6:00 · Nathan 16.9% · guest 83.1%9:00 · Nathan 68.2% · guest 31.8%9:00 · Nathan 68.2% · guest 31.8%12:00 · Nathan 44.8% · guest 55.2%12:00 · Nathan 44.8% · guest 55.2%15:00 · Nathan 44.7% · guest 55.3%15:00 · Nathan 44.7% · guest 55.3%18:00 · Nathan 75.3% · guest 24.7%18:00 · Nathan 75.3% · guest 24.7%
Sharpest disagreement ▶ 14:47 Dismissing competitor acquisition proposal

Mikael dryly rejects Nathan's suggestion to buy competitor Funnel.io, remarking that Supermetrics would not want to buy them.

 Hardest push from Nathan ▶ 7:23 Pressing on maximum contract values

Nathan repeatedly pushes Mikael to see if Supermetrics has closed enterprise deals above one million or one hundred thousand dollars in annual contract value.

 Biggest teaching moment ▶ 12:43 Highlighting bootstrapped profitability

Mikael educates Nathan on Supermetrics' financial leverage, pointing out they have been profitable throughout company history without using any investor funds.

 Nathan holds their own ▶ 13:44 SaaS valuation multiple comparison

Nathan displays deep industry command by comparing Supermetrics' 8-12x multiple on past rounds against US peers trading at 30-40x multiples.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Supermetrics Product Evolution and Value Proposition 5211 Nathan demonstrates solid context regarding Supermetrics' history with Google Workspace and historical ARR numbers. Mikael collaboratively outlines their product evolution into data warehousing without conflict.
Building the Sales Organization and Team Headcount 6213 Nathan pulls exact timeline figures from 2010 to 2019 to ask how sales org scaling impacted their inflection point. Mikael answers transparently while verifying details about his early sales leadership hires.
Sales Quota Structures, Enterprise Tiers, and Upsell Strategy 5313 Nathan probes into quota structures and presses Mikael on whether they have signed seven-figure contracts. Mikael clarifies their upper ACV limits and details their data warehouse upsell motions.
Expanding the 18,000 Customer Base 7324 Nathan calculates ARR in real-time from customer count and ACV while analyzing market multiples. Mikael politely declines to reveal current target valuations while underscoring that the business has remained profitable and unspent investor capital.
Competitive Landscape and M&A Strategy 6232 Nathan explores competitive dynamics and proposes buying out Funnel.io. Mikael shows a rare flash of combativeness toward competitors by dismissing buying them, before discussing net retention metrics.

Statements from this episode (18)

Opinion
Supermetrics differentiates by piping data directly into existing UI tools
“What makes us special is that we don't have our own reporting UI, but we let you use whatever tool you already have in your organization, so we can bring the data for you into an Excel file, or in the Google Seeds, or Google Data Studio, Power BI, Tableau, wha…”
Mikael Thuneberg Apr 1, 2022 ▶ 1:53
Disclosure
Supermetrics expanded beyond reporting integrations with a data warehousing product
“Recently we've also added a data warehousing product. So you can also set up a marketing data warehouse very easily with super metrics.”
Mikael Thuneberg Apr 1, 2022 ▶ 2:25
Disclosure
Google Marketplaces drive hundreds of daily signups for Supermetrics
“Yeah, we get a lot of signups from there. A couple of hundred every day, same with the Google data studio marketplace. So that's also a really good source for leads for us. So those would definitely be the top two.”
Mikael Thuneberg Apr 1, 2022 ▶ 3:06
Assertion Not checkable as stated
Supermetrics employs 260 full-time workers
“Around two 60.”
Mikael Thuneberg Apr 1, 2022 ▶ 4:51
Assertion Not checkable as stated
Supermetrics employs 70 software engineers
“That would be around 70.”
Mikael Thuneberg Apr 1, 2022 ▶ 4:57
Assertion Not checkable as stated
Supermetrics employs 70 quota-carrying sales representatives
“That's around 70 as well.”
Mikael Thuneberg Apr 1, 2022 ▶ 5:06
Disclosure
The vast majority of Supermetrics deals are $10,000 to $15,000
“The vast majority of our deals are still rather, rather low, like, 10 K, 15 K deals.”
Mikael Thuneberg Apr 1, 2022 ▶ 7:02
Disclosure
Supermetrics' largest accounts are $85k ARR, with none over $100k yet
“No, we are very close. So we have some like 85 K ARR, and I think we are in negotiation with some that would be over a hundred K.”
Mikael Thuneberg Apr 1, 2022 ▶ 7:40
Disclosure
Supermetrics has nearly 18,000 paying customers
“So total would be something close to the 18,000.”
Mikael Thuneberg Apr 1, 2022 ▶ 9:14
Assertion Not checkable as stated
Supermetrics counts nearly all major advertising agencies as clients
“Pretty much all the major agencies are clients of ours.”
Mikael Thuneberg Apr 1, 2022 ▶ 9:36
Assertion Supported
Supermetrics generates €46.5 million in annual recurring revenue
“In the USD terms, I don't have actually the number, but it's around, you know, 46 and a half in euros.”
Mikael Thuneberg Apr 1, 2022 ▶ 11:23
Assertion Supported
Supermetrics is growing revenue at 50 percent year-over-year
“So we are seeing still rapid growth. So we are at around 50% year on year.”
Mikael Thuneberg Apr 1, 2022 ▶ 11:43
Assertion Supported
Supermetrics has always been profitable and never spent investor capital
“We've been profitable throughout the company history and never used one year of investor money in this company.”
Mikael Thuneberg Apr 1, 2022 ▶ 12:52
Assertion Supported
Supermetrics was valued at €250 million in its previous funding round
“So in Euro terms, the valuation was two 50.”
Mikael Thuneberg Apr 1, 2022 ▶ 13:35
Opinion
Supermetrics competitors raise at higher multiples despite worse financial metrics
“Yeah. But meanwhile, the competitors have been racing rounds with much worse numbers than we have at a pretty good, good multiples.”
Mikael Thuneberg Apr 1, 2022 ▶ 14:05
Assertion Not checkable as stated
Funnel and Adverity are the most frequent competitors to Supermetrics
“So who we meet most often would be funnel, a Swedish one Adverity, Austrian.”
Mikael Thuneberg Apr 1, 2022 ▶ 14:18
Disclosure
Supermetrics targets M&A products to upsell existing enterprise clients
“So what we are mostly thinking there is we have a huge client base, a lot of very big companies. Big agencies. So what could be a product that we could upsell to these clients that we already have?”
Mikael Thuneberg Apr 1, 2022 ▶ 15:30
Assertion Not checkable as stated
Supermetrics maintains a net dollar retention rate of approximately 100 percent
“So across the whole business, it's around a hundred.”
Mikael Thuneberg Apr 1, 2022 ▶ 16:57
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