Oct 3, 2020 · 17m · top-founders

QuickOrder Hits $4m In Under 18 Months Helping Restaurants Survive Pandemic

Mads Vejderkop · 8m spoken Nathan Latka · 6m spoken Frank Bien · 4s spoken Eric Yuan · 4s spoken Vivek Bhaskaran · 2s spoken
0:00 / 0:00

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QuickOrder co-founder and CEO Mads Vejderkop discusses how his Nordic restaurant operating system scaled from $20,000 to $368,000 in monthly recurring revenue during the COVID-19 pandemic through agile product adaptation, strong unit economics, and resilient leadership.

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 42.3% of the talking time here. How this is scored →

Nathan as informed peer 4.5 Guest teaching 2.0 Guest disagreement 0.8 Nathan pushing back 1.8
05100:0010:000:00–2:22 · Nathan as informed peer 3/10 Mads Vejderkop on Explosive Pandemic Growth and Headcount Scaling Nathan introduces the guest and his background, then asks about the equal five-way founder equity split. Mads smoothly confirms the structure and notes he is the sole founder remaining in management.2:23–5:08 · Nathan as informed peer 5/10 QuickOrder's Restaurant OS Features and Multi-Million Dollar Run Rate Nathan drills into QuickOrder's updated metrics compared to their previous interview. Mads clarifies their exact monthly recurring revenue figures and average revenue per location across 1,300 sites.5:08–8:40 · Nathan as informed peer 6/10 Pandemic Product Adaptation, Nordic Expansion, and Capital Strategy Nathan goes through QuickOrder's four website features, challenging which tools could actually drive growth during lockdown closures. Mads explains how their integrated POS and digital ordering enabled restaurants to stay open.8:41–13:32 · Nathan as informed peer 7/10 Sales Quotas, Unit Economics, and Net Revenue Retention Dynamics Nathan interrogates unit economics, quota structures, payback periods, and net revenue retention. He does live mental math to translate the quota multiples and payback dynamics into standard SaaS benchmarks.13:32–17:06 · Nathan as informed peer 6/10 The Famous Five and Overcoming an Early Cap Table Mistake During the Famous Five, Mads reveals giving up roughly 50% of equity for $100k early on. Nathan digs into the details as Mads recounts how they exploited a sloppy agreement to reclaim the shares at cost.17:08–17:41 · Nathan as informed peer 0/10 Episode Summary: QuickOrder's Rapid Scale to Four Million ARR Host-only outro summarizing QuickOrder's metrics, product mix, and rapid scale during the pandemic. Host-side scores are zeroed out per monologue instructions.0:00–2:22 · Guest teaching 1/10 Mads Vejderkop on Explosive Pandemic Growth and Headcount Scaling Nathan introduces the guest and his background, then asks about the equal five-way founder equity split. Mads smoothly confirms the structure and notes he is the sole founder remaining in management.2:23–5:08 · Guest teaching 2/10 QuickOrder's Restaurant OS Features and Multi-Million Dollar Run Rate Nathan drills into QuickOrder's updated metrics compared to their previous interview. Mads clarifies their exact monthly recurring revenue figures and average revenue per location across 1,300 sites.5:08–8:40 · Guest teaching 2/10 Pandemic Product Adaptation, Nordic Expansion, and Capital Strategy Nathan goes through QuickOrder's four website features, challenging which tools could actually drive growth during lockdown closures. Mads explains how their integrated POS and digital ordering enabled restaurants to stay open.8:41–13:32 · Guest teaching 3/10 Sales Quotas, Unit Economics, and Net Revenue Retention Dynamics Nathan interrogates unit economics, quota structures, payback periods, and net revenue retention. He does live mental math to translate the quota multiples and payback dynamics into standard SaaS benchmarks.13:32–17:06 · Guest teaching 4/10 The Famous Five and Overcoming an Early Cap Table Mistake During the Famous Five, Mads reveals giving up roughly 50% of equity for $100k early on. Nathan digs into the details as Mads recounts how they exploited a sloppy agreement to reclaim the shares at cost.17:08–17:41 · Guest teaching 0/10 Episode Summary: QuickOrder's Rapid Scale to Four Million ARR Host-only outro summarizing QuickOrder's metrics, product mix, and rapid scale during the pandemic. Host-side scores are zeroed out per monologue instructions.0:00–2:22 · Guest disagreement 1/10 Mads Vejderkop on Explosive Pandemic Growth and Headcount Scaling Nathan introduces the guest and his background, then asks about the equal five-way founder equity split. Mads smoothly confirms the structure and notes he is the sole founder remaining in management.2:23–5:08 · Guest disagreement 1/10 QuickOrder's Restaurant OS Features and Multi-Million Dollar Run Rate Nathan drills into QuickOrder's updated metrics compared to their previous interview. Mads clarifies their exact monthly recurring revenue figures and average revenue per location across 1,300 sites.5:08–8:40 · Guest disagreement 1/10 Pandemic Product Adaptation, Nordic Expansion, and Capital Strategy Nathan goes through QuickOrder's four website features, challenging which tools could actually drive growth during lockdown closures. Mads explains how their integrated POS and digital ordering enabled restaurants to stay open.8:41–13:32 · Guest disagreement 1/10 Sales Quotas, Unit Economics, and Net Revenue Retention Dynamics Nathan interrogates unit economics, quota structures, payback periods, and net revenue retention. He does live mental math to translate the quota multiples and payback dynamics into standard SaaS benchmarks.13:32–17:06 · Guest disagreement 1/10 The Famous Five and Overcoming an Early Cap Table Mistake During the Famous Five, Mads reveals giving up roughly 50% of equity for $100k early on. Nathan digs into the details as Mads recounts how they exploited a sloppy agreement to reclaim the shares at cost.17:08–17:41 · Guest disagreement 0/10 Episode Summary: QuickOrder's Rapid Scale to Four Million ARR Host-only outro summarizing QuickOrder's metrics, product mix, and rapid scale during the pandemic. Host-side scores are zeroed out per monologue instructions.0:00–2:22 · Nathan pushing back 1/10 Mads Vejderkop on Explosive Pandemic Growth and Headcount Scaling Nathan introduces the guest and his background, then asks about the equal five-way founder equity split. Mads smoothly confirms the structure and notes he is the sole founder remaining in management.2:23–5:08 · Nathan pushing back 2/10 QuickOrder's Restaurant OS Features and Multi-Million Dollar Run Rate Nathan drills into QuickOrder's updated metrics compared to their previous interview. Mads clarifies their exact monthly recurring revenue figures and average revenue per location across 1,300 sites.5:08–8:40 · Nathan pushing back 3/10 Pandemic Product Adaptation, Nordic Expansion, and Capital Strategy Nathan goes through QuickOrder's four website features, challenging which tools could actually drive growth during lockdown closures. Mads explains how their integrated POS and digital ordering enabled restaurants to stay open.8:41–13:32 · Nathan pushing back 3/10 Sales Quotas, Unit Economics, and Net Revenue Retention Dynamics Nathan interrogates unit economics, quota structures, payback periods, and net revenue retention. He does live mental math to translate the quota multiples and payback dynamics into standard SaaS benchmarks.13:32–17:06 · Nathan pushing back 2/10 The Famous Five and Overcoming an Early Cap Table Mistake During the Famous Five, Mads reveals giving up roughly 50% of equity for $100k early on. Nathan digs into the details as Mads recounts how they exploited a sloppy agreement to reclaim the shares at cost.17:08–17:41 · Nathan pushing back 0/10 Episode Summary: QuickOrder's Rapid Scale to Four Million ARR Host-only outro summarizing QuickOrder's metrics, product mix, and rapid scale during the pandemic. Host-side scores are zeroed out per monologue instructions.

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

0:00 · Nathan 59.6% · guest 40.4%0:00 · Nathan 59.6% · guest 40.4%3:00 · Nathan 32.1% · guest 67.9%3:00 · Nathan 32.1% · guest 67.9%6:00 · Nathan 39.9% · guest 60.1%6:00 · Nathan 39.9% · guest 60.1%9:00 · Nathan 37.4% · guest 62.6%9:00 · Nathan 37.4% · guest 62.6%12:00 · Nathan 41.2% · guest 58.8%12:00 · Nathan 41.2% · guest 58.8%15:00 · Nathan 42.6% · guest 57.4%15:00 · Nathan 42.6% · guest 57.4%
Sharpest disagreement ▶ 10:00 Mads corrects Nathan's quota misinterpretation

Mads immediately rejects Nathan's framing that reps must close $200k ARR monthly, clarifying the quota formula as four times the monthly base salary in new annual contract value.

Hardest push from Nathan ▶ 6:08 Nathan challenges viability of sit-down restaurant features

Nathan methodically breaks down the product lineup, pushing back on table booking and handheld server terminals as useless during pandemic lockdowns to isolate the real growth engine.

Biggest teaching moment ▶ 16:13 Mads explains unwinding a toxic 50% cap table mistake

Mads educates the host on how they leveraged a generic shareholder agreement to freeze the company and pressure an early investor to surrender half the company's equity dollar-for-dollar.

Nathan holds their own ▶ 10:16 Nathan translates complex quota math into core SaaS metrics

Nathan instantly converts Mads's unusual quota structure into standardized SaaS metrics, translating a $10k monthly base into $40k new ACV and $3.5k new MRR.

the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Mads Vejderkop on Explosive Pandemic Growth and Headcount Scaling 3111 Nathan introduces the guest and his background, then asks about the equal five-way founder equity split. Mads smoothly confirms the structure and notes he is the sole founder remaining in management.
QuickOrder's Restaurant OS Features and Multi-Million Dollar Run Rate 5212 Nathan drills into QuickOrder's updated metrics compared to their previous interview. Mads clarifies their exact monthly recurring revenue figures and average revenue per location across 1,300 sites.
Pandemic Product Adaptation, Nordic Expansion, and Capital Strategy 6213 Nathan goes through QuickOrder's four website features, challenging which tools could actually drive growth during lockdown closures. Mads explains how their integrated POS and digital ordering enabled restaurants to stay open.
Sales Quotas, Unit Economics, and Net Revenue Retention Dynamics 7313 Nathan interrogates unit economics, quota structures, payback periods, and net revenue retention. He does live mental math to translate the quota multiples and payback dynamics into standard SaaS benchmarks.
The Famous Five and Overcoming an Early Cap Table Mistake 6412 During the Famous Five, Mads reveals giving up roughly 50% of equity for $100k early on. Nathan digs into the details as Mads recounts how they exploited a sloppy agreement to reclaim the shares at cost.
Episode Summary: QuickOrder's Rapid Scale to Four Million ARR 0000 Host-only outro summarizing QuickOrder's metrics, product mix, and rapid scale during the pandemic. Host-side scores are zeroed out per monologue instructions.

Statements from this episode (11)

Disclosure
Vejderkop: QuickOrder Co-Founders Split Equity Equally at 20% Each
“Yeah, so it's 20% and equally shared ever since.”
Mads Vejderkop Oct 3, 2020 ▶ 2:04
Assertion Not checkable as stated
Vejderkop: QuickOrder generates $368k in monthly recurring revenue
“So we are now at 368 came on pretty quick revenue.”
Mads Vejderkop Oct 3, 2020 ▶ 3:11
Assertion Not checkable as stated
Vejderkop: QuickOrder averages $283 per location across 1,300 locations
“So we are now at 283 US dollars per location, and that puts us at just around 1300 locations all across Dynamics.”
Mads Vejderkop Oct 3, 2020 ▶ 4:03
Assertion Not checkable as stated
Vejderkop: QuickOrder burns less than $10,000 per month
“It's less than 10 K a month.”
Mads Vejderkop Oct 3, 2020 ▶ 7:47
Disclosure
Vejderkop: QuickOrder raised additional $1.5 million
“We raised another 1.5 million dollars ish. So in Danish it's just around 10. So 1.5 calculated into dollars.”
Mads Vejderkop Oct 3, 2020 ▶ 7:53
Assertion Not checkable as stated
QuickOrder Reports Fully Weighted CAC of $2,000
“So if you factor everything in with salary and onboarding and ad spend our CAC right now is 2000 dollars.”
Mads Vejderkop Oct 3, 2020 ▶ 11:13
Assertion Not checkable as stated
QuickOrder Reports Annual Revenue Churn of Around 10%
“Yeah, so annually we are around 10%.”
Mads Vejderkop Oct 3, 2020 ▶ 11:58
Assertion Not checkable as stated
QuickOrder Reaches 131% Net Revenue Retention
“Yeah, so net revenue retention is actually 131%.”
Mads Vejderkop Oct 3, 2020 ▶ 12:06
Assertion Not checkable as stated
Vejderkop: Metro Accelerator rejected QuickOrder due to broken cap table
“So when Metro Accelerator came around a couple of years in, and wonders of us on we actually went to the selection day, but got turned down because of our cap table in the end and had to fix that.”
Mads Vejderkop Oct 3, 2020 ▶ 14:58
Disclosure
Vejderkop: QuickOrder gave up nearly 50% for $100k in 2015
“So today we diluted by 30% total. But prior to that, before I fixed the dog up, I did really early on. We were diluted like nearly half, it was like money takes close to half of the business for a hundred K dollars.”
Mads Vejderkop Oct 3, 2020 ▶ 15:30
Disclosure
Vejderkop: QuickOrder bought back 50% equity stake dollar-for-dollar
“So we kind of pressured him out and he accepted to take the money we put down dollar by dollar and give us all the shares back.”
Mads Vejderkop Oct 3, 2020 ▶ 16:30
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