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Aug 18, 2020 · 23m · top-founders

MonetizeMore Bootstrapped to $5m Run Rate in AdTech Space

Kean Graham · 10m spoken Nathan Latka · 8m spoken Frank Bien · 4s spoken Eric Yuan · 4s spoken Vivek Bhaskaran · 2s 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 with Nathan Latka, MonetizeMore founder Kean Graham details how he bootstrapped an ad tech SaaS business to a $5 million revenue run rate, processing $3 million in monthly ad spend across 300 publishers with an ultra-efficient $150 CAC.

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 43.6% of the talking time here. How this is scored →

Nathan as informed peer 5.3 Guest teaching 4.0 Guest disagreement 1.7 Nathan pushing back 3.5
05100:0010:0020:001:34–4:43 · Nathan as informed peer 5/10 Introducing MonetizeMore and Ad Auction SaaS Platform Nathan presses Kean to define whether MonetizeMore is pure SaaS or a service agency, pushing repeatedly on the revenue composition until Kean clarifies that over 95% is SaaS revenue share based on header bidding auctions.4:44–9:48 · Nathan as informed peer 6/10 Bootstrapping a Fully Remote Global Workforce Nathan demonstrates solid ad tech knowledge by comparing MonetizeMore's 15-20% take rate to Mediaocean and discussing publisher in-housing trends to avoid middleman fees.9:49–14:07 · Nathan as informed peer 5/10 Navigating Pandemic Headwinds and Ad Volume Milestones Kean educates Nathan on programmatic dynamics during early COVID, explaining why brand advertising cuts reduced overall publisher RPMs despite e-commerce demand, and outlines how Traffic Cop detects publisher-induced invalid traffic.14:08–16:30 · Nathan as informed peer 5/10 Financial Performance and Enterprise Publisher Expansion Nathan attempts to calculate net revenue as 20% of $3M processed volume ($600k), but Kean corrects him, clarifying they do not collect on behalf of every publisher so actual net revenue was roughly $400k.16:31–18:48 · Nathan as informed peer 6/10 PubGuru Ad Inspector and Customer Acquisition Economics Nathan and Kean discuss the PubGuru Ad Inspector Chrome extension funnel, with Nathan elaborating on best practices for calculating fully weighted customer acquisition costs.18:49–21:22 · Nathan as informed peer 5/10 Reinvesting Profits, Digital Nomad Lifestyle, and Churn Kean politely refuses to disclose exact bottom-line profit figures when asked, while breaking down monthly customer churn and revenue churn benchmarks.1:34–4:43 · Guest teaching 4/10 Introducing MonetizeMore and Ad Auction SaaS Platform Nathan presses Kean to define whether MonetizeMore is pure SaaS or a service agency, pushing repeatedly on the revenue composition until Kean clarifies that over 95% is SaaS revenue share based on header bidding auctions.4:44–9:48 · Guest teaching 3/10 Bootstrapping a Fully Remote Global Workforce Nathan demonstrates solid ad tech knowledge by comparing MonetizeMore's 15-20% take rate to Mediaocean and discussing publisher in-housing trends to avoid middleman fees.9:49–14:07 · Guest teaching 6/10 Navigating Pandemic Headwinds and Ad Volume Milestones Kean educates Nathan on programmatic dynamics during early COVID, explaining why brand advertising cuts reduced overall publisher RPMs despite e-commerce demand, and outlines how Traffic Cop detects publisher-induced invalid traffic.14:08–16:30 · Guest teaching 6/10 Financial Performance and Enterprise Publisher Expansion Nathan attempts to calculate net revenue as 20% of $3M processed volume ($600k), but Kean corrects him, clarifying they do not collect on behalf of every publisher so actual net revenue was roughly $400k.16:31–18:48 · Guest teaching 2/10 PubGuru Ad Inspector and Customer Acquisition Economics Nathan and Kean discuss the PubGuru Ad Inspector Chrome extension funnel, with Nathan elaborating on best practices for calculating fully weighted customer acquisition costs.18:49–21:22 · Guest teaching 3/10 Reinvesting Profits, Digital Nomad Lifestyle, and Churn Kean politely refuses to disclose exact bottom-line profit figures when asked, while breaking down monthly customer churn and revenue churn benchmarks.1:34–4:43 · Guest disagreement 1/10 Introducing MonetizeMore and Ad Auction SaaS Platform Nathan presses Kean to define whether MonetizeMore is pure SaaS or a service agency, pushing repeatedly on the revenue composition until Kean clarifies that over 95% is SaaS revenue share based on header bidding auctions.4:44–9:48 · Guest disagreement 1/10 Bootstrapping a Fully Remote Global Workforce Nathan demonstrates solid ad tech knowledge by comparing MonetizeMore's 15-20% take rate to Mediaocean and discussing publisher in-housing trends to avoid middleman fees.9:49–14:07 · Guest disagreement 2/10 Navigating Pandemic Headwinds and Ad Volume Milestones Kean educates Nathan on programmatic dynamics during early COVID, explaining why brand advertising cuts reduced overall publisher RPMs despite e-commerce demand, and outlines how Traffic Cop detects publisher-induced invalid traffic.14:08–16:30 · Guest disagreement 2/10 Financial Performance and Enterprise Publisher Expansion Nathan attempts to calculate net revenue as 20% of $3M processed volume ($600k), but Kean corrects him, clarifying they do not collect on behalf of every publisher so actual net revenue was roughly $400k.16:31–18:48 · Guest disagreement 1/10 PubGuru Ad Inspector and Customer Acquisition Economics Nathan and Kean discuss the PubGuru Ad Inspector Chrome extension funnel, with Nathan elaborating on best practices for calculating fully weighted customer acquisition costs.18:49–21:22 · Guest disagreement 3/10 Reinvesting Profits, Digital Nomad Lifestyle, and Churn Kean politely refuses to disclose exact bottom-line profit figures when asked, while breaking down monthly customer churn and revenue churn benchmarks.1:34–4:43 · Nathan pushing back 4/10 Introducing MonetizeMore and Ad Auction SaaS Platform Nathan presses Kean to define whether MonetizeMore is pure SaaS or a service agency, pushing repeatedly on the revenue composition until Kean clarifies that over 95% is SaaS revenue share based on header bidding auctions.4:44–9:48 · Nathan pushing back 3/10 Bootstrapping a Fully Remote Global Workforce Nathan demonstrates solid ad tech knowledge by comparing MonetizeMore's 15-20% take rate to Mediaocean and discussing publisher in-housing trends to avoid middleman fees.9:49–14:07 · Nathan pushing back 4/10 Navigating Pandemic Headwinds and Ad Volume Milestones Kean educates Nathan on programmatic dynamics during early COVID, explaining why brand advertising cuts reduced overall publisher RPMs despite e-commerce demand, and outlines how Traffic Cop detects publisher-induced invalid traffic.14:08–16:30 · Nathan pushing back 4/10 Financial Performance and Enterprise Publisher Expansion Nathan attempts to calculate net revenue as 20% of $3M processed volume ($600k), but Kean corrects him, clarifying they do not collect on behalf of every publisher so actual net revenue was roughly $400k.16:31–18:48 · Nathan pushing back 2/10 PubGuru Ad Inspector and Customer Acquisition Economics Nathan and Kean discuss the PubGuru Ad Inspector Chrome extension funnel, with Nathan elaborating on best practices for calculating fully weighted customer acquisition costs.18:49–21:22 · Nathan pushing back 4/10 Reinvesting Profits, Digital Nomad Lifestyle, and Churn Kean politely refuses to disclose exact bottom-line profit figures when asked, while breaking down monthly customer churn and revenue churn benchmarks.

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

0:00 · Nathan 62.3% · guest 37.7%0:00 · Nathan 62.3% · guest 37.7%3:00 · Nathan 36.9% · guest 63.1%3:00 · Nathan 36.9% · guest 63.1%6:00 · Nathan 44.6% · guest 55.4%6:00 · Nathan 44.6% · guest 55.4%9:00 · Nathan 41.6% · guest 58.4%9:00 · Nathan 41.6% · guest 58.4%12:00 · Nathan 24% · guest 76%12:00 · Nathan 24% · guest 76%15:00 · Nathan 32.5% · guest 67.5%15:00 · Nathan 32.5% · guest 67.5%18:00 · Nathan 45% · guest 55%18:00 · Nathan 45% · guest 55%21:00 · Nathan 73.6% · guest 26.4%21:00 · Nathan 73.6% · guest 26.4%
Sharpest disagreement ▶ 20:16 Guarding bottom-line profitability figures

Kean draws a clear boundary against Nathan's probe by explicitly declining to share net profit margins while maintaining they are having their most profitable year.

 Hardest push from Nathan ▶ 14:08 Asserting 20% commission on processed volume

Nathan directly imposes his math on Kean's numbers, asserting that 20% of three million dollars volume must mean six hundred thousand dollars in top-line revenue.

 Biggest teaching moment ▶ 10:37 Explaining macro display ad spend vs e-commerce clicks

Kean counters Nathan's assumption that e-commerce brand ad spend would increase publisher revenues by explaining programmatic display budget slashes and clarifying RPM versus CPM terminology.

 Nathan holds their own ▶ 8:41 Analyzing industry take rates and in-housing pressures

Nathan demonstrates industry command by referencing previous guest Bill Wise from Mediaocean and drilling into the economics of the ad tech tax.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Introducing MonetizeMore and Ad Auction SaaS Platform 5414 Nathan presses Kean to define whether MonetizeMore is pure SaaS or a service agency, pushing repeatedly on the revenue composition until Kean clarifies that over 95% is SaaS revenue share based on header bidding auctions.
Bootstrapping a Fully Remote Global Workforce 6313 Nathan demonstrates solid ad tech knowledge by comparing MonetizeMore's 15-20% take rate to Mediaocean and discussing publisher in-housing trends to avoid middleman fees.
Navigating Pandemic Headwinds and Ad Volume Milestones 5624 Kean educates Nathan on programmatic dynamics during early COVID, explaining why brand advertising cuts reduced overall publisher RPMs despite e-commerce demand, and outlines how Traffic Cop detects publisher-induced invalid traffic.
Financial Performance and Enterprise Publisher Expansion 5624 Nathan attempts to calculate net revenue as 20% of $3M processed volume ($600k), but Kean corrects him, clarifying they do not collect on behalf of every publisher so actual net revenue was roughly $400k.
PubGuru Ad Inspector and Customer Acquisition Economics 6212 Nathan and Kean discuss the PubGuru Ad Inspector Chrome extension funnel, with Nathan elaborating on best practices for calculating fully weighted customer acquisition costs.
Reinvesting Profits, Digital Nomad Lifestyle, and Churn 5334 Kean politely refuses to disclose exact bottom-line profit figures when asked, while breaking down monthly customer churn and revenue churn benchmarks.

Statements from this episode (16)

Disclosure
Graham: Over 95% of MonetizeMore Revenue Comes from SaaS
“That would with a SaaS combined, that would be about over 95%.”
Kean Graham Aug 18, 2020 ▶ 2:44
Disclosure
Graham: Bored Panda and Lifehack Are MonetizeMore Customers
“Yeah. Like one of them boardpanda.com life hack where we're big and growing in the Latam region. So we have a lot of big Brazilian pubs, for example.”
Kean Graham Aug 18, 2020 ▶ 3:00
Assertion Supported
Graham: MonetizeMore has been bootstrapped since its founding
“Bootstrap from the beginning.”
Kean Graham Aug 18, 2020 ▶ 4:59
Assertion Not checkable as stated
Graham: MonetizeMore employs over 160 people
“Over a 160.”
Kean Graham Aug 18, 2020 ▶ 5:06
Assertion Not checkable as stated
Graham: MonetizeMore rejects most leads, qualifying 160 of 500 monthly
“Last month we were a 160. And that's out of a total amount of leads of over 500. So we're rejecting most of them because we're on the premium end and we reject for traffic reasons for policy, traffic quality, all that.”
Kean Graham Aug 18, 2020 ▶ 7:10
Assertion Not checkable as stated
Graham: MonetizeMore works with over 300 publisher customers
“Over 300.”
Kean Graham Aug 18, 2020 ▶ 9:47
Disclosure
Graham: MonetizeMore Processed ~$3M in Ad Spend in June 2020
“Overall in June there was About three million.”
Kean Graham Aug 18, 2020 ▶ 11:24
Disclosure
MonetizeMore expands publisher accounts starting from 10% inventory split tests
“So they'll start you at 10%. And then once you kind of prove that you can make them more money, then they'll expand you more and more.”
Kean Graham Aug 18, 2020 ▶ 12:02
Opinion
Graham Avoids Sticky Video Ads as Intrusive and Short-Term Thinking
“We do tend to stay away from the video sticky ads. They're very intrusive and, you know, they're kind of more short-term thinking. We're more of a long-term you know bootstrap company that wants to go with less intrusive ads that you have, you know, you contin…”
Kean Graham Aug 18, 2020 ▶ 13:46
Assertion Not checkable as stated
Graham: MonetizeMore generated close to $400K revenue in June 2020
“In June, we were close to 400,000.”
Kean Graham Aug 18, 2020 ▶ 14:37
Assertion Not checkable as stated
Graham: MonetizeMore generated around $225K in June 2019
“A year ago, we were at I, for June, it was around two 25.”
Kean Graham Aug 18, 2020 ▶ 16:01
Assertion Not checkable as stated
Graham: MonetizeMore's fully loaded marketing CAC is $150
“So because we're mostly inbound when we calculate CAC, we include all our fixed costs of the whole marketing department, and that comes to a 150 dollars.”
Kean Graham Aug 18, 2020 ▶ 17:48
Disclosure
Kean Graham owns 100% base equity in MonetizeMore
“A hundred percent base equity. We have stock options for our executives.”
Kean Graham Aug 18, 2020 ▶ 18:54
Disclosure
Kean Graham Has Never Taken Dividends From MonetizeMore
“In terms of dividends, you know, I've never taken dividends for myself.”
Kean Graham Aug 18, 2020 ▶ 19:45
Assertion Not checkable as stated
MonetizeMore has been profitable in all 10 years of operation
“We've been profitable every year every one of our 10 years, and, I can say that this year we're on track to be the most profitable we've ever been.”
Kean Graham Aug 18, 2020 ▶ 20:16
Assertion Not checkable as stated
MonetizeMore: 2.25% monthly revenue churn and 1.2% customer churn in 2020
“And that is 2.25% per month so far this year. But keep in mind we had a big one in March. We had 10% churn in March. So, you know, that one heard that kind of increased. It usually is close to the one percent. Our customer churn is 1.2% per month so far this y…”
Kean Graham Aug 18, 2020 ▶ 20:55
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