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Nov 25, 2019 · 18m · top-founders

1584 Why 600 Companies Pay Him $150/mo To Help With VC Updates

Mike Preuss · 9m 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, Nathan Latka speaks with Visible.vc co-founder and CEO Mike Preuss about how their automated investor reporting platform surpassed $1 million in ARR with 200% year-over-year growth, sub-2.5% churn, and an ultra-lean five-person remote team.

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 40.9% of the talking time here. How this is scored →

Nathan as informed peer 6.2 Guest teaching 3.5 Guest disagreement 1.7 Nathan pushing back 2.3
05100:0010:000:45–2:57 · Nathan as informed peer 6/10 Visible VC Product Value Proposition and Automated Integrations Nathan frames the product problem through his own experience as an LP, asking why founders would pay instead of sending simple emails. Mike smoothly explains the automated integrations with Stripe and HubSpot, while answering security concerns collaboratively.2:58–6:10 · Nathan as informed peer 8/10 Revenue Growth, Pricing, and Trajectory to $1M ARR Nathan performs rapid mental math to deduce the company's monthly run rate and historical trajectory from customer numbers and ACV. Mike momentarily resists disclosing revenue figures before conceding that Nathan's calculated estimate of $30k per month is accurate.6:10–9:28 · Nathan as informed peer 7/10 Hiring Priorities, Retention Rates, and Activation KPI Nathan presses for precision around churn metrics, forcing Mike to clarify that 2.5% is annual revenue churn. Mike educates the host on how Visible automates trial extensions around monthly reporting cycles to maximize customer activation.9:32–12:23 · Nathan as informed peer 5/10 Nathan Latka Announcement for SaaStock Australasia The segment begins with a standalone sponsor announcement from Nathan for SaaStock Australasia before transitioning into a hypothetical brainstorming question about designing a $3,000-per-month enterprise tier.12:23–16:12 · Nathan as informed peer 7/10 High Alpha Venture Studio Origins and Startup Incubation Nathan asks detailed questions regarding venture studio dynamics at High Alpha, CAC payback limits, and non-dilutive financing. Mike shares details about using Lighter Capital for revenue-based financing.16:12–17:26 · Nathan as informed peer 4/10 The Famous Five Rapid-Fire Questions A standard, friendly closing sequence running through the Famous Five questions covering reading habits, peers, tool stack, and personal demographics.0:45–2:57 · Guest teaching 4/10 Visible VC Product Value Proposition and Automated Integrations Nathan frames the product problem through his own experience as an LP, asking why founders would pay instead of sending simple emails. Mike smoothly explains the automated integrations with Stripe and HubSpot, while answering security concerns collaboratively.2:58–6:10 · Guest teaching 2/10 Revenue Growth, Pricing, and Trajectory to $1M ARR Nathan performs rapid mental math to deduce the company's monthly run rate and historical trajectory from customer numbers and ACV. Mike momentarily resists disclosing revenue figures before conceding that Nathan's calculated estimate of $30k per month is accurate.6:10–9:28 · Guest teaching 5/10 Hiring Priorities, Retention Rates, and Activation KPI Nathan presses for precision around churn metrics, forcing Mike to clarify that 2.5% is annual revenue churn. Mike educates the host on how Visible automates trial extensions around monthly reporting cycles to maximize customer activation.9:32–12:23 · Guest teaching 4/10 Nathan Latka Announcement for SaaStock Australasia The segment begins with a standalone sponsor announcement from Nathan for SaaStock Australasia before transitioning into a hypothetical brainstorming question about designing a $3,000-per-month enterprise tier.12:23–16:12 · Guest teaching 4/10 High Alpha Venture Studio Origins and Startup Incubation Nathan asks detailed questions regarding venture studio dynamics at High Alpha, CAC payback limits, and non-dilutive financing. Mike shares details about using Lighter Capital for revenue-based financing.16:12–17:26 · Guest teaching 2/10 The Famous Five Rapid-Fire Questions A standard, friendly closing sequence running through the Famous Five questions covering reading habits, peers, tool stack, and personal demographics.0:45–2:57 · Guest disagreement 1/10 Visible VC Product Value Proposition and Automated Integrations Nathan frames the product problem through his own experience as an LP, asking why founders would pay instead of sending simple emails. Mike smoothly explains the automated integrations with Stripe and HubSpot, while answering security concerns collaboratively.2:58–6:10 · Guest disagreement 3/10 Revenue Growth, Pricing, and Trajectory to $1M ARR Nathan performs rapid mental math to deduce the company's monthly run rate and historical trajectory from customer numbers and ACV. Mike momentarily resists disclosing revenue figures before conceding that Nathan's calculated estimate of $30k per month is accurate.6:10–9:28 · Guest disagreement 2/10 Hiring Priorities, Retention Rates, and Activation KPI Nathan presses for precision around churn metrics, forcing Mike to clarify that 2.5% is annual revenue churn. Mike educates the host on how Visible automates trial extensions around monthly reporting cycles to maximize customer activation.9:32–12:23 · Guest disagreement 1/10 Nathan Latka Announcement for SaaStock Australasia The segment begins with a standalone sponsor announcement from Nathan for SaaStock Australasia before transitioning into a hypothetical brainstorming question about designing a $3,000-per-month enterprise tier.12:23–16:12 · Guest disagreement 2/10 High Alpha Venture Studio Origins and Startup Incubation Nathan asks detailed questions regarding venture studio dynamics at High Alpha, CAC payback limits, and non-dilutive financing. Mike shares details about using Lighter Capital for revenue-based financing.16:12–17:26 · Guest disagreement 1/10 The Famous Five Rapid-Fire Questions A standard, friendly closing sequence running through the Famous Five questions covering reading habits, peers, tool stack, and personal demographics.0:45–2:57 · Nathan pushing back 2/10 Visible VC Product Value Proposition and Automated Integrations Nathan frames the product problem through his own experience as an LP, asking why founders would pay instead of sending simple emails. Mike smoothly explains the automated integrations with Stripe and HubSpot, while answering security concerns collaboratively.2:58–6:10 · Nathan pushing back 4/10 Revenue Growth, Pricing, and Trajectory to $1M ARR Nathan performs rapid mental math to deduce the company's monthly run rate and historical trajectory from customer numbers and ACV. Mike momentarily resists disclosing revenue figures before conceding that Nathan's calculated estimate of $30k per month is accurate.6:10–9:28 · Nathan pushing back 3/10 Hiring Priorities, Retention Rates, and Activation KPI Nathan presses for precision around churn metrics, forcing Mike to clarify that 2.5% is annual revenue churn. Mike educates the host on how Visible automates trial extensions around monthly reporting cycles to maximize customer activation.9:32–12:23 · Nathan pushing back 1/10 Nathan Latka Announcement for SaaStock Australasia The segment begins with a standalone sponsor announcement from Nathan for SaaStock Australasia before transitioning into a hypothetical brainstorming question about designing a $3,000-per-month enterprise tier.12:23–16:12 · Nathan pushing back 3/10 High Alpha Venture Studio Origins and Startup Incubation Nathan asks detailed questions regarding venture studio dynamics at High Alpha, CAC payback limits, and non-dilutive financing. Mike shares details about using Lighter Capital for revenue-based financing.16:12–17:26 · Nathan pushing back 1/10 The Famous Five Rapid-Fire Questions A standard, friendly closing sequence running through the Famous Five questions covering reading habits, peers, tool stack, and personal demographics.

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

0:00 · Nathan 46% · guest 54%0:00 · Nathan 46% · guest 54%3:00 · Nathan 37.6% · guest 62.4%3:00 · Nathan 37.6% · guest 62.4%6:00 · Nathan 21.7% · guest 78.3%6:00 · Nathan 21.7% · guest 78.3%9:00 · Nathan 67.1% · guest 32.9%9:00 · Nathan 67.1% · guest 32.9%12:00 · Nathan 27.7% · guest 72.3%12:00 · Nathan 27.7% · guest 72.3%15:00 · Nathan 45% · guest 55%15:00 · Nathan 45% · guest 55%18:00 · Nathan 0% · guest 0%18:00 · Nathan 0% · guest 0%
Sharpest disagreement ▶ 4:20 Revenue disclosure hesitation

Mike briefly pushes back on Nathan's calculated numbers by asserting that the company does not disclose revenue figures, before conceding that the estimate is correct.

 Hardest push from Nathan ▶ 6:44 Interrogating churn definition

Nathan interrupts to pin down the churn number, explicitly challenging whether the stated 2.5% churn represents monthly logo churn or annual revenue churn.

 Biggest teaching moment ▶ 7:59 Explaining trial activation around reporting rhythms

Mike explains how Visible addresses the challenge of a 14-day trial against monthly reporting cycles by dynamically extending trials based on user target dates.

 Nathan holds their own ▶ 4:11 Deconstructing historical MRR

Nathan demonstrates mastery of SaaS metrics by instantly deducing Visible's prior-year monthly revenue of $30k from customer count, average ACV, and stated YoY percentage growth.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Visible VC Product Value Proposition and Automated Integrations 6412 Nathan frames the product problem through his own experience as an LP, asking why founders would pay instead of sending simple emails. Mike smoothly explains the automated integrations with Stripe and HubSpot, while answering security concerns collaboratively.
Revenue Growth, Pricing, and Trajectory to $1M ARR 8234 Nathan performs rapid mental math to deduce the company's monthly run rate and historical trajectory from customer numbers and ACV. Mike momentarily resists disclosing revenue figures before conceding that Nathan's calculated estimate of $30k per month is accurate.
Hiring Priorities, Retention Rates, and Activation KPI 7523 Nathan presses for precision around churn metrics, forcing Mike to clarify that 2.5% is annual revenue churn. Mike educates the host on how Visible automates trial extensions around monthly reporting cycles to maximize customer activation.
Nathan Latka Announcement for SaaStock Australasia 5411 The segment begins with a standalone sponsor announcement from Nathan for SaaStock Australasia before transitioning into a hypothetical brainstorming question about designing a $3,000-per-month enterprise tier.
High Alpha Venture Studio Origins and Startup Incubation 7423 Nathan asks detailed questions regarding venture studio dynamics at High Alpha, CAC payback limits, and non-dilutive financing. Mike shares details about using Lighter Capital for revenue-based financing.
The Famous Five Rapid-Fire Questions 4211 A standard, friendly closing sequence running through the Famous Five questions covering reading habits, peers, tool stack, and personal demographics.

Statements from this episode (13)

Insight
Preuss: Investor update security relies on good email stewardship
“You know, for us, everything is, is rendered directly first and foremost in email. And that's kind of our baseline, right? So if someone if you're sending email anyways, people can forward around. So it's really up to kind of you and your investor and making s…”
Mike Preuss Nov 25, 2019 ▶ 2:28
Assertion Not checkable as stated
Preuss: Visible's ACV is approximately $150 per month
“Yeah, they're paying on average about 150 dollars a month. So any, you know, kind of ranges, but our ACV is right about 150 dollars a month.”
Mike Preuss Nov 25, 2019 ▶ 3:02
Assertion Not checkable as stated
Preuss: Visible is growing ARR at 200% year over year
“But you know, ARR is, is growing 200, you know, percent a year.”
Mike Preuss Nov 25, 2019 ▶ 3:50
Assertion Not checkable as stated
Preuss: Visible has over 600 paying customer organizations
“It's right. It's above 600. So we have roughly a third of our organizations you know, paying to use visible.”
Mike Preuss Nov 25, 2019 ▶ 4:00
Disclosure
Preuss: Visible has raised $1.1M in total outside capital
“1.1 million.”
Mike Preuss Nov 25, 2019 ▶ 5:00
Disclosure
Preuss: Visible operates with five full-time employees
“So the team's currently five full-time folks and we're hiring for two open positions right now, but a full team of five.”
Mike Preuss Nov 25, 2019 ▶ 5:11
Assertion Open · timeframe Nov 2019
Latka: GitLab raised $100M one month after denying fundraising
“And sure enough, a month after I do the interview, you know, GitLab raised a hundred million dollars.”
Nathan Latka Nov 25, 2019 ▶ 5:45
Assertion Not checkable as stated
Preuss: Visible's annual churn is under 2.5%
“So churn's under two and a half percent.”
Mike Preuss Nov 25, 2019 ▶ 6:41
Assertion Not checkable as stated
Preuss: Publishing one update yields a 95% conversion rate for Visible
“But once we have a customer sending one update out and publish it, we have like a 95% chance of landing them as a customer.”
Mike Preuss Nov 25, 2019 ▶ 7:20
Insight
Preuss: Most founders lack time to nurture investors like sales leads
“Most CEOs and founders don't have time to properly nurture an investor like they would a sales lead.”
Mike Preuss Nov 25, 2019 ▶ 11:52
Disclosure
Preuss: Visible served as the early prototype for High Alpha
“So we were a company that was started prior to High Alpha. So I started Visible with two partners there, Christian Anderson and Mike Fitzgerald, who then joined at High Alpha. And so we were kind of like the prototype or MVP for what High Alpha is today.”
Mike Preuss Nov 25, 2019 ▶ 12:29
Disclosure
Preuss: Visible spent $100 on paid marketing last month
“Our budget to give you an example was like a hundred bucks last month. So we're starting to ramp that spend up to 2000 and figuring out where, where that is, but we just don't have great data in terms of what paid is going to get us so far.”
Mike Preuss Nov 25, 2019 ▶ 13:54
Assertion Not checkable as stated
Preuss: Lighter Capital funded Visible in 15 days from start to wire
“It was like 15 days from the start to the end. And it was cool. We did it. We did a podcast in series with them because we essentially just turned over our visible profile to the letter capital team and they had everything they needed. And we did it, you know,…”
Mike Preuss Nov 25, 2019 ▶ 15:55
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