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Nov 22, 2017 · 19m · top-founders

851: SaaS: How Exponea CEO Plans to Raise $7m on $50m Valuation This Month

Peter Irikovsky · 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 The Top podcast, host Nathan Latka interviews Exponea CEO Peter Irikovsky to explore how the AI-driven e-commerce marketing platform scaled to $270,000 in monthly recurring revenue, achieved 140% net retention, and positioned itself for a $7 million funding round at a $50 million valuation.

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 41.4% of the talking time here. How this is scored →

Nathan as informed peer 3.7 Guest teaching 1.0 Guest disagreement 0.7 Nathan pushing back 2.7
05100:0010:001:38–4:00 · Nathan as informed peer 3/10 Welcoming Peter Irikovsky, CEO of Exponea Latka opens the interview and immediately challenges Irikovsky to name a specific, verifiable customer rather than speaking in vague generalities.4:00–8:39 · Nathan as informed peer 5/10 SaaS Pricing Model, Consulting, and Money-Back Guarantees Latka inspects pricing, revenue mix, and equity allocation, intervening when Irikovsky strays into tangent details about the Czech e-commerce market.8:39–12:01 · Nathan as informed peer 6/10 Customer Base Scale, Revenue Run Rate, and UK Expansion Latka calculates run-rate multiples on the spot and questions whether Exponea can realistically grow into a 15x forward valuation on their upcoming round.12:01–14:03 · Nathan as informed peer 6/10 Customer Retention, Churn, and Upsell Strategy Latka checks the math behind net revenue retention versus logo retention, breaking down how expansion offsets gross churn.14:03–16:41 · Nathan as informed peer 5/10 CAC Payback Dynamics, Sales Team Building, and Offices Latka distinguishes paid acquisition spend from sales payroll and clarifies the difference between target sales regions and actual physical offices.16:42–18:54 · Nathan as informed peer 1/10 Sponsor Message: Website Behavior Analytics with Hotjar Sponsor read followed by the standard Famous Five rapid-fire questionnaire with friendly back-and-forth.18:54–19:28 · Nathan as informed peer 0/10 Episode Conclusion and Exponea Business Metrics Recap Solo outro monologue summarizing the key business figures and metrics of Exponea.1:38–4:00 · Guest teaching 1/10 Welcoming Peter Irikovsky, CEO of Exponea Latka opens the interview and immediately challenges Irikovsky to name a specific, verifiable customer rather than speaking in vague generalities.4:00–8:39 · Guest teaching 2/10 SaaS Pricing Model, Consulting, and Money-Back Guarantees Latka inspects pricing, revenue mix, and equity allocation, intervening when Irikovsky strays into tangent details about the Czech e-commerce market.8:39–12:01 · Guest teaching 1/10 Customer Base Scale, Revenue Run Rate, and UK Expansion Latka calculates run-rate multiples on the spot and questions whether Exponea can realistically grow into a 15x forward valuation on their upcoming round.12:01–14:03 · Guest teaching 2/10 Customer Retention, Churn, and Upsell Strategy Latka checks the math behind net revenue retention versus logo retention, breaking down how expansion offsets gross churn.14:03–16:41 · Guest teaching 1/10 CAC Payback Dynamics, Sales Team Building, and Offices Latka distinguishes paid acquisition spend from sales payroll and clarifies the difference between target sales regions and actual physical offices.16:42–18:54 · Guest teaching 0/10 Sponsor Message: Website Behavior Analytics with Hotjar Sponsor read followed by the standard Famous Five rapid-fire questionnaire with friendly back-and-forth.18:54–19:28 · Guest teaching 0/10 Episode Conclusion and Exponea Business Metrics Recap Solo outro monologue summarizing the key business figures and metrics of Exponea.1:38–4:00 · Guest disagreement 1/10 Welcoming Peter Irikovsky, CEO of Exponea Latka opens the interview and immediately challenges Irikovsky to name a specific, verifiable customer rather than speaking in vague generalities.4:00–8:39 · Guest disagreement 1/10 SaaS Pricing Model, Consulting, and Money-Back Guarantees Latka inspects pricing, revenue mix, and equity allocation, intervening when Irikovsky strays into tangent details about the Czech e-commerce market.8:39–12:01 · Guest disagreement 1/10 Customer Base Scale, Revenue Run Rate, and UK Expansion Latka calculates run-rate multiples on the spot and questions whether Exponea can realistically grow into a 15x forward valuation on their upcoming round.12:01–14:03 · Guest disagreement 1/10 Customer Retention, Churn, and Upsell Strategy Latka checks the math behind net revenue retention versus logo retention, breaking down how expansion offsets gross churn.14:03–16:41 · Guest disagreement 1/10 CAC Payback Dynamics, Sales Team Building, and Offices Latka distinguishes paid acquisition spend from sales payroll and clarifies the difference between target sales regions and actual physical offices.16:42–18:54 · Guest disagreement 0/10 Sponsor Message: Website Behavior Analytics with Hotjar Sponsor read followed by the standard Famous Five rapid-fire questionnaire with friendly back-and-forth.18:54–19:28 · Guest disagreement 0/10 Episode Conclusion and Exponea Business Metrics Recap Solo outro monologue summarizing the key business figures and metrics of Exponea.1:38–4:00 · Nathan pushing back 4/10 Welcoming Peter Irikovsky, CEO of Exponea Latka opens the interview and immediately challenges Irikovsky to name a specific, verifiable customer rather than speaking in vague generalities.4:00–8:39 · Nathan pushing back 5/10 SaaS Pricing Model, Consulting, and Money-Back Guarantees Latka inspects pricing, revenue mix, and equity allocation, intervening when Irikovsky strays into tangent details about the Czech e-commerce market.8:39–12:01 · Nathan pushing back 4/10 Customer Base Scale, Revenue Run Rate, and UK Expansion Latka calculates run-rate multiples on the spot and questions whether Exponea can realistically grow into a 15x forward valuation on their upcoming round.12:01–14:03 · Nathan pushing back 3/10 Customer Retention, Churn, and Upsell Strategy Latka checks the math behind net revenue retention versus logo retention, breaking down how expansion offsets gross churn.14:03–16:41 · Nathan pushing back 3/10 CAC Payback Dynamics, Sales Team Building, and Offices Latka distinguishes paid acquisition spend from sales payroll and clarifies the difference between target sales regions and actual physical offices.16:42–18:54 · Nathan pushing back 0/10 Sponsor Message: Website Behavior Analytics with Hotjar Sponsor read followed by the standard Famous Five rapid-fire questionnaire with friendly back-and-forth.18:54–19:28 · Nathan pushing back 0/10 Episode Conclusion and Exponea Business Metrics Recap Solo outro monologue summarizing the key business figures and metrics of Exponea.

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

0:00 · Nathan 76.7% · guest 23.3%0:00 · Nathan 76.7% · guest 23.3%3:00 · Nathan 22.6% · guest 77.4%3:00 · Nathan 22.6% · guest 77.4%6:00 · Nathan 17% · guest 83%6:00 · Nathan 17% · guest 83%9:00 · Nathan 38.3% · guest 61.7%9:00 · Nathan 38.3% · guest 61.7%12:00 · Nathan 39.1% · guest 60.9%12:00 · Nathan 39.1% · guest 60.9%15:00 · Nathan 40.6% · guest 59.4%15:00 · Nathan 40.6% · guest 59.4%18:00 · Nathan 68.9% · guest 31.1%18:00 · Nathan 68.9% · guest 31.1%
Sharpest disagreement ▶ 13:40 Rejecting standard US upsell strategies

Irikovsky pushes back against standard SaaS industry practices, insisting Exponea only monetizes validated customer value rather than pushing raw usage tiers.

 Hardest push from Nathan ▶ 2:58 Insisting on specific client disclosure

Latka refuses to let the guest hide behind unnamed UK retailers and directs him to discuss Duke + Dexter from their website.

 Biggest teaching moment ▶ 7:42 Explaining the anti-dilution option model

Irikovsky explains Exponea's atypical equity setup where founders take minimal stakes and utilize a mathematical option scheme to avoid employee dilution resentment.

 Nathan holds their own ▶ 10:34 Dissecting valuation multiple reality

Latka calculates the implied 15x multiple of ARR in real time and directly challenges the founder on sustaining the growth needed to justify it.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Welcoming Peter Irikovsky, CEO of Exponea 3114 Latka opens the interview and immediately challenges Irikovsky to name a specific, verifiable customer rather than speaking in vague generalities.
SaaS Pricing Model, Consulting, and Money-Back Guarantees 5215 Latka inspects pricing, revenue mix, and equity allocation, intervening when Irikovsky strays into tangent details about the Czech e-commerce market.
Customer Base Scale, Revenue Run Rate, and UK Expansion 6114 Latka calculates run-rate multiples on the spot and questions whether Exponea can realistically grow into a 15x forward valuation on their upcoming round.
Customer Retention, Churn, and Upsell Strategy 6213 Latka checks the math behind net revenue retention versus logo retention, breaking down how expansion offsets gross churn.
CAC Payback Dynamics, Sales Team Building, and Offices 5113 Latka distinguishes paid acquisition spend from sales payroll and clarifies the difference between target sales regions and actual physical offices.
Sponsor Message: Website Behavior Analytics with Hotjar 1000 Sponsor read followed by the standard Famous Five rapid-fire questionnaire with friendly back-and-forth.
Episode Conclusion and Exponea Business Metrics Recap 0000 Solo outro monologue summarizing the key business figures and metrics of Exponea.

Statements from this episode (17)

Assertion Not checkable as stated
Exponea Localization Boosted Client Conversions by 60% to 280%
“We localized the experience for all customers in like 19 countries of a fashion e-commerce company with a boost of 60 to 280% in conversion.”
Peter Irikovsky Nov 22, 2017 ▶ 2:19
Assertion Not checkable as stated
Duke & Dexter Boosted Conversion 30% Using Outfit A/B Testing
“Showing people not just the shoe, but the other outfit that you can see on Instagram without the hat, they can actually boost the conversion online by 30%.”
Peter Irikovsky Nov 22, 2017 ▶ 3:34
Assertion Not checkable as stated
Exponea Has Had Zero Requests for Money-Back Proof-of-Concept Refunds
“So far we had zero customers asking for it, but it's like a hundred percent on the customer.”
Peter Irikovsky Nov 22, 2017 ▶ 4:31
Assertion Not checkable as stated
Consulting Services Make Up Around 12% of Exponea's MRR
“So when you look at MRR, then the consulting services are around like 12%.”
Peter Irikovsky Nov 22, 2017 ▶ 4:47
Assertion Not checkable as stated
Exponea's Average Annual Contract Value is Around $40,000
“So across the entire base, currently, it's so it's around 40.”
Peter Irikovsky Nov 22, 2017 ▶ 5:18
Disclosure
Exponea Has Raised $3M and is Raising a $7M Round
“Until now we've raised three million and now we're in a phase where we are about to take a seven million round.”
Peter Irikovsky Nov 22, 2017 ▶ 5:48
Assertion Partly supported
CEO's Former Company Slevomat Sold for $100M in 2017
“I used to be a CEO of an e-commerce company, which actually just this week sold for about a hundred million.”
Peter Irikovsky Nov 22, 2017 ▶ 6:18
Opinion
Czech Republic is the World's Most Competitive E-Commerce Market
“And actually you might not know, Czech Republic is the most competitive e-commerce market in the world by far. So they have 36,000 e-shops, over 36,000 e-shops for ten million people.”
Peter Irikovsky Nov 22, 2017 ▶ 6:47
Disclosure
Exponea Allocates ~51% of Equity to All-Employee Stock Option Pool
“So what we did is Yojo now has around nine percent in the company. And then the investors now own, I think it's like slightly less than 40. And then the whole rest is put in a stock option scheme where everyone in the company is involved.”
Peter Irikovsky Nov 22, 2017 ▶ 7:45
Assertion Not checkable as stated
Exponea Reports 85 Core Customers and Over 100 Total
“So if you only count the relevant customers that we have acquired, it's like 85. If you also count, like, some of the smaller ones that we have, like, from the really initial, it's just over a hundred.”
Peter Irikovsky Nov 22, 2017 ▶ 8:47
Prediction Didn’t hold up
Exponea Anticipates October Funding Round at $50M+ Valuation
“So we believe we will raise the round in October, and by that time, the valuation should be over 50.”
Peter Irikovsky Nov 22, 2017 ▶ 10:24
Assertion Not checkable as stated
Exponea Doubled Revenue Every Six Months For Two Years
“At least double every half a year in the last 24 months, and we will grow double also this half year.”
Peter Irikovsky Nov 22, 2017 ▶ 11:12
Assertion Not checkable as stated
Exponea's MRR Grew From $18k to $94k During 2016
“So, December 2015 was Around 18,000. So, so, so nothing. We ended the year at 94.”
Peter Irikovsky Nov 22, 2017 ▶ 11:35
Assertion Not checkable as stated
Exponea Has Lost Only Six Customers in Company History
“In total, we have lost only six customers throughout the whole history, and out of that, there's not a single churn that is related to product, and out of those, there's only three companies which are actually the companies that I would call relevant, and out …”
Peter Irikovsky Nov 22, 2017 ▶ 12:11
Assertion Not checkable as stated
Exponea's Net Revenue Retention is Around 140%
“So net retention is around 140%.”
Peter Irikovsky Nov 22, 2017 ▶ 12:52
Assertion Not checkable as stated
Exponea's Gross Revenue Retention is 95% to 96%
“So the gross retention was in terms of revenue was Something like 96, 95%.”
Peter Irikovsky Nov 22, 2017 ▶ 13:24
Assertion Not checkable as stated
Exponea's CAC Payback Period is Around 11 Months
“So like the return on sales and marketing is around 11 months.”
Peter Irikovsky Nov 22, 2017 ▶ 14:19
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