Insight
Tasking Customer Success Teams With Upselling Is a Huge Mistake
“We had like what we call the customer success, success personnel that we're doing up sales, which it's stupidest idea. I don't know why. Because they need to take care of the customers first, make sure they're not churning. And when they have time and have an …”
Opinion
Melkerson: In-person engineering collaboration makes R&D faster
“We really like them to actually to have the possibility to physically meet up. Cause R and D works better that way. That's just the way I see things. Faster. Not bad. Maybe not better, but faster.”
Insight
Melkerson: Startups should separate SDR and AE roles rather than hire full-cycle reps
“I think that the biggest mistake or in the beginning, you're trying to do everything. You're the startup, you're the founder, you're the sales guy, and then you hire a few salespeople that can do the same. You can imitate yourself doing everything in sales. Yo…”
Disclosure
Melkerson: PinMeTo hires UK expats in Poland to sell cheaply to UK
“So for example, we have quite a lot of people born and raised in the UK living in Poland today for different reasons. And we have them selling to the UK, which for us is way, way cheaper. To have people hired in Poland, but still they sell in UK and the custom…”
Disclosure
Only 5 of PinMeTo's 20 Sales Reps Hit Their $2M Quotas
“So it's maybe five out of the twenties hitting that target, but what they've done is they've been here a few years between two to five, two to four years, and they've built up quite a big number of leads they are working on.”
Assertion Not checkable as stated
PinMeTo Generated 4.12 Million SEK in Monthly Recurring Revenue in March
“Well, so four million secs, so 404 124 120 we did.”
Disclosure
PinMeTo Retains Entire Series A Capital After Bootstrapping Through 2021
“Yeah, we have all the money left. So we did pretty much last year bootstrap.”
Assertion Supported
Melkerson: PinMeTo Has Raised Around $5M in Total Funding
“Around five million.”
Disclosure
Melkerson: PinMeTo founders and employees own around 50% of company
“Around 50.”
Disclosure
PinMeTo paused hospitality billing in 2020 and retained all those accounts
“What we did then was that actually we contacted the customers we had in, in, in hospitality industry and just said, okay, let's pause your payments for the upcoming three months and see what happens with COVID. And then after four months, everyone was back and…”
Assertion Not checkable as stated
PinMeTo reaches around 550 paying enterprise customers
“So we have around 550 paying customers today.”
Assertion Not checkable as stated
PinMeTo's average customer pays around $900 per month
“Yeah, around 800, a little bit above 800. I would say 900 today.”
Disclosure
PinMeTo counts H&M as a customer on a per-store pricing model
“For example one of the customers who work with H and M they have stores are all around the world, so they pay per, per store.”
Assertion Not checkable as stated
PinMeTo's largest enterprise customer pays $300,000 per year
“They're paying us 300 thousand US.”
Disclosure
PinMeTo raised an insider funding round a year ago without spending it
“The small round with the investors we already had on board almost a year ago now, but we haven't used the money yet.”
Assertion Not checkable as stated
Melkerson: PinMeTo employs 35 quota-carrying sales reps
“They 35 carry a quota for sure.”
Disclosure
PinMeTo gives sales reps a six-month ramp to $10K MRR quotas
“So the first thing, six months, I wouldn't say you have any quota, but you need to have a lot of momentum make sure you have a lot of quotes out, a lot of meetings. And from that on, I would say in, in US dollars per month, Around 10,000. That's it for the fir…”
Assertion Not checkable as stated
Melkerson: PinMeTo maintains an annual gross revenue churn of around 3%
“Oh, I don't have all the numbers, sorry, in my head, but we have a gross churn around three percent.”
Disclosure
Melkerson: PinMeTo diluted between 5% and 10% in $2M round
“It was pretty much in the middle of five and 10.”
Assertion Supported
Melkerson: H&M and Volvo are PinMeTo customers
“Our customers are large multi-location brands. It can be anything from retailers like H&M to car dealerships like Volvo.”
Assertion Not checkable as stated
PinMeTo Serves Over 700 Customers, Including 500 Large Enterprises
“It depends on how we calculate it because we, usually we don't calculate SMBs, which is which we call customers under 50 locations. But if I bring them in as well, it's over 700. So it's large companies. It's around 500. But if we calculate this, Few SMBs we h…”
Assertion Not checkable as stated
PinMeTo's top customer verticals are retail, EV charging, and hospitality
“The top three verticals are still retail also EV charging and gas stations kind of goes hand in hand today. Gas stations needs to pivot into EV chargings as well. So so that's the two biggest, I guess. And then I would say hospitality still.”
Assertion Not checkable as stated
Melkerson: PinMeTo currently employs 78 team members
“Almost eight. I think 78.”
Disclosure
Melkerson: PinMeTo will likely pursue alternative debt over traditional equity
“So we probably look at that kind of structure instead of maybe raising in, you know, the usual way.”
