Opinion
Wilson found angel and institutional investors a poor fit for Convirza
“I have not found angel investors or investors in general to be a good source of revenue, a good source of investment for us.”
Insight
Few companies are capable or willing to implement closed-loop attribution
“This data is available, but quite frankly, very few people are capable or want to be capable to get in and actually connect all the pieces. You can do it. There is closed looped attribution. You can get what you want, but are people really going to take the ti…”
Disclosure
Convirza plans to stay flat at $10M ARR during acquisition integration
“I'm planning on staying flat where I'm at. Just past ten million. Getting this acquisition done, getting it off my back Those are problems. I'm, you know, every business has them. We're stuck and now get past that.”
Assertion Not checkable as stated
Convirza's best customer acquisition channel for a decade has been free webinars
“Our best source for the past decade has been webinars, which don't cost us anything.”
Assertion Not checkable as stated
Convirza built its own telephony platform instead of relying on Twilio
“Well, again we chose, so our competitors
Are using companies like Twilio where they, where they're actually not doing the engineering themselves.
We built out our own we built out our own platform.
So we are our own phone provider and that, that has cost us m…”
Disclosure
Convirza's sweet spot is marketing agencies paying $2,500 per month
“Our sweet spot is that 2500 dollar customer. That's going to be your agency who's got multiple advertisers that they support. But we also have the mom and pop paying 29 dollars and we have the enterprise paying a 100,000 dollars a month.”
Disclosure
Convirza raised $24M in total funding after 2010
“So after 2010, we raised capital over a number of rounds, twenty four million.”
Assertion Not checkable as stated
Convirza serves over 1,000 agencies and 50,000 businesses
“We have over a thousand customers, but that's not the whole story because their agencies remember. And so those agencies, customers could also be called our customers. And in general, in our industry, we'll, we'll call it 50,000 customers. We actually have 50,…”
Assertion Not checkable as stated
Convirza's pre-acquisition customer acquisition cost was $1,200
“Pre-acquisition
it was 1200 dollars.”
Assertion Not checkable as stated
Wilson estimates Convirza customer lifetime value at four years
“There's different ways for us to calculate it, but I'd say lifetime value is four years.”
Assertion Not checkable as stated
Convirza's customer acquisition cost payback period is nine months
“I would say it's nine months right now.”
Assertion Not checkable as stated
Convirza operates at a 60% gross margin
“60%.”
Disclosure
Convirza's average customer pays approximately $600 per month
“Our target our average customer is about 600.”
Disclosure
Wilson spent $70,000 on Convirza's initial 100 prototype recording devices
“I bought a hundred of them to get started with.
Nathan Latka: What'd it cost you to buy when you bought a hundred of them?
Jeremiah Wilson: What's that?
Nathan Latka: What'd it cost you when you bought a hundred?
Jeremiah Wilson: 70,000.
Nathan Latka: Total.
N…”
Disclosure
Convirza made roughly $20,000 from one client in its first six months
“The first six months I had one client they paid me probably 20,000 dollars if I remember right.”
Assertion Not checkable as stated
Convirza reports a 3% monthly gross logo churn rate
“Three percent.”
Disclosure
Convirza employs 66 US staff and 40 engineers in India
“We've actually built a really strong team in India and that's 66, by the way, doesn't include India. I have a whole, I have a group of 40 in addition to that in India that are actually augmenting our engineering team.”
