Insight
Betterkop: Running a Scaling Startup as a Democracy Slows the Business Down
“The importance of not making everything a democracy in the business. And sometimes as a leader, you gotta make decisions. You can't talk everything out. So be more decisive. And we kind of had a tendency, you know, in the early days with my founders that we ta…”
Disclosure
Vejderkop: QuickOrder bought back 50% equity stake dollar-for-dollar
“So we kind of pressured him out and he accepted to take the money we put down dollar by dollar and give us all the shares back.”
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Betterkop expects QuickOrder Series A valuation above $100M
“Plus a hundred.”
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Betterkop: QuickOrder will be the acquirer, not the acquired
“We are going to eat other companies.”
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Vejderkop: QuickOrder Co-Founders Split Equity Equally at 20% Each
“Yeah, so it's 20% and equally shared ever since.”
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Vejderkop: QuickOrder generates $368k in monthly recurring revenue
“So we are now at 368 came on pretty quick revenue.”
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Vejderkop: QuickOrder averages $283 per location across 1,300 locations
“So we are now at 283 US dollars per location, and that puts us at just around 1300 locations all across Dynamics.”
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QuickOrder Reaches 131% Net Revenue Retention
“Yeah, so net revenue retention is actually 131%.”
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Vejderkop: QuickOrder gave up nearly 50% for $100k in 2015
“So today we diluted by 30% total. But prior to that, before I fixed the dog up, I did really early on. We were diluted like nearly half, it was like money takes close to half of the business for a hundred K dollars.”
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Betterkop: QuickOrder surpasses $500k in monthly revenue
“Now we are at plus 500 per month and our, that comes both from new business, but it also comes from our existing clients growing.”
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Betterkop: QuickOrder ARPU surpasses $500 per month
“So our average revenue per client is up to above 500 US dollars. Per month. Whereas last time we talked, it was just below 300, if I recall correctly.”
Assertion Supported
QuickOrder has raised between $4 million and $5 million total
“We raised both in in early 2020 and late 20 20 around the same amount, both times. And then that, that's kind of it. So a total of, I guess, calculated two US dollars is like somewhere between four and five million dollars total.”
Disclosure
Betterkop: QuickOrder's merger with WeOrder was roughly a 50-50 split
“So it's a bit more than 50%, but it was roughly a fifty-fifty split.”
Assertion Supported
Betterkop: WeOrder CEO Andy founded Tidal before selling to Jay-Z
“Andy is the founder of Tidal which was sold to Jay-Z, the music streaming service so he has a lot of experience”
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Betterkop owns between 5% and 10% equity in QuickOrder post-merger
“So I set up between five and 10%.”
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QuickOrder targets raising $20M+ in Series A funding
“So a minimum of ten million US dollars, but indications right now is that the market with the right multiple is willing to put in between 20 and thirty million US dollars. So, so it would probably be plus 20.”
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Betterkop: Private equity firms are moving to consolidate European restaurant tech
“In the restaurant tech industry where we are, a lot of PE's are starting to knock on the door and wanting to consolidate the European market.”
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Vejderkop: QuickOrder burns less than $10,000 per month
“It's less than 10 K a month.”
Disclosure
Vejderkop: QuickOrder raised additional $1.5 million
“We raised another 1.5 million dollars ish. So in Danish it's just around 10. So 1.5 calculated into dollars.”
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QuickOrder Reports Fully Weighted CAC of $2,000
“So if you factor everything in with salary and onboarding and ad spend our CAC right now is 2000 dollars.”
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QuickOrder Reports Annual Revenue Churn of Around 10%
“Yeah, so annually we are around 10%.”
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Vejderkop: Metro Accelerator rejected QuickOrder due to broken cap table
“So when Metro Accelerator came around a couple of years in, and wonders of us on we actually went to the selection day, but got turned down because of our cap table in the end and had to fix that.”
Disclosure
Betterkop: QuickOrder sets sales rep quotas at 3x salary
“So they do three times their annual salary.”
