Assertion Not checkable as stated
Austin: Synapse has no direct competitors, only indirect incumbents
“We don't have a direct competitor still in the market right now. There's indirect incumbents.”
Assertion Not checkable as stated
Austin: ExxonMobil funded Synapse software development as its first customer
“ExxonMobil. And they basically read about us in the newspaper after coming out of an accelerator and asked to see the software where we were like, well, we don't have software yet. Here's our plan. And it was a problem for them that, that they said, well, we'l…”
Disclosure
Austin: Synapse secured Comerica venture debt to take 30% debt in Series A
“So we brought on some venture debt through Comerica Bank. And it was mainly to really build the relationship early so that when we do our Series A, we can take about 30% of venture debt on top of that next round.”
Assertion Not checkable as stated
Austin: L&D Series A valuations range from $25M to $40M pre-money
“I've seen series A companies in our space as low as 25 pre money and all the way up to forty million pre money.”
Prediction Not checkable as stated
Austin: Synapse CAC payback will drop to 5-6 months with PLG
“Yeah, we think that payback will be five to six months once we roll out the product-led growth strategy.”
Prediction Not checkable as stated
Austin: Partner will onboard Synapse to 11,000 clients in two years
“Over the next two years, they're going to onboard us to 11,000 clients of theirs, which is exciting.”
Disclosure
Austin: Synapse eliminated minimums for $1,500 per seat pricing
“Annually and increased from there based off a per seat model, but we actually just flipped the switch with COVID to not having any minimums and pricing at 1500 dollars a seat to lower all barriers, and we're seeing contracts come through at greater deal value …”
Prediction Not checkable as stated
Austin: Synapse will hit $2.5M ARR within a year
“We have not yet gone to series A, and when we do our plan is to start working with series A partners at around two and a half million ARR. So we're not quite there yet, but you know, we'll be there in about a year's time or less.”
Prediction Not checkable as stated
Austin: Synapse will grow over 100% this year
“Yeah, I mean, we will have over a hundred percent growth this year.”
Disclosure
Austin: Synapse took on an additional $1M in August
“So we just took on another million dollars in August.”
Disclosure
Austin: Existing VCs are looking to commit over $5M to Synapse's next round
“With the VCs who we put together you know, we, they're already looking to commit about five, a little over five million going into the next round combined.”
Disclosure
Austin: Synapse is targeting $10M to $12M for Series A
“About 10 to 12.”
Assertion Not checkable as stated
Austin: Synapse retains about 89% of clients annually
“We're retaining about 89% of clients right now.”
Assertion Not checkable as stated
Austin: Synapse CAC is currently about $10k per customer
“It's about 10 grand.”
Assertion Not checkable as stated
Austin: Synapse spent about $50k to launch its initial product
“We spent Probably about 50 grand to get the first kind of iteration out the door and started to monetize it”
Assertion Supported
Austin: Synapse has raised about $4 million in total funding
“About four million dollars.”
Assertion Not checkable as stated
Austin: Synapse directly serves about 60 enterprise customers
“We have about 60 on the platform 60 enterprises directly today.”
Assertion Not checkable as stated
Austin: Synapse was at over $400K ARR a year ago
“We were at a little over 400 K in AR less than a year ago.”
Disclosure
Austin: Synapse Total Headcount Is a Little Over 20
“A little over 20.”
Assertion Not checkable as stated
Austin: Blinds.com Founder Jay Steinfeld Was Instrumental in Mentoring Synapse
“One, Jay Steinfeld, who was the owner of Blinds.com, who sold to the Home Depot. He was very instrumental in helping us.”
