Austin confirms REI SIFT has been fully bootstrapped without venture capital
Tyler Austin · 29 Year Old Bootstraps to $2.4m Revenue, $1m+ in Profits · Jan 12, 2022 · at 9:19
Tyler Austin is the founder of REI SIFT, detailing his financing strategy to Nathan Latka.
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“Fully bootstrapped.”
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More from Tyler Austin
Austin claims micro-SMB SaaS churn is driven by poor entrepreneurial skills
“I realized that a lot of our churn was because of micro SMB, you know, entrepreneurs not being good entrepreneurs. So we had to fix the mindset of the customer coming into the gate about business, not really about our product.”
Austin claims real estate software competitors face 9% to 18% monthly churn
“I think a lot of people in our space, some of our competing products and others that are similar in our space you know, there's floating around, you know, nine or if not 17, 18%.”
Austin says REI SIFT generates $220,000 monthly revenue, including $140,000 in MRR
“MRR wise, one 40, but there was about another 60 to 80,000 or so. It was like 220,000 last month we did total.”
Austin claims REI SIFT cut monthly churn from 11% to 5%
“We've really went from about, you know, 10, 11% churn down into that, that five range. And sometimes we get that six percent, but that's monthly.”