Disclosure certainty 4/5 debate potential 1/5

Sotsky: Incentify took strategic funding from Ryan LLC, not institutional VC

Lawrence Sotsky · SaaS Helps 50 F500 Brands Unlock Tax Credits, Targeting $6m ARR This Year · Apr 17, 2021 · at 8:13

Lawrence Sotsky, CEO of Incentify, clarifies the company's funding history to Nathan Latka, distinguishing strategic investment from institutional venture capital.

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“Ryan did put in money as a strategic round, but we are not yet calling that a series a, we haven't taken an institutional round yet from a VC.”

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More from Lawrence Sotsky

Assertion Supported
Sotsky: MainStreet charges success fees while Incentify is pure SaaS
“Ours is also a little different than Main Street and the others that you mentioned. They're mostly working on a success fee. For us, we are a software as a service company. We're not an advisor. So we do take a monthly fee from the from the client to use our p…”
Lawrence Sotsky Apr 17, 2021 ▶ 5:38 SaaS Helps 50 F500 Brands Unlock Tax Credits, Targeting $6m ARR This Year
Assertion Contradicted
Sotsky: A trillion dollars in credits and incentives exists for organizations
“There's literally a trillion dollars of credits and incentives that are out there and available for various organizations.”
Lawrence Sotsky Apr 17, 2021 ▶ 2:16 SaaS Helps 50 F500 Brands Unlock Tax Credits, Targeting $6m ARR This Year
Disclosure
Incentify charges large enterprise customers an average of $10,000 monthly
“Our average price is around 10,000 dollars and 10,000 dollars a month for some big, big enterprise customers.”
Lawrence Sotsky Apr 17, 2021 ▶ 5:56 SaaS Helps 50 F500 Brands Unlock Tax Credits, Targeting $6m ARR This Year
Assertion Not checkable as stated
Incentify serves about 50 customers, mostly Fortune 500 companies
“So we have about 50 customers today, the majority of them, of course, in the Fortune 500, which is great.”
Lawrence Sotsky Apr 17, 2021 ▶ 11:21 SaaS Helps 50 F500 Brands Unlock Tax Credits, Targeting $6m ARR This Year
Assertion Not checkable as stated
Ryan LLC invested in Incentify and deployed its product to 100 clients
“And then I mentioned we did sign a deal with Ryan. They did invest in our company and we're pretty close to rolling out a hundred, over a hundred of their the target's a 125. We're at just about a hundred now of their customers using our product as well”
Lawrence Sotsky Apr 17, 2021 ▶ 11:27 SaaS Helps 50 F500 Brands Unlock Tax Credits, Targeting $6m ARR This Year
Disclosure
Incentify sets account executive sales quotas at $250,000 per quarter
“So, so for us we're looking for our guys to sell a quarter of a million dollars a quarter, which is not that hard to do because you figure it's like two or three for us, it's two or three deals.”
Lawrence Sotsky Apr 17, 2021 ▶ 14:16 SaaS Helps 50 F500 Brands Unlock Tax Credits, Targeting $6m ARR This Year
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