Scott Wingo: Spiffy raises at 50% to 60% of SaaS valuation multiples
Scott Wingo · Spiffy Hits $50m Revenue Cleaning Cars with automated software stack and 280 vehicle cleaning fleet · Jul 21, 2022 · at 18:32
Scott Wingo, founder and CEO of Spiffy, discusses company valuation and fundraising discipline with Nathan Latka.
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“We're SaaS-like but we should, you know, we don't earn SaaS multiples. So, so we've been getting, you know, kind of like around a little, around half to 60% of SaaS multiples, which I'm okay with because I've been in the other situation where, you know you have this valuation that's really hard to grow into.”
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Spiffy generates $3 annual revenue per capita in its mature Raleigh market
“If you look at our Raleigh market, which is one of our biggest ones, it's our home market. We're getting you know, three dollars for every million people in our per capita. So, so, so that's kind of the ceiling that I'm aware of right now that we can get to. W…”
Wingo: Secondary share sales are not a major consideration at Spiffy
“I'm in a position, this is my fourth company where I don't really want to do secondary. I'm kind of doing the opposite. I'm investing into things. So secondary hasn't been a huge consideration for us.”
Spiffy employs its mobile technicians as W-2 workers without guaranteed hours
“They are. They're W-II. So they, you know, the W-II worker is an hourly employee. They are an employee, but they don't all get 40 hours.”
Wingo: Spiffy crosses $50M in annual recurring revenue
“We just crossed fifty million AR so that was exciting.”