80% of ProjectCOR customers switched from horizontal tools like Asana and Trello
Santi Biblioni · ProjectCor Hits $1m ARR, Raises at $40m Valuation for Profit Tracking Tool for Agency's · Jun 27, 2021 · at 3:37
Santi Biblioni, co-founder and CEO of ProjectCOR, explains customer migration patterns from horizontal project management platforms to vertical SaaS.
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“80% of our current customers have switched from tools like Asana, Trello, Monday, ClickUp you name them, Jira, Trello.”
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More from Santi Biblioni
Billable-hour firms face a profitability problem, not a project management problem
“What we understood is that in the billable hours market, like all companies that sell hours, Project management is not a problem. The real problem that is behind project management is projects profitability.”
ProjectCOR averages $19,000 ACV, with top enterprise contracts exceeding $100,000
“Today, our ACV is 19,000 dollars per year. Yeah, but of course we have, like, enterprise customers that have, like, are paying us over 100 K per year, and we have some now, we have a lot of SMBs who are paying, I don't know, like, five K a year.”
ProjectCOR sets sales quotas at 3.5x to 4x OTE with 50/50 splits
“Normally between 3.5 and four X quota versus OTE. So we normally do OTE half and half for sales reps. Half and half means if you have an OTE of 150 K, it's 75 salary, 75 commission. And then your quota is going to be like 3.5 or four X, that amount.”
ProjectCOR served approximately 115 clients as of June 2021
“Today we have 115 clients more or less.”
ProjectCOR grew 9.8% month-over-month, reaching roughly 180% year-over-year revenue growth
“We were growing at a nine, 9.8% month over month. So we, I mean, that's like kind of doing 171 180% year over year. That's like tripling revenue year over year.”
ProjectCOR split its $6M Series A into two tranches to optimize dilution
“We raised two million and then we raised four at different valuations, different terms, the same round, but we were, yeah, as we were growing, we decided to split terms and yeah, for the last four million, we got diluted like 10%.”