Redox raised a $3.5M Series A with only $2,000 MRR
Nico Skievaski · 684: How to Raise Your First Round of Funding with Healthcare API, Redox Founder Niko Skievaski · Jun 8, 2017 · at 10:50
Nico Skievaski, co-founder of Redox, answers Nathan Latka about the company's revenue metrics when closing their Series A financing.
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“Well, we had that one live customer. So we were at about, you know, a thousand dollars or so, 2000 dollars a month in you know, MRR.”
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“If Amgen or Pfizer offers you 40 or fifty million bucks for the company today, do you sell? No. From our perspective, well, well, and particularly because of those types of, you know, these are pharmaceutical companies. I don't think they're well suited to sol…”
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“A couple grand. So most people are connecting up to one or two or three health systems. Each health system connection is around a thousand dollars. So got that average of two, three grand per, per customer.”
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“Beyond, beyond just the one live customer, we had probably a couple hundred developers who had signed up and basically made applications on top of our APIs.”
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“So, so these health systems that are using us, they'll have between one and four or so applications that they'll be running through Redox. So, you know, on average, I'd say Two or so applications per health system. So that's like 200 or so applications that ar…”
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“The number that we care about is number of live connections between developers and health systems. And we've lost two on that. And in both cases, it was because the health system was running a pilot with that application and they decided not to extend the pilo…”