Formstack CEO Chris Byers discusses the total amount of equity funding the company has raised.
Insight
Byers: The core web forms market cannot support a $100M business
“As you grow, you know, as you grow a business, one of the things that gets obviously more challenging is, I mean, realistically, the core and initial market forms, let's say, it's just, it's not going to grow to a hundred million dollar business.”
Opinion
Byers: Formstack rarely loses to Google Forms due to workflow automation
“And so we definitely have, I'm sure we lose business to them, but we don't hear it much because people are really starting to automate a process when they're thinking about form stack versus just quick data collection and quick form collection.”
Insight
Byers: 12-month payback is safer than targeting 3x LTV/CAC
“We actually went back to the twelve-month payback because it, A, is simpler for people to understand. It's actually a little bit more conservative because you can get pretty crazy in terms of keeping a, say, three LTV to CAC ratio.”
Disclosure
Byers: Formstack targets $100M in revenue rather than seeking an acquisition
“Yeah, I think at this point, we're still trying to grow a really Large enterprise, and I think we're trying to figure out how do we get to a hundred million dollars in revenue. And so, of course, we're always going to be entertaining, you know, an offer or som…”
Assertion Not checkable as stated
Byers: Formstack customers pay an average of $60 to $80 monthly
“On average, 6070, 80 bucks a month.”
Assertion Not checkable as stated
Formstack reaches 16,000 paying customer accounts and 100,000 active users
“I've grown to kind of 16,000 and there were about a 100,000 kind of active users sitting on top of those paid accounts.”