Proposify Reached $58,000 in Profit in 2023 After Burning Millions
Kyle Racki · Founder stuck at $8m revenue, burning $400k/month shares Profit and Loss, How he turned things around with Proposify CEO Kyle Racki · Oct 29, 2024 · at 13:19
This episode carries Kyle Racki's own address, with nobody on the show putting questions to them. It still counts as said, and it is kept out of every score on their page.
Kyle Racki, CEO of Proposify, discusses the financial turnaround of the SaaS company from heavy cash burn to profitability in 2023.
0:00 / 0:09exact quote · 9.4s
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“And then in twenty-twenty-three we, you know, we went from burning millions to actually being profitable. Mind you, not by very much. About 58 K in profit.”
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“We hired enough people that we were eventually around, you know, a hundred people or so, and for, you know, at the time, I think only a five or six million dollar business.”
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“The customers who bought Proposify to send beautiful proposals and get faster sign-off, that messaging didn't really resonate with the mid-market, because they're like, we have cool PowerPoint decks, like, we know how to send proposals. What they really wanted…”
Proposify Burned $400,000 Per Month While Generating Under $10M in ARR
“At one point, we were actually burning 400 K a month, which, you know, depends on your size, right? That might not seem a lot if you're a hundred million ARR, but if you're under ten million, that's a lot of money to be burning.”
Kyle Racki Left Departed VP Roles Unfilled, Resuming Product and Marketing
“My VP of product quit, my VP of marketing quit. I didn't replace them. I just got in and started running product and marketing again just like in the early days.”
Racki: Proposify prematurely hired 10 to 20 sales reps before downsizing
“We had raised the first time we had raised the round. We kind of did the classic mistake where you know, you go and hire a VP of sales with big company experience. They go and hire, you know, 10, 20 reps very quickly. Without much of our go to market or our po…”