The Ledger
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Urban plans to raise venture capital without a pitch deck
“I'm going to raise money without a deck.
I don't give a shit about a deck.
It's like, here, you're, this is what we're doing right now.
You're going to want to work with us.
This is what we mean.
this is what we want to do going forward.
And people are …”
Bounce Exchange raised VC primarily to pay a $3.5M lease deposit
“We're in the New York Times building right now, and the security deposit was three and a half million dollars. So we were profitable as a business, but we just needed to pay the security deposit to move because we were growing. That's the reason why we took on…”
Urban: Bounce Exchange deliberately avoided traditional outbound sales playbooks
“When you look at how all these B to B companies grew, it was because they had a fleet of salespeople, a fleet of these SDR sales development reps that are emailing, calling everybody blogs, white paper, social media, trade shows, spending a ton of money on AdW…”
Gardner: Bounce Exchange is the most advanced competitor in website overlays
“They would be the one I respect the most when it comes to the overlay world, because I know that they're doing a lot with machine learning and such, so they're pretty advanced.”
Urban: Bounce Exchange operates basically profitably
“And now, now we operate yeah, basically, basically profitable.”
Urban: Bounce Exchange maintained negative net revenue churn in 2015
“Our net revenue churn is
It was negative.
So we actually, it was growing.
Last year was a bad break, even a slightly negative.”
Urban: Bounce Exchange has never spent meaningful money on paid AdWords
“We think we shut down almost all of our social media.
we just did our first trade show last month.
We haven't spent a dollar in our life on on like paid actually for our brand term.
I think we put like 500 dollars into it because someone else was bidding o…”
Urban: Bounce Exchange aims to hit a $40M run rate by year-end 2016
“Our run rate will try to end this year at 30, forty million. Oh, well, definitely way more than, and in terms of and your MRR, your ARR is your annual recurring revenue or your committed annual recurring revenue. That's the important number for an immature Saa…”
Liquor.com grew email conversion rates from under 0.5% to nearly 6%
“Our conversion rates used to be just absolute shit. I mean, we were looking at like less than half of one percent and since we've been working with some of you know, some pretty interesting characters out there, They're to just really just know their stuff. I …”
Urban: Bounce Exchange operated for over two years without raising venture capital
“Yeah, so we went over two years without raising any VC money at all. And that money, not, not all that money went into the business. Somebody wanted to clean, clean up the cap table a bit.”
Urban turned down a $300,000 Bonobos offer to start Bounce Exchange
“They offered me 300,000 dollars plus to stay, so I turned that down to make zero, and I think 2013, I made It was our first, like, real full year. I made a little more 30,000 dollars that year”
Urban: Bounce Exchange generated approximately $17M in 2015 revenue
“Last year, I think we did like seventeen million.”
Urban: Bounce Exchange has between 250 and 300 paying enterprise clients
“So a number of clients, and we probably on like 700 something websites, but paying clients is, is I think Somewhere between 250 to 300.”
Urban: Bounce Exchange employs roughly 40 engineers
“Now, now we have, I don't know, 40 engineers or so”