The Ledger
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Nicolas Vandenberghe sold his Hamptons house and BMW to fund Chili Piper
“We sold the house. We sold the BMW. We put all the money in the company.”
Vandenberghe: Social Capital offered Chili Piper $2M on $20M pre in 2018
“In 2019
No, 18, social capital came to us and say we, they understood, they said we're lucky, and they gave us a term sheet to put two million on twenty million prix.”
Single-feature software products risk being swallowed by platform gravity wells
“The gravity well is that you build a software and then there's somebody next to you that can include your features in their offering. And so boom the, you know, the features fall into that product, the gravity well, and you don't want to be in that position wh…”
Chili Piper's ARR grew from $7M to $16M following Tiger Global investment
“Then the company with the money grows faster, as you can tell, and we go from seven to 16, so we now more than doubling.”
Vandenberghe: Chili Piper's first customer prepaid $20k for three years of software
“So, so, so I went back to the company is called Five Star, that woman who asked us to do this, she said, would you prepay for it? And she said, yes, I would prepay. I'm sure she would have paid much more, but we were so desperate we did a deal for 20 K. So the…”
Vandenberg: Chili Piper Enterprise Net Revenue Retention Exceeds 150%
“Our trend is super high in this SMB, and our net revenue retention is a hundred percent, but our net revenue retention in the enterprise space is north of a 150%, like the number you mentioned, and the market is in between.”
Chili Piper Crosses 150 Employees and $10M Run Rate
“We passed 150 employees. We actually passed the ten million mark earlier this year, so we're not, not aiming for the twenty million mark.”
Vandenberg: Chili Piper's largest enterprise contract is $750,000 ACV
“It's three quarter of a million and I can't name the customer.”
Vandenberg: Facebook is Chili Piper's largest customer with hundreds of reps
“Right now our biggest customer is probably Facebook. There are hundreds of reps on our app.”
Vandenberg: Chili Piper is fully bootstrapped with no venture capital
“We bootstrapped. So we did not take VC money. Our team is all we hire based on the cash we bring in.”
Chili Piper Grew Organically Until Starting LinkedIn Ads in 2018
“I've hired my first director of demand gen last June. We started advertising on LinkedIn in early July. So we've grown all that business pretty much organically word of mouth. It's all been inbound.”
Chili Piper Faced Pushback from SDRs Fearing Job Loss at Launch
“When we first launched it, we only had booking, and it's SDR's job to book, right? So we had a bit of a pushback, because as you're replacing my job, I'm not so happy about it.”
Vandenberg: Chili Piper has over 200 customer companies and 7,000 active reps
“We've more than 200 companies using our software. We about 7000 reps receiving meetings and using up”
Chili Piper: Churned $60K and expanded $360K over 12 months
“We've churned 60,000 dollars and expanded 360,000 dollars. So we have a net churn over the last 12 months of 300,000 dollars.”
Chili Piper to launch chat product for inbound conversion
“We'll be launching soon a chat product to have the full range of what it takes to convert interest into a pipeline, basically.”
Vandenberg: Chili Piper Employs 20 SDRs, 20 AEs, and 15 AMs
“We're about 20, 20, 15. So 20 SDRs, 20 AEs, 15 AMs.”
Vandenberg: Chili Piper bases every decision on Amazon-style long-form memos
“Well, that, that meeting organized with a long form memo, right? Where every decision is based on a memo. We do that. The same thing. We, It's working really well.”
Chili Piper: Avalara expanded from SDRs to AEs and customer success
“So we have companies like Avalara, where we start with the SDR, then we get the AEs, then we get customer success, and we get the analyst, and we get pretty much everybody.”