The Ledger
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Loom's user-centric design limits its ability to expand across enterprises
“I think like one way they build the product being like super just user centric has some limitation in actually like becoming a platform for the entire organization.”
Claap founder: Loom is for video sharing, not making decisions
“So, so I think like the main difference with like Loom, Loom, it's more like for video sharing. Like if you want to share like an update, it's like perfect, but it's not like build to basically like collect feedback and make decisions. It's not also, it's not …”
Building for everyone dilutes products; targeting PMs unlocks higher pricing
“Like if you try and be everything for everyone in the company, you just get diluted. But if you build specifically for a product manager, you can go really deep and just dominate and charge more.”
Charles Tenot says Claap's product equates to a $20M ARR company
“It's a product that is much better than the two million AR product. It's a, it's certainly at the level of a twenty million AR product.”
Claap reached $2M ARR at 10% monthly growth and cash breakeven
“They pivoted to Conversation Intelligence a year and a half ago. And they grew this product to two million AR and kind of very fast growing, like recently about 10% month over month. And so they had raised the seed, but now they were like almost breakeven. The…”
Lemlist funded Claap acquisition via convertible bonds without setting a valuation
“We don't set a valuation. We don't need to set a valuation. We don't know, to be honest. Like, you don't need to set a valuation because you convert the bond at the time that there is an operation, you know, the two million worths with a discount. It's 20%.”
Lemlist acquired Claap for $15M upfront, scaling to $25M with earn-outs
“It's so the price is between 30, 15 and twenty-five million but there are some components that are like earn-out part, so it depends on future growth but basically we paid around fifteen million right now, and with add-on price if they reach a revenue target.”
Founders must launch monetization early to validate product-market fit
“We actually, like, decided to launch it pretty early, not to have a payroll, but at least to monetize the existing user, because for us, it's really a way to assess if you have product market fit, because, like, meaning if people are ready to pay for it means …”
Claap added $1.5M in Bpifrance debt to its $3M seed
“We add the 1.5 million of debt thanks to like a BPI, which is like the public investment bank such like in total, we got like a 4.5 million.”
Founders secured term sheets for a $3M seed before legally incorporating
“Yes, but actually like none because like we incorporated the right for the fundraising announcement. Like when we had like the term sheet, we are not incorporated yet.”
Launching fully free makes introducing paid plans later extremely difficult
“If you launch a product that is like free from the beginning and then you launch the pay plan maybe one year after you, it's going to be like super hard. To do it.”
Claap aims to build a product for anyone in a company
“So like the goal for clap is really to build a product for like anyone in the company.”
Category creation requires linking your brand directly to the customer's enemy
“One of the key when you want to build like a category is that you need to own the problem. Like you need to kind of build the cognitive link between like the enemy, like the prime in our case, like back to back meetings. And the category so that like people, w…”
VCs want narratives about category creation, not just new products
“I think, like, what this is like is when you come with, like, a strong narrative, which is not about, like, creating a new product, but, like, creating a new category.”
Claap targets the same 3-to-50-rep sales teams as Lemlist
“Clap is selling to exactly the same people as we target. So sales team from three to 50 reps sometimes a bit more and they have the same kind of ACV. They have the same like champions, which are rev ops, business ops or sales managers.”
Lemlist won the Claap acquisition despite being outbid by larger French rival
“We've been facing like two players, including one leading AI platform in France, like much bigger than us. And ultimately what made the difference, it's not really the price because we beat slightly less. It's a more the fits with the product and the team.”
Claap's acquisition earn-out requires reaching up to $10M in ARR
“But yeah, basically just, you reach a milestone of AR, you get some money, and the more, and it can go up to ten million AR.”
Claap raised a $3M seed at a $17M pre-money valuation
“I think it was around 17 in the last, it was around 17.”
Claap converts up to 20% of signups into activated users
“The way we define activated user is to clap recorded. Today the activation rate we have is in between 15 to 20%, which is really definitely something we need to improve.”
Claap retains up to 75% of activated users after 12 weeks
“But then the retention rate we have it's around like a 70 to 75% after 12 weeks.”
Claap customers pay an average of $200 to $300 monthly
“Per month, I would say they pay in average between like 200 to 300 monthly recurring revenue.”
Claap gained 3,000 signups in six weeks from Product Hunt
“But then in total with the launch, I would say like the effect of the launch, it lasts around like six weeks. And in six weeks, we got around 3000 new sign up. Thanks to the launch.”
Claap generates approximately $5,000 in monthly recurring revenue
“So you're doing about 5000 dollars a month today in revenue, right?
Pierre Touzeau: Exactly.
Yeah.”
Claap drove waitlist growth via a viral meeting calculator on Product Hunt
“So one of the things we did, for example, was to launch a meeting calculator. It's on our website as well. And basically like you connect your Google calendar, and then you are going to see a lot of like stats around like your number of meetings, like the type…”
Claap spent roughly $150,000 to $200,000 building its MVP
“Not a lot, to be honest. I think maybe 150 200.”
Claap raised its $3 million seed round at $14.5M pre-money
“The valuation, like, pre-money was around, like, 14.5 million.”
Claap secured 15 term sheets in three weeks to raise $3M
“We had, like, one term sheet in a few days. And in three weeks, we had, like, 15 term sheets. And that's how we basically went from, like, 500 K to three million.”
Claap plans to charge $10 to $20 per month per creator
“No, I think it will be like somewhere between like 10 to 20 dollars a month per video creator.”
Pre-revenue Claap claims 100 MAUs and 3,000 waitlist signups
“No, we are still pre-opnew. We launched the private beta actually like around like one month ago. And right now it's really close private beta. And we have like around maybe I would say like monthly active users around like 100 monthly active users, around lik…”
Claap founders tested 20 existing products as surrogate MVPs before building
“So basically like what we did some consulting missions and the idea was to take maybe like the 15, 20 different like products on the market and test them as if it was like our own MVPs.”
Claap workspace creation spiked 50x normal rate post-acquisition announcement
“We have the stat and we already have an all time high, like maybe 50 times the normal creation of workspace. So we already see a big boom in the creation of workspace creation of clap accounts.”
Claap has created around 2,000 total workspaces
“Total workspace, it must be around 2000, but actually like a lot of them are not activated.”
Claap adds collaboration and decision-making to asynchronous video
“To sum up, it's Loom, but for feedback and decision making, because we add like on top of Loom, a layer of like collaboration together to annotate the video to make decisions and so on.”
Claap plans a freemium model that charges active video creators
“So it's a premium model. So like the idea is to have like a free plan which is like basically like people are starting to like record the claps and then like inviting people to commence on claps, etc. And then that scale is to have like a revenue model based o…”