The Ledger
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PandaDoc was never dependent on any single partner for growth
“We were never dependent on anyone to drive our growth.”
Mikado claims crossing $3M ARR essentially guarantees a SaaS founder becomes wealthy
“So like, money is immaterial. At some point, like when you, I think like when every founder breaks, breaks like, Three million dollar AR mark. It's like, doesn't matter. Like whatever you do, you're going to be wealthy.”
Barysiuk: PandaDoc deploys 800 product updates per month to production
“So, 800 product updates. You might call BS, but I checked today, like, how many did we do today? 24 so far. They're still going. And, ah, so that's all the updates we're delivering to production, which our customers can already use.”
Barysiuk: Feature launches fail unless sales and customer success are enabled
“And so we launch this and that feature flag to 100%. It's done, but it's not. And the teams don't know about this. They can sell it. They don't know, like, how it works and all those things. So this is very important to kind of, like, close the loop and Capita…”
Barysiuk: Independent feature flag rollouts at scale create a customer mess
“When you hit scale, and when you have four teams working on the different things in the different parts of the application, launching this to the users, and 300 feature tags, what it creates a big mess, which you put on your customers.”
HubSpot has not been the major growth driver for PandaDoc
“It hasn't been the major driver of the growth. It's a good growth channel. Partnerships in general is a very good growth channel for us, but it hasn't been the major one.”
PandaDoc prioritizes payments adoption over transaction take-rate revenue
“Well, we're not really measuring that revenue because that revenue is not that strategic for us. What's strategic is that we basically add more value to customers. Not only they can streamline their documents, but also a portion of payments through documents. …”
PandaDoc surpasses $1M in monthly bookings and approaches $1M MRR
“Depends in bookings. Yes. In MRR, we're a little shy of that.”
PandaDoc runs professional services as a retention loss-leader
“The reason we do professional services is, frankly, not to make money, but to ensure that our customers get to value faster. And that's that helps tremendously.”
Belarus's deep outsourcing talent pool makes it ideal for engineering recruitment
“Belarus is fantastic for hiring engineers hundreds of outsourcing companies that you can pull from, and we've been fortunate to have our product organization in Minsk.”
Building an Oracle integration was a 'dumb' mistake for PandaDoc
“I mean, it's not dumb if you're not, you know, if you're not in, if you're not an SMB SaaS company, but it was pretty dumb for PandaDoc.”
PandaDoc strictly avoided entering the CRM space to protect integration partnerships
“No, definitely not.”
PandaDoc generated approximately $700,000 in monthly recurring revenue by August 2017
“That's fair.”
Mikado admits PandaDoc's outbound sales team has the worst CAC-to-ACV ratio
“Our outbound sales team Has the worst cac-LTV ratio, and we're, like, cac-to-ACV ratio, not cac-to-LTV, cac-to-ACV ratio, and you know, like, we know that, we're aware of that.”
PandaDoc templates outrank competitors because they use native HTML over PDFs
“What's fundamentally different about PandaDoc is that PandaDoc is not built on top of PDF. So the templates that we create, they're not PDF files. They're HTML pages. And when you send a document through Panda doc, you pretty much send a link to a web app, to …”
Proposify Differentiates From PandaDoc by Specifically Targeting Digital Agencies
“Panda doc is a kind of a general purpose document management system. They do signatures and you can, you know, have contracts and that kind of thing. But for us, we were kind of like laser focused on mainly the digital agency space and giving them the design t…”
Fuller: PandaDoc Could Be Profitable But Prioritizes Growth
“We could be profitable tomorrow if we wanted to be. We're focused on growth right now and top line more so than that.”
Fuller Announces PandaDoc's $4M Venture Debt Facility From Square 1
“We did a five million dollar series A in July, and then we're just fixing to announce. So I bet this is the first time the public is hearing this. We raised a four million dollar add on debt round with a square one bank.”
Fuller: PandaDoc Reaches $300K MRR and 400,000 Users
“And now we're at 300 K MRR and 400,000 users.”
Barysiuk: PandaDoc maintains roughly 300 feature flags at different rollout stages
“So the PandaDoc, we probably right now have roughly 300 feature flags, like, ah, in the different stages, some of them they're rolled out completely, some of them they're like still, maybe like one, two percent, but this is how it works.”
PandaDoc is operating at cash flow neutral
“We're trying to build a business that lasts, so we're, you know, cash flow neutral.”
PandaDoc focuses on businesses with 10 to 200 employees
“We continue to focus on small to mid-sized businesses, companies that have more from 10 to a couple hundred employees.”
PandaDoc's average revenue per account is slightly over $100 monthly
“Yeah. A little more than that.”
PandaDoc's customer acquisition payback period is under 12 months
“We're actually a little bit under than 12 months with the payback”
PandaDoc is growing 55% to 60% year-over-year
“I have to look into the spreadsheets, but we're doing something like 55, 60% year-over-year growth.”
PandaDoc's gross monthly logo churn rate is 'much lower than 5%'
“Churn is a, you know, is something that I wouldn't probably be disclosing on a podcast, but it is much lower than five percent.”
PandaDoc reaches nearly $20M in total funding after $15M Series B
“Series B was no, no, no, it was 15. Yeah, prior to that raised five, so that makes a total of Close to 20”
PandaDoc operates with a 16-month customer acquisition payback period
“Yeah, it's pretty close to 16.”
PandaDoc targets a 12-month CAC payback period on sales-assisted deals
“We benchmark ourselves against against basically 12 months payback. And the reason, and by the way, like we do that primarily on the sales assisted deals.”
PandaDoc employs over 100 people but only two in demand generation
“Like we have more than a hundred people in the org and there are two people that focus on demand gen.”
PandaDoc maintained net negative annual revenue churn in 2017
“Revenue, that's the case. Actually, that's going to be that's going to be negative, right?”
PandaDoc's high logo churn is offset by freelancers reactivating for large projects
“So basically what happens is that we do get a lot of freelancers that sign up for an account, and they close a large deal. And they work that deal for like three, four, five months, whatever, and they cancel their account, therefore, and then they reactivate. …”
PandaDoc and Quote Roller combined for over 12,000 total customer accounts
“Combined together, if we look at the number of accounts, that would be way over 10,000. That would be like way over 12 at this point.”
PandaDoc's average revenue per user is approximately $100 per month
“It's more than that. It's closer to a hundred.”
PandaDoc spent under $250,000 per month on total paid advertising
“We're under a quarter of a million.”