The Ledger
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Fredriksson chose to sell Proleads rather than raise an independent round
“Eventually we decided that the best chance for ourselves for a good outcome in the end would be to join forces with Alpine works instead of raising the capital and running our own.”
Proleads sold because its product was too complex for junior SDRs
“We had a major problem, which was part of the decision to sell, actually. So the way I like to describe it is that we developed this sort of, imagine that we built this perfect race car that was like, you know, race tune Ferrari that was perfect for driving on…”
ProLeads targets $1 million ARR by end of Q3 2017
“So our goal is by end of Q three to be at a million AR.”
Proleads suffered a brutal 50% annual customer churn rate
“Over the whole year, maybe like, 50% of the customers we sold to churn, so like terrible.”
Proleads raised $880K to $900K in total outside capital
“Yeah, so we had raised, we raised the total of 880 or 900 or so for total for pro leads.”
Proleads sold for more than double its $900K in raised capital
“I can't say the exact amount, but it was, More than two X the amount.”
ProLeads has raised roughly $500,000 in total funding
“So for us, it was the a hundred K. So but then after that, we also, we raised some money during the program from friends and family. From friends and family. And then we raised some additional Sort of notes here and there in the past year as well. So we're tot…”
New co-founder Brendan Short scaled Wiser to over $200k MRR
“So we recently got a new co-founder, co-founder on board, Brendan Short, who is an amazing sales guy. He was recently at Weiser and scaled that operation from about 10 KMR to I think like 200 and something MRR.”
Proleads launched in 2010 and operated for eight years before acquisition
“So the first initial launch of what eventually became probably say that was in 2010. So eight years of struggling.”
Proleads raised $150K to $200K from the Alchemist Accelerator
“So we joined the Alchemist Accelerator, and we got in an extra, I think it was, 152 hundred, something like that.”
Proleads generated $200K to $500K in ARR before its 2018 acquisition
“Let's just say that we were somewhere in the 200 to 500,000 dollar ARR.”
Proleads benchmarked its acquisition price against venture term sheets, not revenue
“Yeah, not a revenue. It was more because we were sort of talking with, because we were talking with investors, it was more that like, okay, we have this in the one hand we have, like, we have the investment from investors in the one hand and we have the acquis…”
The Proleads acquisition payout was structured mostly in cash
“So it was mostly cash, but there was also stock.”
Proleads spent $25K to $50K in cash to acquire Brisk's assets
“I think it was, I don't know if that's a number is actually official though, but I would say maybe, maybe in the 25 to 50 range.”
Proleads rebranded to Hexa and made a small acquisition before selling
“Right before the acquisition, we actually sort of revamped the whole company rebranded it as Hexa. We brought on a new co-founder and we also actually made a small acquisition in that process.”
ProLeads pricing averages around $75 per user per month
“So let's say that we can say that it's about the cost per seat varies, but it's around 75 bucks per user per month.”
ProLeads averages five to ten user seats per customer
“We can say it's between five and 10 seats per company.”
ProLeads joined 500 Startups after four rejections, says Fredriksson
“Actually got accepted into batch 11 after being turned down four times, and but then I emailed with them and convinced them to actually accept us.”