The Ledger
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Latka: Pitching feedback software during Covid is selling falling people tissues
“I just, I don't see how you sell customers on a customer feedback tool in a time where everyone cares right now about not dying. I think it's like trying to sell someone who has just fallen out of an airplane, like a tissue and saying, hold it above your head …”
Pavlov: Stitched Insights has completely paused all new software development
“There's zero development happening basically at this point.”
Pavlov: Stitched Insights targets $1.5M ARR by end of 2020
“So our goal is to reach about a million and a half ARR by end of this year with a mix of about two to three of the large logos and about five to 10 of the mid-market folks.”
Pavlov: Stitched Insights charges a base of $10,000 monthly per channel
“And so we're charging at a base, 10,000 dollars a month per channel.”
Pavlov: Stitched Insights aims for 10 full ARR customers by 2022
“We'll have over 10 fully true AR customers by early this coming year.”
Pavlov: Stitched Insights is actively raising a $3M funding round
“About three million is, is what we're looking at. And we already have some really, really great investors that we're working with right now and in middle, middle of the conversation with or so.”
Pavlov: Stitched Insights' core technology was built on $3.5M in grants
“And they actually had like a three and a half million non dilutive government grant to help develop this technology.”
Pavlov: Stitched Insights is currently under $700k in ARR
“Well, I could tell you that we're under we're under 700,000 ARR still.”
Pavlov: Stitched Insights' previous funding was at a sub-$4M valuation
“We raised under a four million dollar valuation previously.”
Pavlov: Wasted $50,000 of personal capital on an unnecessary website
“Yeah, actually a little under a hundred grand maybe. I mean, maybe like 50 grand of building a website we didn't really need that since then.”
Pavlov: Stitched Insights will grow its full-time staff to seven
“We have literally about three full time right now. And by the end of November, we'll likely have probably six or seven full time.”
Pavlov: Stitched Insights founders personally invested $250,000 into early development
“We put in about a quarter million from the founding team to develop these things.”
Pavlov: Stitched Insights raised just over $100,000 in pre-seed funding
“We raised a small chunk the previous year, we raised a little over a 100,000 dollars basically just to help us commercialize some of this platform.”
Pavlov: Stitched Insights collected around $100K in cash in 2019
“So I'll give you a range. Maybe it's in the realm of a hundred K or so.”