The Ledger
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Universities resist per-seat software pricing due to budget certainty needs
“Universities it's tough, tough for them to do per seat cause they need certainty of budget.”
PeopleGrove was down to $20K in the bank before closing Stanford
“We had our initial convertible notes at 500 K. We were down to 20 K in the bank.”
PeopleGrove has raised $2.5M in total funding
“So I have this whole other story of a failed company, but this particular one see around was 1.8. And then we had some convertible notes. So a 2.5 total.”
PeopleGrove's cash balance equals the exact amount raised a year prior
“Like cash balance wise, the amount of money we raised a year ago is the exact balance we have today.”
PeopleGrove maintains 96% logo retention, with only four churned customers
“Customer logos, 96%. So of our 170, I think four total have churned.”
PeopleGrove generated over $500K in expansion revenue against $50K churn
“While the logos we churn represented about 50 K of ACV, our expansion revenue has been over 500 K.”
PeopleGrove contracts range from $15K to six figures per year
“We've got initial contract size, and you know, you have 15 to 20 K per year, all the way up to six digits now.”