The Ledger
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Ivy charges members under 35 $1,000 and older members $2,000 yearly
“So it's a thousand dollars a year. And that's evolved over time. So that's the latest where it's at. If you're under 35 and over 35, it's a 2000 dollars.”
Ivy claims very low member churn due to lifelong membership model
“Churn actually is we have a lifelong membership, so it's actually very low. So once you pay your joining fee so your first year is, you know, kind of paid up front. So once you pay that, you're a lifelong member, you can decide, you know, whether to be an Ivy …”
Ivy operates in seven cities with 20,000 members
“We're in seven cities with 20,000 members, as you mentioned.”
Merrick: Ivy grew revenue 100% annually from $2.5M to $10M
“It was basically, so it's going to be exactly a hundred percent growth pretty much for the last two years. So we went from around two and a half million to five million to ten million this year.”
Merrick: Ivy has no institutional VC backers, only individual strategic investors
“We don't have any institutions on board. It's all strategic individuals. Many of them are partners at different financial institutions and funds, but it's all individual investments.”
Merrick: Ivy spends about $400 to acquire each member
“Well so the way we really invest about 400 dollars per member to bring them on board.”