The Ledger
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Chad Rubin's minimum acquisition price for Skubana is $500 million
“My min is five hundred million, firstly.”
Rubin: Jet.com acquisition won't fix Walmart's customer churn problem
“Well, I think the biggest issue with Walmart and jet is churn, right? Repeat customers. And so buying jet doesn't help the issue of churn because most of those buyers on jet are just looking for a deal and are one-time buyers.”
Skubana's addressable annual logo churn is 3% to 5%
“I think we're right at the, right now, if you look at our addressable churn, we're right at the average, three to five percent.”
Rubin: Skubana has lost only one customer paying over $1,000 monthly
“So we've lost one customer that's been paying over a thousand dollars a month in the history of our company.”
Rubin: Skubana drives most ARPU and MRR growth with zero ad spend
“So we're not even spending a dollar. So the answer to your question is most of that ARPU, most of our ARPU growth and our MRR growth is coming from net new customers.”
Skubana shifted hiring to NYC due to New Jersey talent scarcity
“So we used to be only devs, only engineering team in New York City, and then the rest of the team was in Jersey in our other office, and now we've actually started building our team in New York City just because it's been very, very difficult to find talent in…”
Skubana does zero paid advertising, relying on two sales reps
“No direct paid spend. Outside of, we do have an inbound salesperson, right, that manages all the inbound leads that come our way, and then we also have one outbound that we just activated in September of last year, so you could technically count that as, you k…”
Rubin: Skubana software cut his e-commerce brand's staff from 26 to two
“I had 20 warehouse employees with another five or six
office employees. I'm down to two employees in the vacuum business.”
Rubin: Skubana has approximately 300 paying customers
“So we're not a thousand, but we're certainly not a hundred. So we're somewhere in the middle. We don't typically publicly reveal it, but you're right around where, where our sweet spot is.”
Rubin: Skubana raised its minimum monthly pricing from $9 to $999
“So when we first started out, we were nine dollars a month and then the greater of the usage to order transactions coming through our platform. Then we bumped up our mint to two 50, then to 500. Now our mint is nine 99 to even get in the door.”
Rubin: Skubana's average revenue per user exceeds $1,000 per month
“Right now our ARPU is above a thousand dollars.”
Rubin: Brian Lee and James Thompson anchored Skubana's seed round
“Brian Lee from Lidl Zoom, Honest Company, Shoe Dazzle, Came in as our only institutional investor. And then we had a guy by the name James Thompson, who really was at the early stages of Amazon, came in as our biggest investor.”
Rubin: Skubana raised $880K seed alongside $1M in founder capital
“In our first seed round, it was 880,000. And then I put in my own million dollars.”
Rubin: Skubana spent up to $500K before generating first revenue
“No, no. We spent probably 500,000 of it. 400,000.”
Rubin: Skubana has increased ARPU 3.5x since late 2015
“Over the, over time, like we've probably 3.5 times our ARPU since 2000, since like at the end of 2015.”
Rubin: Landmark client Death Wish Coffee is a top Shopify merchant
“December first, I have death wish coffee, which is one of our sort of landmark customers. They're one of the biggest Shopify customers on the platform. And so we're doing a webinar December first.”
Rubin: Skubana operates with 12 full-time employees, including seven developers
“The biggest cost come from our development team. We have seven developers. We have two account managers, one person in sales, one person operations and myself.”
Rubin: Skubana's monthly overhead and headcount costs total $100K to $120K
“Total headcount expenses of total overhead costs or say, let's just say a hundred and 120,000.”
Rubin: Skubana is currently seeking to raise approximately $1M
“I'd like to raise about a million dollars, which is not a lot in the grand scheme of things.”
Skubana is a pure-play SaaS platform with annual commitments
“Subana is a pure play SaaS model. We're one year commitments build monthly for our clients, really focusing on advanced sellers and we're an operation platform.”
Skubana raised only $880,000 in outside capital
“Nope. And only 880,000 of that was actually, and you can see it's on crunch base, was actual like investors outside of myself.”
Brian Lee and James Thomson invested early in Skubana
“And then eight, eight, eight is Brian Lee from shoe dazzle, honest company, legal zoom James Thompson, who one of the early employees of Amazon, who's founder of the prosper show.”