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Helzer admits Subbase gave its software away for a year before monetizing.
“We did not charge early enough. It spent, we spent a year giving the software away for free. Testing and really iterating until we started actually charge.”
Helzer notes construction software requires extensive implementation and customer success resources.
“Implementing new software into construction is not an easy thing to do, so we have a heavy focus on implementation and customer success because that is really a true pain point for people. Even if the software is easy to use, you still touch a lot of different…”
Helzer says Subbase raised under $1M in its initial pre-seed round.
“That was under a million.
and that was a, I would call it a pre pre seed.
Yes.”
Helzer says Subbase's ideal construction customers pay $20,000 to $30,000 annually.
“I would say the average customer size that we do very well with is paying anywhere between 20 and 30,000 a year. That's where we see the most benefit, and that's where the big pain points of the material procurement process are actually taking place at that si…”
Helzer says Subbase has reached nearly 100 paying customers on its platform.
“We have over almost a hundred companies that are on the platform and paying in some way as far as monetization.”
Helzer states Subbase is targeting a $1 million revenue run rate.
“Right now, one million is the target.”
Helzer says Subbase raised $4 million across its seed and converted SAFEs.
“Between the seed and the safe converted we've raised a total. This is now outside before the pre, before the pre-pre-seed of four million.”
Helzer confirms Subbase sold 15 to 20 percent equity in seed round.
“So I would say that the equity percentage that you mentioned is, is, is accurate.”
Helzer plans to add embedded lending to Subbase after optimizing workflows.
“So currently it is on our roadmap and it's something that we're very much looking into as far as how to wedge that into what we've already built. But our focus right now is workflow optimization and then getting into the financial piece.”