The Ledger
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Naim: In-house delivery fleets are cheaper for large catering orders
“The cost is just, is a lot lower when you're talking about a large order.”
Naim: Onfleet sees demand spike from retail's shift to online delivery
“Retail is going through a massive sort of transition to online delivery focused models. So yes, we absolutely are.”
Naim: Onfleet recently announced a partnership with Drizly
“Drizzly, we announced recently they're an alcohol delivery service.”
Naim: Onfleet serves approximately 900 customers
“Today we're close to 900. We're around, around 900 right now, actually.”
Naim: Gap powers international same-day delivery fleets using Onfleet
“So Gap in some of their international markets, they actually have Fleets of drivers that are doing same day delivery. So they offer same day delivery in some of the international markets and they use that fleet and that fleet that they use to do those deliveri…”
Naim: Onfleet charges per task and feature tier, taking zero order margin
“So we don't take a margin. So that's the nice thing about Onfleet is we charge you based on the feature set that you need within the software. It's a SAS model. So we talked about this last time, but it's, you know, depending on the feature set and the task vo…”
Naim: Onfleet customers pay an average of 20 cents per task
“So our average across all of our customers paying about 20 cents a task. Our highest volume customers are all the way down to, you know, 10 cents a task and lowest volume is, you know, a little higher than 20 cents a task.”
Naim: Onfleet processes over 3 million delivery tasks monthly
“We are worth of three million now. So, you know, a 100,000 plus a day.”
Naim: Onfleet remains at breakeven as revenue outpaces hiring
“Still breakeven, yeah. I mean, with the growth this year, you know, our revenue has, growth has outpaced our the ability for us to hire.”
Naim: Onfleet on track to double 2020 revenue
“This year we're definitely on track to double, probably more than double revenue this year.”
Naim: Onfleet targets a new $10M to $15M funding round
“Probably in the 10 to fifteen million range. You know, we don't need a ton of capital. We're super lean operation”
Naim: Onfleet targets 65 to 70 employees by end of 2021
“We grow the team, you know, by the end of next year, we'll be probably about 65 or 70 people on the team. And so, and a large, you know, large portion of that will be on sales.”
Naim: Onfleet's annual net revenue retention is 115% to 116%
“Our net revenue retention annually is about a 115, 116%.”
Naim: Onfleet's typical gross revenue retention is around 85%
“Typically, you know, we are, our gross annual revenue retention is, is around 85%.”
Naim: Onfleet has raised approximately $4.5 million in total funding
“We've raised about four and a half million in total funding so far.”
Naim: Onfleet has reached approximately 300 paying customers
“We have several hundred customers using OnFleet today. I think we're around the 300 customer mark now.”
Naim: Onfleet ARPU is $400 to $500, with accounts over $10,000
“You know, some of them are paying us north of 10,000 dollars a month. Some of them are paying us only a 125 bucks a month. So but average is average is right in between sort of four and 500 dollars now.”
Naim: Onfleet's net MRR churn is around negative 7%
“So our net MR churn is, is, is more negative than negative five percent. We're around negative seven percent right now.”
Naim: Pen, paper, and Excel are Onfleet's primary competitors
“Really pen and paper Excel files and, you know, Google Docs are the primary competitor”
Naim: Onfleet CAC is $1,500 with a 3-month payback period
“Our cost of acquisition right now is, is around 1500 dollars for customers. So average, average revenue per account, they pay themselves back in about three months.”
Naim: Onfleet estimates average customer lifetime to be 18 months
“We estimate that it's about 18 months.”
Naim: Onfleet began at Stanford in 2011 as location-sharing app Addy
“Originally, down at Stanford, working on location-based services technology, so we were targeting emerging markets at the time, this is back in, like, 20 11 helping people that lack functional street addressing systems in their countries to communicate locatio…”
Naim: Onfleet has raised $5M in equity and nearly $1M in debt
“In equity? Yeah. And we raised close to a million in debt. So mentioned that we, you know, we work with lighter capital. So yeah, that's still the case.”
Naim: Onfleet is migrating off Gusto after outgrowing the platform
“The last time I actually said Gusto, I think, and we are moving away from Gusto. We've just kind of been reached the point where we're outgrowing them.”