The Ledger
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BirdEye raised $33M but has burned less than $2M
“So we've raised about thirty-three million to date you know, both through series A and series B, but we've been very efficient in our capital utilization, and we've only used, sort of, you know, less than two million to date.”
Ratings and experience drive purchases over traditional marketing
“Today, it's really, sort of, you know, two things that drive purchases. One is customer experience, and the other is, sort of, customer ratings.”
BirdEye has over 25,000 paying business locations
“Basically have 25,000 plus business customers you know, on the WordEye platform. We power more than. Those are paying customers.”
BirdEye projects reaching $30M ARR by the end of 2017
“And this year we would be, you know, close to thirty million.”
Gupta would reject a $250M acquisition offer to keep building BirdEye
“I would not like, you know, we are here to sort of, you know, build a leading SaaS company. You know, we are on, we have a vision where we would like to see sort of bird eye, the de facto platform for businesses, for both their customer experience and reputati…”
BirdEye charges by physical location rather than per user seat
“Our business model is not based on seats. It's based on locations. So for example, if you are sort of, you know, a business with five locations, right, like, you know, we charge you for those five locations, and then, sort of, you know, whether you have 10 use…”
BirdEye's ACV ranges from $3K for SMBs to over $100K
“Our average sort of, you know, selling price on the SMB on the lower side is about 3000 dollars per year. Whereas sort of, you know, on the enterprise side, it could be sort of, you know, above a 100,000 dollars per year.”
Gupta: BirdEye earns 50% of revenue from SMBs and 20% from channel
“50% of our revenue is SMB. 30% of our revenue is mid-market enterprise, and then 20% of our revenue is channel.”
BirdEye generates close to $2M in monthly recurring revenue
“So we are close to like two million in MRR.”
BirdEye bootstrapped to $5M ARR before raising outside capital
“So we bootstrapped the company to significant revenue, so we bootstrapped to about five million in revenue in ARR.”
BirdEye acquires new business customers for approximately $1,000 each
“We are paying around about, like, you know, thousand dollars or so so, you know, to acquire a new customer.”
BirdEye recovers customer acquisition costs in just three to four months
“Our payback period typically, like, you know, tends to be, like, three, four months.”
Gupta: All BirdEye contracts are annual, with 60-70% paid upfront
“60, 70% of our contracts are paid up front annually, and then we do have sort of annual contracts paid monthly or quarterly as well. But all of our contracts are, all of our contracts are annual.”
Gupta: BirdEye monthly gross revenue churn is ~1%, net churn ~0.5%
“On a monthly basis, our gross churn is sort of, you know, roughly about a percent and in logo or revenue? In revenue. And our sort of net churn is I would say like, you know, close to like 0.5%.”