The Ledger
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Phorest Achieves a 6% Annual Logo Churn Rate
“So we've, Pretty good trend rate for this industry of six percent logo churn per item. Per year.”
Phorest Abandoned Freemium Acquisition Due to Low Paid Conversion
“No we experimented with freemium, but it didn't work. A lot of free users and very little number of those converting to paid. So we moved to a paid only model for the last five years.”
Phorest Founders and Employees Pledged to Maintain Permanent Majority Control
“The majority of the company is still owned by myself and the employees. So we've kind of made a pledge to each other that we will, we'll always maintain full ownership and full control.”
Susquehanna Growth Equity Operates Evergreen Capital Without Exit Timelines
“So we don't have that in our agreement so that the firm that we took in this year, They're not actually a fund. It's evergreen capital as well, so there's no timeline on when they need a return.”
Shopify and Mindbody Generate 40% to 50% Transactional Revenue
“Shopify, MindBody, all these guys, they're all 40% to 50% transactional at this stage.”
SMBs Resist Long Contracts, Making Transactional Pricing Essential
“I think is where transaction is so important to the real value is that like small businesses don't want to sign up to big contracts, right? So you need to generate revenue through value and that's usually easier to do through transactional basis because they'l…”
Phorest Generates 65% of Revenue From SaaS, 35% From Transactions
“I would say about 65% is SaaS, 35% is transactional in some way.”
12% of Salons Go Out of Business Annually
“So, so the average, 12% of salons go out of business every year, so that's the actual churn rate for the industry, and we're half that”
Content Marketing Drives 50% of Phorest's New Salon Acquisitions
“We've probably onboarded 1600 salons, something like that. And half of those come from content. So I've come from our own content channel.”
Phorest Ranks Number One for 700 Salon-Related Search Terms
“Yes, we rank number one for 700 different items around salons, so things like yeah, really quickly top Salon signs. I think is an example of one.”
Phorest Raised $20 Million in 2019 After Eight Years Without Fundraising
“So we raised a million in 2011. And then we didn't raise again until this year when we did twenty million.”
Phorest Reached 13 Million Euros in Total Revenue in 2019
“We'll do about thirteen million euro this year. So that's great. Million dollars, sixty million dollars, something like that.”
Phorest's Fully-Weighted CAC Is $3,500
“Fully weighted, including onboarding costs and everything like that were 3500 dollars.”
Ronan Percival Founded Phorest After Taking a Salon Front Desk Job
“We actually didn't initially plan on getting into salons, but I ended up getting a job in a salon as a, as someone working the front desk just as a part-time job while I was in between gigs, and that's how I got interested in the industry, so it was it was som…”