The Ledger
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Successful founders rarely self-fund their next company
“I look at most most very successful exits They'll still go and raise from the biggest venture companies on their next one. Rarely do they self fund from the observations I've had.”
Paying cash for referrals ruins trust and word-of-mouth marketing
“We don't think commissions paid to refers is the right idea. We think that breaks the bonds of trust and would ruin a word of mouth marketing, which is the last trusting like way that we learn about products.”
Two-sided marketplaces have only a 10% chance of success
“I mean, it's a two-sided marketplace. Nothing's gonna, the chances of success are 10%. I've done this long, long, long enough to know, but if we hit 10%.”
Paul predicts Wooly's new transactional product will triple its revenue
“We're going to have a performance based transit, you know, we're going to get transactional fees from this new product we're launching, and I think it will more than triple our revenue won't be SAS revenues.”
Paul: Wooly aims for a 5% to 10% transaction take rate from brands
“I think potentially five to 10% maybe three at the worst case scenario. And some products won't have anything.”
Wooly reached $2M in revenue with zero paid marketing spend
“We, I use LinkedIn and we have done zero marketing.”
Stance, Skullcandy, and Purple use Wooly to recruit brand advocates
“Today of all the, a brand Like stance socks or skull candy headphones, or this purple mattress, this mattress in a box company. They use us right now to Discover who's buying from them, like, who are these individuals, like, on social media, and then they actu…”
Wooly's annual customer spend ranges from $6,000 to $200,000
“Our smallest customers spending about 6000 a year, and then the largest about 200,000 a year.”
Paul: Wooly's sweet spot contract value is about $60,000 annually
“A sweet spot would be about 60,000.”
Paul: Wooly has raised only $1 million to date
“You know, two years ago, we only raised a million, so a lot. We're very capital efficient.”
Wooly generates over $2M annually and could be cash-flow positive
“Yeah, but we've, you know, we make well over two million a year, so it's, we could go cash, we could be cashflow positive”
Wooly caps upcoming Series A dilution between 15% and 18%
“Yes, absolutely. I don't think we'll do it if it's more than 15 or, you know, it's gotta be in between 1518 if for that amount of money.”
Wooly drove revenue growth by upselling enterprise customers like Amazon
“Upselling existing customers with a few mammoth contracts with companies like Amazon.”
Paul: Wooly had only one significant customer churn in past year
“Luckily, we've only had one customer churn that was a, you know, I would say a significant customer, and they just, it was sold incorrectly, and it was not a fit for, they were wanting this performance marketing, and it just wasn't working”
Paul: Wooly enterprise accounts expand from $70K to over $200K
“So we have some customers who've expanded from being a 70,000 dollar customer to over 200,000 dollar customer as they bring on their other logos into the, you know, and manage it from France to Germany.”
Wooly's current cash burn rate is well over $100k monthly
“So we're probably burning. Yeah. Like, Well over a hundred right now.”
Paul: Wooly started as pure-play SaaS before building consumer app
“It started as a pure play SaaS, but then we realized To really accomplish what you just said there, to really start this new type of commerce, we had to create a consumer application.”