The Ledger
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Agencies can no longer sustain businesses selling custom code, says Lieberman
“You can't have a business selling code anymore to companies. Nobody wants to pay for custom code, right?”
Founders should raise maximum capital or fully bootstrap, says Seth Lieberman
“Increasingly I think you should do one of two things. You should either figure out how much money you can raise, and you should raise every dollar plus one, right?”
SnapApp predicts higher customer churn than established SaaS verticals
“I think we as a company will always have a higher churn rate on the customer count over the next five years than an established vertical, right? Like, you know, a lot of the, you know, CRM, marketing automation, analytics, those guys, their churn rates should …”
Lieberman: Overly complicated SaaS pricing hinders sales and leaves revenue behind
“The flip side of it though, is the more complicated you make it, the harder you make it to sell. And so we, you know, like any SaaS company, we try and walk that line, which is how do we leave ourselves enough variability that we can get the right amount of mo…”
Amazon is a paying SnapApp customer, while HubSpot is not
“You know, so if HubSpot buys a 20,000 dollar license from us, and Amazon, and they're not a customer, Amazon is a customer actually, and Amazon buys a twenty million dollar, our CAC is still the same, right?”
SnapApp is approaching $10 million in annual recurring revenue
“Yeah, we're getting to 10. We've got a little bit of work to do, but I keep hearing the gong ring over in the sales bullpen.”
SnapApp nears 300 customers averaging $30,000 annually with six-figure contracts
“Our average customer these days starts about 30 grand a year. Our enterprises can be in the six figures. We don't have any seven figure customers yet. But that's typically where they are. We've got, we're closing in on about 300 customers, give or take.”
SnapApp is growing revenue north of 100% year over year
“We're growing north of a hundred percent year over year. In terms of revenue or customer count? Revenue.”
SnapApp maintains roughly 100% net MRR retention
“We were pretty much about a hundred percent MRR retention, right?”
Providence Equity Partners invested about $22M into SnapApp
“I put in a bunch of my own money, did some angel money, and then we've raised money out of Providence Equity Partners down the road from us.
How much total?
They put in about 22.”