The Ledger
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Lauritzen: raffle.ai employee warrants only vest upon 50% company exit
“It works the way that you have you have the option to, or you have warrants that will be released the day that we actually exit, which is the day where we sell more than 50% of the company. So you have to stay to the end, so to speak, or to the day that we exi…”
Lauridsen: Raffle.ai can reach $1.5M ARR by October 2021
“Well I would like to go to around 1.5 million dollars annual occurring. And I think that's possible in October next year.”
Lauritzen: raffle.ai has 50 paying enterprise customers
“We have around 50 total you know, big corporates. We have more customers than that, but paying customers and big corporates like enterprise cost customers are 50.”
Lauritzen: raffle.ai's average annual contract value is $25,000
“The contract value today is about 25,000 a year. No. Sorry. Dollars. Dollars. 25 dollars. 25,000 dollars.”
Lauritzen: raffle.ai's Series A is led by a US VC
“First of all, it's actually going to be an American it's a U S venture capital firm.”
Lauritzen: raffle.ai cut customer onboarding from two months to two days
“We can now implement the customer within two days which we were maybe two months doing, you know, just one and a half years ago, it would, Take us two months to actually implement the customer.”
Lauritzen: raffle.ai grew ARR by 305% since October 2020
“But still we have grown 305% in revenue or in ARR since then.”
Lauritzen: raffle.ai maintains a 5:1 LTV to CAC ratio
“Our LTV or our customer acquisition cost is five, I think at the moment. And that is only because we have an LTV only on three years that we calculated with. So I've learned that five years is actually normal. So so basically our the formula should be better. …”
Lauridsen: Raffle.ai employs 18 engineers and five sales reps
“Yes, we actually have 18 engineers and five in sales up until now, so it's yeah.”
Lauridsen: Raffle.ai launched dedicated sales team two months ago
“We just I mean, we just started the sales department actually just two months ago. So that's pretty new. And up until then it was just me selling.”
Lauridsen: Raffle.ai Average Contract Value Is $35,000 per Year
“An average per year, I would rather say that's 35,000 US.”
Lauridsen: Raffle.ai Quotas Ramp to Three Closed Accounts Monthly
“Well, we just have a quota today that says one client a month, and then that's going up to two clients a month within, you know, after three months and then after six months is three clients a month.”
Lauridsen: Raffle.ai First-Year Sales OTE Is Around $150,000
“You'll probably make you'll probably make about A 150,000 US.”
Lauridsen: Raffle.ai aims to raise Series A in September 2021
“Yes, we are, and we are going for an A round in September next year.”
Lauritzen: raffle.ai's previous funding round was approximately $3M
“Well, our last funding round was about three million dollars.”
Lauritzen: raffle.ai reserved 9% equity for employee options pre-Series A
“We have reserved nine percent up until now.”
Lauritzen: raffle.ai plans to delay US expansion until 2023
“But not, I don't think we're going to do it right now. I think we're going to do it in, in, in, in 23. So we are first going to expand in, in Europe.”
Lauridsen: Raffle.ai raised angel round with zero product and no clients
“We didn't have any clients. Of course, we didn't have any product. Basically, we didn't have anything. So, but we had the idea and we had the right team, I guess.”
Lauridsen: Previous Bootstrapped Startup Had 30 Employees in All-Cash Sale
“The other company I sold was bootstrapped. So I owned 50% of that with my co-founder. He also owned 50% of that. We were 30 employees when we sold it. We got fifty-fifty each. It was a pure cash sale, and that was beautiful.”