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SaaS Interviews with CEOs, Startups, Founders
Team of 12 Hits $2.5m in ARR, $64m Valuation for Customer Success Tool. Can they beat Gainsight?
Aug 25, 2023
20:39
Snipd AI
$2.2m SaaS founder shares their journey towards securing a $1.45m contract with Verizon, raising $16m in funding, and building a team of 12 while facing financial struggles. They discuss their revenue numbers, upcoming product launch, negotiation process for funding rounds, burn rate, personal preferences, and their personal background as an immigrant founder.
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Quick takeaways
- Involved.AI secured a $1.45 million contract with Verizon after discovering that 40,000 users from Verizon were utilizing their platform for free, which helped them continue and led to a $16 million series A funding round at a $64 million valuation.
- Involved.AI specializes in using AI to analyze customer behavior and provide actionable insights, assisting companies in delivering a superior customer experience and automating workflows for sales and marketing teams.
Deep dives
Involved.AI Revenue Growth and Journey
Involved.AI has experienced significant revenue growth. In 2021, their total revenue was $1.5 million, and they increased it to $185,000 per month in 2022. They initially struggled to monetize their community platform, reaching only $250,000 in annual revenue after four years. Almost on the verge of shutting down, they discovered that 40,000 users from Verizon were utilizing their platform for free. After reaching out to one of these users, they secured a $1.45 million contract with Verizon, giving them the boost they needed to continue. This success led to a $16 million series A funding round at a $64 million valuation. Currently, Involved.AI has over $10 million in the bank and a team of 12.
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