How to build a $30m SaaS in 18 Months focusing on an unsexy niche
Nov 23, 2023
auto_awesome
Discussion about the success of GetStreamline.com, starting Streamline and the importance of direct experience, serving underserved special districts, collecting data on special districts in the US, company business model, navigating funding rounds and growth expectations in an unsexy niche
Streamline focuses on maximizing value for existing customers rather than acquiring new customers.
Streamline aims to reach profitability by expanding offerings and capturing more revenue from special districts in the US.
Deep dives
Streamline: Providing Digital Services to Special District Governments
Streamline is a company that offers digital services to special district governments in the United States. Special districts are entities such as water districts, utility districts, libraries, cemeteries, and sanitation districts that provide specific services within their geographic area. Streamline aims to serve this underserved market by providing websites, social media presence, and tools for posting agendas and meetings. With 1,450 current customers paying an average of $275 per month, Streamline has seen significant revenue growth from $140,000 a year ago to $400,000 per month. The company is focused on increasing its revenue by maximizing the value and offerings for each customer without needing to acquire new customers.
Sales and Team Structure at Streamline
Streamline has a sales team of 12 individuals, including six business development representatives (BDRs), three associate account executives (AEs), and three AEs. The BDRs make between 50 and 65 calls per week, resulting in a 37% translation rate into demo calls (S3s). The AEs have a 60% close rate on demos. The team operates in a fully integrated sales system, where all team members work together and receive credit for every deal. Streamline is focused on increasing its average customer value (ACV) by adding more value to each customer rather than acquiring a large volume of new customers.
Fundraising and Growth Strategy at Streamline
Streamline previously raised $2 million in a pre-seed party round and is currently in the process of raising a Series A round, targeting between $6 and $8 million. The company has term sheets from potential investors, with growth equity investors urging a focus on efficiency and 40-50% growth, while venture investors encourage aggressive growth without prioritizing efficiency. Streamline aims to reach profitability within the next 18 months. The company is exploring partnerships for payment services and expanding its offerings to capture more revenue from the approximately 55,000 special districts in the US, which have a total annual revenue of $275 billion.