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Magnus Åström

👤 Speaker
156 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

And we started the company basically a few days after that crash.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

And I had seven employees from the very start.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

I just bought a house with my family and everything was really, really tough.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

So we brought in money.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

The money we could find, we brought in at very, very low valuation.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

How much money did you raise?

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

We raised roughly, you know, one and a half million or something like that.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

Not more than that.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

And we were actually, the idea was to help customers to sell to sea level instead of selling lower down in the organization.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

We were helping them to get a higher up in the organization to get better deals and to get, you know, the better roadmap with the customers.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

And so we had a method to do that and help customers do that.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

But the idea behind it was to run those sales processes for the customer in order to capture and get data about the decision making and their needs and start building a database across Europe and basically make money on that database instead of the sales process itself.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

And we did pretty well, but my... It's pretty well.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

Yeah, it turned out to be too heavy on the consultant side.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

So I decided to sell the company because it didn't turn out as a software play as I would like it to be.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

And the database itself were not as big as it should be.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

So it ended up being more of a consultant business, which I, well, it's interesting, but it's not what I wanted it to be.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

So I sold my share and went on to NowDirect.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

Uh, one and a half million.

SaaS Interviews with CEOs, Startups, Founders
EP 591: Now Interact Closes $5M Round On $18M Pre Money Helping Enterprises With OmniChannel Data with CEO Magnus Astrom

And that was a hundred percent, you know, based on, on the time that we spent with customers.