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Steli Efti

๐Ÿ‘ค Speaker
217 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

Okay.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

We're kind of a monster in the middle.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

So Close.io is self-funded, but if you give the whole story, when we started the business, we went through IC, we raised a seed round on convertible debt, and then we pivoted that business into elastic sales, which was a services business, and we bootstrapped more or less elastic sales, and then we launched Close.io as a fully self-funded product, and we never raised a penny afterwards.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

So legally, since it remained the same legal structure as a business, we had raised money for this business, but we've never,

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

Ah, that's a good question.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

I think, no, no, we were before that.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

We were the first ones to get the surprising 100K from the Russian billionaires.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

So when we launched, it was like, I think, 25 or 50K for 5% or whatever it was.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

And then we got a surprise additional 100K or whatever it was back then.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

No, that's not true.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

That's not true.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

We raised a little bit over a million a few weeks after graduating from YC.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

Okay.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

So when we started the original business, which was something completely different, we had, you know, 1.3 million or something, 1.2, 1.3 million in seed funding.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

That business, you know, within a year kind of didn't work out and we pivoted into elastic sales and we had a few hundred case the left.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

And Elastic Sales turned into this thing that was generating revenue, was like the services business.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

And by the time we launched Close.io, there was no money left and we were profitable.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

Well, I had to think about, like, have we thought about raising money?

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

Sure.

SaaS Interviews with CEOs, Startups, Founders
EP 463: Close.io More Than $200k MRR, 500 Customers, $400 ARPU with CEO Steli Efti Who Wont Sell for $40M

Have companies approached us about buying us?