1518 Bynder Hits $48m ARR, Another Acquisition On The Way?
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How did Bynder evolve from its inception?
Finder rolled out of his agency back in 2013. Big M&A happened recently. They've just, you know, they did about 19 million bucks in terms of run rate and early of 2018. Then did the acquisition. You know, now they're serving 1600 customers. $30,000 ACV is a healthy average to call it, you know, 4 million ish right now per month in revenue. The economics look good. 93% revenue retention annually, 140% net revenue retention annually. That 93% was obviously gross revenue. You know, trending towards a 12-month payback period, team of 350 folks between San Mateo, Boston, London, Spain, and remote locations as they continue going after the damn space. Hello, everyone. My guest today is Chris Hall. He's the CEO of Binder and has grown the company to over 350 employees with seven international offices in just four years.
All right, Chris, are you ready to take us to the top? Yeah, go for it.
What are the financial metrics of Bynder's growth?
All right. Tell us about the company. What do you guys do? And are you a pure play SaaS model or not?
Yeah, we're a pure play, born in the cloud solution, and it's basically the core of the application is the DAM, the Digital Asset Management, which is basically a repository for all your digital content.
And so as you're working with customers here, give us kind of a quick glimpse into what they're paying on average per month for this.
Well, we have two sets of customers. We have our sort of SMB enterprise, and that's around... close to 30K US dollars a year. And then there's the larger customers that are upwards from a hundred up to, we're getting close to the million mark.
Yeah. Is it fair to say though, you probably have power laws in your customer base and the average is probably closer to 30 or 35,000 bucks a year? Yeah, that's right. Yeah. Okay.
How does Bynder ensure customer retention and satisfaction?
Okay. And put this on a timeline for us. When did you launch the company?
So we started end of 2013, or we incorporated there. It was a spinoff of Label A, a development agency I started in 2008. And it really started as a sort of a side project that we started using ourselves to get digital assets from one place to the other. And that's where we learned, hey, this is kind of useful. And it happened to be called Adapt. We didn't even know that when we started it.
And how'd the spin out work? Is the agency on the cap table of Binder? And did you have to put up any capital to do the spin out?
No, this was basically it was a spin out from Label A, which I also owned. So in August 2016, we closed the Series A with Insight Venture Partners. And that's been the first sort of cash in there.
Okay, so how much capital have you raised to date? The 20 million euros that we raised in August, two years now. So what is that? It's like 21 million USD, something like that? 20, 23. Oh, 23, okay, got it. Now, where are you based? Where's home for you? Right now, I'm in Amsterdam. Okay, so is the team split between the US and Europe?
Yeah, so we have, due to the acquisition of Webdam, a shutterstock company that was a carve-out from them, they're based in San Mateo on the West Coast. And with this acquisition beginning this year, That was a big team over there, so we grew quite significantly in headcount. But we already had an office in Boston, London, Spain, Barcelona, Rotterdam, and Dubai. So this was just a very big extra office to add.
What challenges did Bynder face during its acquisition process?
So there's quite a big workforce in the US.
I'm saying you're at about 350 folks? Yeah, that's right. That's great. And so give me a sense of what you've scaled to. I mean, you launched this thing back in 2013 as a spin-out from the agency. You're not active day-to-day in the agency anymore, correct? Nope. Okay, so purely kind of on the SaaS product. So what have you scaled to over the past four or five years in terms of total customers on the platform?
I think we're at around... What is it? Let me think. This is combined 1,600. 1,600? Yeah, something about that.
And when you say combined, you're doing the math. You're taking your enterprise plus your SMB? Yeah, exactly. Okay. Now, I mean, is this fair math? Can I take the 1, you know, the 1,600 there times the, you know, $30,000 ACV that puts you, I think, at like, what, $4 million a month or something like that in terms of run rate?
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Chapters
8 chapters
1
How did Bynder evolve from its inception?
0:00–0:51
2
What are the financial metrics of Bynder's growth?
0:51–1:46
3
How does Bynder ensure customer retention and satisfaction?
1:46–3:33
4
What challenges did Bynder face during its acquisition process?
3:33–4:45
5
How does Bynder manage its international team?
4:45–6:21
6
What strategies does Bynder employ for customer acquisition?
6:21–8:48
7
What role does cash flow play in Bynder's growth strategy?
8:48–10:22
8
What future acquisitions is Bynder considering?
10:22–16:07