SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For
08 Jul 2017
Chapter 1: What is the main topic discussed in this episode?
Sherry Atwood founded SupportPay back in 2011 when she found no good solution for managing childcare payments and other payments related to a divorce and supporting the children from both of the parents.
Chapter 2: What inspired Sheri Atwood to create SupportPay?
So she created SupportPay, has gone on to raise 7.1 million bucks, most recently did a $4 million round of funding in 2016, did about 300 or 400 grand in revenue. Now she has 2,000 paying customers paying on average 10 bucks per month for 20 grand in monthly recurring revenue, but add another 80 grand on top of that,
Chapter 3: How does SupportPay simplify child support management?
which in the form of $120 setup fees from new users, she's converting to paid customers at the rate of about 12% of website visitors converting into an active user with just 3% annual churn. So very sticky.
Chapter 4: What challenges did Sheri face when starting SupportPay?
This is episode 714. Coming up tomorrow morning, you'll learn from Ryan. This CEO doesn't care that his VC has him by the throat. But first, here's today's episode. This is The Top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base.
Chapter 5: How much funding has SupportPay raised and what are its revenue streams?
You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have. I'm now at $20,000 per talk.
Chapter 6: What is the customer base and pricing model for SupportPay?
Five and six million. He is hell-bent on global domination. We just broke our 100,000 unit sold mark. And I'm your host, Nathan Latka.
Chapter 7: How did Sheri transition from bootstrapping to raising capital?
Hello, everybody. My guest today is Sherry Otwood.
Chapter 8: What is the significance of SupportPay's technology in the child support system?
She is the founder and CEO of a company called SupportPay. She's also a former Silicon Valley executive and a child of a bitter divorce who also went through her own divorce a few years ago. She's created SupportPay when her search for a better way to exchange and communicate about child support systems with her ex-husband proved totally fruitless.
SupportPay is the first ever automated child support platform payment platform, poised to transform the complex, time-consuming, and stressful process that impacts nearly 300 million parents, exchanging more than $900 billion in child support and child expenses worldwide.
With support pay, today's modern families can spend less time managing and arguing about child support and more time focused on raising happy, healthy children. Prior to starting support pay, she was a former vice president at Samantha and also had been named number five of 50 women in tech dominating Silicon Valley and top 40 under 40 executive in Silicon Valley.
She's energetic, resourceful and lives by the model. Don't talk about it. Be about it. Sherry, are you ready to take us to the top? Absolutely. OK, very good. So my honestly, the first question that comes to my brain is you are incentivized to make sure people get divorced because you need more customers.
Absolutely not. I'm actually going to lower the divorce rate because I'm going to show people it doesn't get better. It gets worse after a divorce. So you might as well just stay married. If no one gets divorced, how do you make money? Because these millennials these days actually aren't getting married anymore. They're just having babies. So it's actually not the divorce.
If people stopped having children, then, yeah, maybe I'd have a problem.
I'd say you're safe there.
Exactly.
So tell us, again, I give the bio, but kind of tell us what SupportPay does. Give us a real-life example of maybe how when your ex-husband used it, if you did or if you invented it after.
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