SaaS Interviews with CEOs, Startups, Founders
EP 497: Woopra $1M Raised, $1.6M 2015 Revenue, $300k MRR To Help Businesses Get Smarter with CEO Elie Khoury
03 Dec 2016
Chapter 1: What is the main topic discussed in this 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 2: What is Woopra and how does it help businesses?
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 top. Five and six million. He is hell-bent on global domination.
Chapter 3: How did Woopra secure funding and what is its financial status?
We just broke our 100,000-unit soul mark. And I'm your host, Nathan Latka. OK, Top Tribe, this week's winner of the 100 bucks is Jose Avila. He is a 17 year old that doesn't want to go to college and he wants to start his own business.
For your chance to win 100 bucks just like Jose every Monday morning, simply subscribe to this podcast on iTunes right now and then text the word Nathan to 33444 to prove that you did it. Guys, if you want an easy tool to use to book your meetings back to back, to batch your calls, to make sure people actually show up when they schedule, you want to use Acuity Scheduling.
It's what I use for all my podcast interviews at NathanLatka.com forward slash schedule. I'll tell you more about how I use it later on in the episode. Nathan Latke here. This is episode 497. Coming up tomorrow morning, you learn from Andy Ratcliffe. They've raised $130 million. That's right, $130 million for a company called Wealthfront.
Over 100,000 investors have put money with Wealthfront, and they're managing over $4.4 billion in assets under management.
Chapter 4: Who are Woopra's ideal customers and what industries do they serve?
You don't want to miss that one. Top five.
Chapter 5: What pricing models does Woopra offer to its customers?
Good morning. Nathan Latke here. Our guest today is Eli Khoury, and he is the co-founder and CEO of Woopra, a customer intelligence platform that helps businesses centralize customer engagement across all channels. He studied computer science at the Lebanese American University, where he built the first generation of Woopra in 2007.
In addition to Woopra, he co-founded Yala Startup, a nonprofit organization established to foster entrepreneurship in the Middle East and North Africa. Eli, are you ready to take us to the top?
Chapter 6: What strategies does Woopra use to reduce customer churn?
Absolutely. Okay, very cool. So you found it in 2007. Tell us what it does and how you make money. So you know, as a customer intelligence platform, it's designed for businesses to help them consolidate their customers activities across all channels, make it super easy to create a more data driven culture and organizations. And how do we make money? It's a basic SaaS model.
People subscribe to our business on a month-to-month basis. Yep. Very cool. And so walk us through kind of where you're at.
Chapter 7: How does Woopra define and measure customer lifetime value?
Well, actually, first tell us, are you self-funded or have you raised capital? We are self-funded. We did raise an angel round a few years ago, but we got to profitability quickly. Okay. Well, how much was the angel round for? It was a million dollars. Okay. And was that a convertible note or was it priced equity round? It was an equity round. Equity round. Very cool.
Chapter 8: What is Elie Khoury's vision for the future of Woopra?
And do you have, it sounds like you have one co-founder? That's correct. John. Very good. So two co-founders. And how big are you guys right now? How many folks on your team? We're 12 people full-time in the office. And we have a few people who work with us part-time and off-site. And offices are what, San Francisco mainly or no? Yeah. Yeah. We're all in San Francisco. Okay. All right.
So let's dive into kind of more of the customers that are using you. Who is your ideal customer? Today, we're focusing mostly on SaaS businesses because those are the types of customers who could benefit the most from our solution.
But if you look at the distribution of our customer base, we really have a wide variety of verticals using WooPro, ranging all the way from SaaS to e-commerce, even media and content. We have about 1,000 customers today, a little bit more than 1,000 customers, and quite a few customers, Fortune 500 customers. Got it. Very cool. And do you have a free plan or is this all just a paid plan?
You have a thousand on it currently? No, we operate on a freemium model. So we have about a hundred thousand active projects on our system. Out of those, we have a thousand that is like premium paying businesses. Got it. And on average, because you have a SaaS, you have multiple price plans. What's your kind of average R poop or customer? Um, it really depends.
We have two tiers of businesses and their focus has been on moving up market and working with enterprise customers. So our average enterprise customer today, um, uh, is worth around $30,000 a year. And the small business customer is about $3,000 a year. Okay. And where does the majority of that kind of, where's the majority of your revenue coming from? Which, which of those groups?
At this point, we are actually hitting 50, 50. So, um, We just introduced Enterprise Edition a couple of years ago and our focus has been on that. So today we are, we finally reached a point where the Enterprise Edition is almost generating more revenue than small business.
So kind of each plan is somewhere right now doing somewhere between $125,000 in MRR for a total MRR of somewhere around $300,000?
um i i cannot share these numbers but yeah yeah i'm sorry i'm just doing math right so thirty thousand dollar annual contracts value divided by twelve right gives me kind of monthly contract value multiplied times fifty percent of your customer is which is 500 gives each plan or each cohort about 125 grand in mr so you don't have to confirm that but it's somewhere around that area right yep okay got it so 300k ish and mr what about stuff like um do you guys have a good grasp on churn what's your what's your gross customer monthly churn
The interesting thing is that on the enterprise edition side, we haven't churned a single customer over the past two years. So we've been building very good relationships with our enterprise customers and we're making sure they're getting most of the value. But when it comes to small business today, you know, there's a lot of tag management services and so easy to switch cloud based services.
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