SaaS Interviews with CEOs, Startups, Founders
EP 513: $50M Raised, Helping 50k Customers Get Accurate Contact Data with FullContact CEO Bart Lorang
20 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 FullContact and how does it generate revenue?
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. We just broke our 100,000 unit sold mark.
Chapter 3: How did Bart Lorang's previous businesses influence FullContact?
And I'm your host, Nathan Latka. Okay, Top Tribe, this week's winner of the 100 bucks is Rhett Gillins. He's in the restaurant industry and he feels stuck. He wants to start his own software business. So congratulations, Rhett, for your guys' chance to win 100 bucks every Monday morning.
Simply subscribe to the podcast on iTunes now in order to enter and then text the word Nathan to 33444 to prove that you subscribed. Folks, many of you reach out to me and you say, Nathan, so many guests on your show talk about the importance of batching. But whenever I try and batch, you tell me this.
Chapter 4: What factors led to choosing venture capital for FullContact?
You go, Nathan, they don't book back-to-back times. Or they don't show up after they book. It's frustrating. The answer is, guys, you have to use smart tools. I use a tool called Acuity Scheduling at NathanLatke.com forward slash schedule. I'll tell you specifically how I use it later on in the episode.
nathan latke here don't forget to tell all your friends to listen to the top podcast on their holiday travels it's great and educational and a lot of fun and come back tomorrow morning it's no different we have alexander grab new mueller they've raised 120 million dollars okay we have amazing guests right 120 million they're helping a million consumers get over 100 million bucks in credit lines who have no other choice this company is called credit tech
Chapter 5: How does FullContact maintain a low customer churn rate?
Stop, drive, good morning. Nathan Latka here. Our guest today is Bart Lorang, and he is a proven entrepreneur, executive, and manager in the global technology industry. He's very active in the startup technology community as an angel investor, strategic advisor, and speaker at many industry events.
Chapter 6: What is the average revenue per user (ARPU) for FullContact?
In fact, he supports entrepreneurs in his co-founder position and managing director at V1.VC, a $5 million seed stage fund dedicated to, again, helping crazy entrepreneurs change the world. But more importantly, He's an entrepreneur himself. He's currently running Full Contact and is responsible for communicating its vision and strategy.
He's a visionary technologist with extensive experience conceiving, designing, building, marketing, and selling enterprise software solutions on a global scale.
Chapter 7: What are the customer acquisition costs (CAC) for FullContact?
Bart, are you ready to take us to the top? I'm ready. All right, let's do this. Tell us first, what does Full Contact do and then get into how do you make money?
The full contact is a universal contact management platform. We essentially unify all your contacts in one place, keep them automatically up to date and sync them everywhere for you or your business.
And then walk us through the revenue model. Is it pay as you go? Is it SaaS? How do you make money?
Yeah, so it's essentially SaaS, and you basically pay for a number of contacts under management. So we have a free tier, and then above a certain threshold, like 1,000 contacts, you pay us $60 a year, and then business accounts pay because they have lots more contacts under management. Then developers can actually pay for access to the developer platform as well.
Which one right now is kind of your biggest revenue stream, the developers and the API access, or kind of like a business-facing brand?
Yeah.
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Chapter 8: Who are FullContact's main competitors in the market?
So the, uh, the developer access is actually our largest revenue stream. Uh, we have over 40,000 developer partners that have, uh, plugged full contact into their applications.
Yeah. That, uh, we didn't, I didn't tell you this beforehand. That's actually how you came across my radar. Um, I had done due diligence on a lot of companies and I kept seeing when I was in their general ledger payments to full contact and I'm going, who are these full contact guys?
That's a good thing.
Yeah. I was going to say, that's a good thing to hear. All right. Well, walk us through. Let's focus on the business side first, not the developer side. So you said people are paying you based off kind of a value metric. That's how you're increasing ARPUs based off number of contacts. Is there anything else that you use to drive ARPU increases?
Yeah, I mean, we have certain capabilities and features that we gate, like how many ad books you're actually plugging in. We have other capabilities like business card transcription, which we use human beings to double and triple check transcriptions, which is another value add. We have other services like our company API and our person API we provide.
So a variety of features, but we have a core metric around number of contacts.
Okay, great. And then before we get into kind of understanding more story about the business, give us an example, if you can actually name the company that's using you on kind of in that format.
So, yeah, I mean, we've got, for example, HubSpot uses us and plugs in HubSpot into full contact infrastructure to provide contact sort of the full contact information about people in HubSpot applications.
So, for example, like in the maybe their sidekick product inside of Gmail on the sidebar, that that information might be verified by you. Yes. Yes.
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