SaaS Interviews with CEOs, Startups, Founders

How Latergram.me Grew to $50k/mo, 500,000 users, $1.2m Raised in Episode 190 with Matt Smith

06 Mar 2016

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Ep 190 Matt Smith, the founder of Latergramme and Thinkific. Listen as Nathan and Matt talk about how the latter left a 10K MRR business to work on a marketing platform for Instagram. BioMatt previously started 2 profitable self-funded startups. Most recently he co-founded Latergramme, a visual content marketing platform that makes visual marketing a snap. The app one to aggregate, curate, schedule and optimize visual marketing campaigns across all visual social media networks. Time Stamped Show Notes:01:00 – Nathan’s introduction to today’s show01:29 – Matt joins the show.02:30 – Thinkific is a platform that allows one to create, market, and sell online courses.03:53 – Matt created Latergramme at a hackathon while he was also work on Thinkific.04:20 – Latergramme allows one to create a publishing schedule for Instagram that automates marketing. 05:17 – Matt was making about 10K MRR (monthly recurring revenue) when he left Thinkific for Latergramme. His brother is still CEO. 07:00 – Matt believes his company Latergramme is well on its way to over 100K MRR by the end of 2016. 07:35 – The app was created in 2013, but wasn’t launched until May 2014. They did a beta list launch. 08:40 – Leading up to the May release, Matt built an audience of 20K through bloggers, article writers, and other online influencers. 09:30 – Matt built a VIP program as a marketing tactic and spent most of his evenings up to the release writing to potential users personally. 10:54 – Latergramme is currently free, but the business has 50K MRR soon to be 88K MRR. (1 million ARR).11:30 – The business is focusing on expanding user-base as its priority right now. 11:56 – The government covers a huge portion of salary for the people working at Latergramme. There are grants for SAAS based businesses in Vancouver. 12:37 – Latergramme has about 40K active users. 13:25 – 5% churn. 14:16 – Latergramme does no paid acquisition. Maybe in the future.15:31 – 25-30% month over month growth goal for 2016.16:42 - Rocketship.vc is an investment group that’s been giving Latergramme a hand. 18:42 – As the founder of the company, Matt pays himself south of 100K.21:25 – Find out what Nathan’s doing after selling his business Heyo at nathanlatka.com/whatsnext on February 4th. 22:08 – Famous Five Famous 5Favorite Book? – Thinking Fast and Slow What CEO do you follow?— Hiton ShahWhat is your favorite online tool?— FitbitDo you get 8 hours of sleep?— Trying toIf you could let your 20 year old self know one thing, what would it be?— You don’t need a job. 3 Key Points:The government grants money to SAAS based businesses in the city of Vancouver. Latergramme does no paid acquisition but nevertheless projects to grow 25-30% per month. Matt hyped up the business by writing emails to influencers in the field who would write articles about the service.A convertible note is a short-term debt that converts into equity. Read more about it at Tech Crunch. Resources Mentioned:Edgar – Nathan uses Edgar instead of other scheduling tools for Twitter because Edgar cycles through content over and over (buffer/others you have to re-input content over and over – time consuming). In the last several months, Edgar has driven Nathan over 3728 clicks that he didn’t have to work or pay for. @symana – Matt’s TwitterLinkedIn – Matt’s LinkedInLatergramme – Matt’s businessThinkific – Create, market, sell online coursesThinking Fast and Slow – Matt’s favorite bookFitbit – Online tool Matt usesRocketshipVC – Venture capital group backing MattConvertible Note – What is it? CreditsShow Notes provided by Mallard Creatives Listen to The Top if you want to hear from the worlds TOP entrepreneurs on how much they sold last month, how they are selling it, and what they are selling - 7 days a week in 20 minute interviews! Join the Top Tribe at http://NathanLatka.com/TheTop The Top is FOR YOU if you are: A STUDENT who wants to become the CEO of a $10m company in under 24 months (episode #4) STUCK in the CORPORATE grind and looking to create a $10k/mo side business so you can quit (episode #7) An influencer or BLOGGER who wants to make $27k/mo in monthly RECURRING revenue to have the life you want and full CONTROL (episode #1) The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14). Your host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries. Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that's like an audio version of Pat Flynn's monthly income report. Join the Top Tribe at http://NathanLatka.com/TheTop

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