SaaS Interviews with CEOs, Startups, Founders
HRForecast Bootstrapped to $3m, Signed $300k Deal, How They Handle Profits
04 Jun 2021
Chapter 1: How did HRForecast begin and what was the founding vision?
No, we have not raised capital.
Okay, great. That's even better. So I thought you said you were bootstrapped until today. So what you meant is you are still... Still, still, yeah. Okay. You are listening to Conversations with Nathan Latka. Now, if you're hearing this, it means you're not currently on our subscriber feed. To subscribe, go to getlatka.com. When you subscribe, you won't hear ads like this one.
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We've got to grow faster. Minimum is 100% over the past several years.
Or bootstrap founders like Vivek of QuestionPro. When I started the company, it was not cool to raise. Or Looker CEO Frank Bean before Google acquired his company for $2.6 billion.
We want to see a real pervasive data culture, and then the rest flows behind that.
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My guest today is Chris Vetter. He founded HRForecast.com in 2014. He's co-founder. Before joining the company, he gained interdisciplinary industry experience in various financial and planning roles. He brings with him comprehensive cross-industry experience in solving problems in complex, fast-moving environments and studied business administration at the Technical University at Ingleslot.
All right, Chris, you ready to take us to the top? Yes, let's do it, Nathan. All right, so HRForecast is playing sort of the people analytics SaaS space. Help me understand how a customer is using you. Sorry, can you repeat that question? Yeah, help me understand how a customer is using you guys.
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Chapter 2: What is the unique business model of HRForecast?
So they didn't really churn. I mean, some of them for sure did, but most of them, they come back from time to time.
Yeah, no, that makes sense. Now you mentioned you raised capital. How much have you raised?
No, we have not raised capital.
Okay, great.
Chapter 3: How do clients typically utilize HRForecast's services?
Well, that's even better. So I thought you said you were bootstrapped until today. So what you meant is you are still... Still, still, yeah. Okay, I love that. Now, can I take 100 customers on your SaaS platform at like that $20,000 ACV? That's the minimum. And you guys are doing north of 2 million in revenue at this point?
Yeah, yeah, yeah, that's true.
What do you think you can break this year? What's like a stretch goal for this year?
Three and a half, four, let's see.
You think you'll hit it?
It's a good, it has been really good for us this year. So you're on track? It's difficult to plan, but since, as you know, the bigger deals, if the big deals comes in, then it might be just right.
So if we're at sort of around that sort of 2.5, 3 million run rate today, help us understand growth. Where were you exactly one year ago?
Minus 50%.
Oh, wow. So you've gotten 50% year over year growth. How are you getting new customers?
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Chapter 4: What is the current revenue model and pricing structure of HRForecast?
that we risk losing them for a certain period of time or do we have them already on a continuous model?
Does your expansion revenue and your bigger accounts more than make up for the 30% annual churn?
Yeah, so far, yes. I mean, we have grown 50% last year.
But that includes new customers you've added. Yeah.
Yeah. Yeah, exactly. I mean, as I said, most of the new customers, a lot of them come from existing clients since they're huge global companies.
So I would say new customers, you're expanding to different departments.
Yeah.
Yeah.
Also, it's like a combination.
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