SaaS Interviews with CEOs, Startups, Founders
PandaDoc Hits 14k Customers, $100+ ARPU, "Will Hit $19m in ARR in 2019"
29 Jul 2020
Chapter 1: What is the main topic discussed in this episode?
it's significantly i mean it's significantly less than 50 50 is is is just it's very hard to do business when you turn 50 of the revenue every year it's almost impossible
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We 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 Behan 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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Hello everyone, my guest today is Makita Mikado. He is the CEO and founder of a company called PandaDoc. I've been on the show many times looking forward to getting an update. Makita, you ready to take us to the top?
Sure, Nathan.
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Chapter 2: What is the significance of PandaDoc reaching 14,000 customers?
And then you add on top of that, let's say, utilization of something like payments. You can transact through PandaDoc. You can get paid. Once you send a document, the document gets signed. Let's say it's a proposal. Third party can... uh, submit a payment credit within the document. So that is an additional revenue stream.
Uh, so basically the average revenue per account, the average, uh, Arpa can grow through a number of different, uh, ways and it has grown for us. Uh, uh, in terms of like, uh, our pricing, our pricing did not change as much and the next pricing,
Chapter 3: What role does HubSpot play in PandaDoc's growth strategy?
remained pretty much, well, not the same. Of course, we're working on it and we're experimenting with it, but it hasn't changed drastically. Upmarket versus downmarket, we continue to focus on small-sized businesses, companies that have anywhere from 10 to a couple hundred employees. That has been working really well for us.
At the same time, we see more and more deployments with companies that have more than 200 employees, that have more than a few thousand employees. And we're seeing just a lot of improvements in metrics with smaller businesses. So I wouldn't say that there has been a...
So Makita, sorry, this is a very long answer. Let me just try and, because I want to get a bunch in about your story and what's changed over the past two years. So just to be clear, you're still around per brand paying you. I'm not talking about per seat, per brand paying you. You're still in that about $100 a month range?
Yeah, a little more than that.
Okay. Okay, fair enough. That's helpful. Give me a quick update on the funding side of things. So still 19.5 raised or did you choose to raise more capital?
Uh, we raised a little bit more. Okay.
We raised a little bit more. So total in today is about how much?
Um, 23.
Okay. Have you chosen to continue to use equity when raising or have you chosen to try a little bit of debt to avoid dilution?
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Chapter 4: How has PandaDoc's pricing model evolved over the years?
Where'd you get that kind of idea?
Um, it came from customers. It came from customers. Um, customers asked to, uh, for, you know, this capability and we, uh, decided to deliver.
Are you taking a percent of payments to the platform or that's free right now?
Uh, it depends on the provider. We partner with third parties and, uh, uh, obviously, you know, third parties, uh, take a cut. Um, and, uh, Depending on the third party, there may or may not be a partnership agreement.
I wouldn't tell you which ones we have a partnership agreement with or not, but there are currently Stripe, Square, AuthorizeNet, and PayPal, as well as QuickBook payments that we are working with. And all those payment providers are available through PandaDoc, so you can enable them from within documents.
Let me ask that question a bit differently than without getting into specifics of partnership agreements. Over the past 12 months, when you look at your total revenue, what percent came from the GMV percent you're taking versus just your pure SaaS business?
It's not a very large percent. I wouldn't give you the exact number.
Is it growing? Is the GMV percentage growing faster than the SaaS side?
Hmm. I can tell you that we're not really measuring that revenue because that revenue is not that significant and not that strategic for us. What's strategic is that we basically add more value to customers. Not only they can streamline their documents, but also a portion of payments through documents. And that's what we're mostly concerned about. So we're concerned about with
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