SaaS Interviews with CEOs, Startups, Founders
Procesio Targeting $4m on $12m Raise with How Much Revenue?
25 Dec 2021
Chapter 1: What is Procesio and how does it simplify integration?
and we are having like 1000K in pipeline and we are hoping to close this year with 50K.
You are listening to Conversations with Nathan Latka, where I sit down and interview the top SaaS founders, like Eric Wan from Zoom. If you'd like to subscribe, go to getlatka.com.
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He's building Processio, an integration platform that provides a fast and scalable alternative to classic coding by using a low slash no code approach.
Chapter 2: Who are the primary customers of Procesio?
Their technology is for organizations and individuals that want to integrate applications and process data up to five times faster. Marianne, are you ready to take us to the top? Yes, I am. Thank you.
Chapter 3: What is the current pricing model for Procesio's services?
No code is a hot space. Tell me who's buying your product. Yes, it is.
Actually, we are building a no-code and low-code approach to classic coding, but we are for technical mindset. So the system is used by companies that have, let's say, a technical department or for the software development companies that build software and provide outcomes to customers. So we are a bit technical as a mindset.
I see. And so what are customers paying you on average to use the technology?
Chapter 4: How much capital has Procesio raised and what is their funding strategy?
Yes, they're paying us, but I must say that we just launched and have like four clients paying customers and starting to build our pipeline of sales.
That's awesome. Okay. So four customers, how much are they paying per month?
In total, like 5K, and we are having like 1,000K in pipeline, and we are hoping to close this year with 50K.
So you have five customers paying on average $1,000 a month, so $5,000 in monthly recurring revenue?
Sorry, not for a month. It's annual recurring revenue because we are selling only annual recurring revenue.
Got it. So you have five customers paying $400 a month and you're doing about five, which is about... Like that.
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Chapter 5: What is the valuation Procesio is targeting in their next funding round?
Huh? Like that. Yes. Yeah. Yeah. Yeah. So five customers total pay $400 a month altogether. So you're doing about $5,000 in ARR. Yep. That's exciting.
Chapter 6: How does Procesio plan to acquire more customers?
We're getting you at the perfect stage. You just turned on the paywall. So what are you learning? Is your price point the right price point? Are you too cheap?
Actually, nobody complains about the price. So I'm assuming that we are a bit too cheap. But I think we are on the right spot because we are selling the value that we offer to our customers because they will pay what they will use. We do not charge per user, per processes. It doesn't matter for us.
Chapter 7: What is the team structure at Procesio?
It matters only what they will use. And this is really helpful for us because we will understand the value that we provide for them.
And when did you start writing this platform, the first line of code?
First line of code, like at the beginning of 2020, in March 2020. And have you raised capital or are you bootstrapped? Yes, we are also bootstrapped from our parent company. But with this capital, we had to seed rounds in total of 1.2 million. And now we are reaching out for round eight.
When was the first pre-seed round? How much?
Chapter 8: What future goals does Procesio have for growth and expansion?
It was at the half of 2020, like half a million, and now a bit above half a million.
Okay, so you just raised another $700,000 this year.
Actually, it was $6,500. $6,500, $650,000 this year.
And what valuation did you raise that at? 12 million. 12 million?
Yes, it was a safe round with a cap at 12 million.
Okay, so a cap at 12 million. And who's the parent company?
The parent company is the Ringel company. It's a company from the energy space. It's a top provider for software for CRM and ELP for power and gas industry in Romania.
And how much equity did the parent company keep when you spun it out?
Actually, we didn't spin it out. We are still part of the company. We are built like a startup inside the company, but we are still part of the company.
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