SaaS Interviews with CEOs, Startups, Founders
Quabbly Helps teams Build Internal Apps, Raises at $4m Valuation, First 10 Customers
27 Oct 2021
Chapter 1: What is the main topic discussed in this episode?
Got it. So five seats per 30 accounts, about 150 seats at 20 bucks a month. Yeah. Cool. Congrats. That's $3,000 a month in revenue, right?
Yeah, yeah, yeah, yeah.
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.
We've published thousands of these interviews, and if you want to sort through them quickly by revenue or churn, CAC, valuation, or other metrics, the easiest way to do that is to go to getlatka.com and use our filtering tool. It's like a big Excel sheet for all of these podcast interviews. Check it out right now at getlatka.com. Hey folks, my guest today is David Ernest.
He is building a tool called Quably. It's a platform that teams and businesses use to create internal applications like CRMs, HRMs, etc. to manage and automate their processes without writing code. David, are you ready to take us to the top?
Yes, sure, Nathan.
All right. So tell us more about this thing. And now are people only using this to build internal applications or are they building external applications as well?
All right. So for external applications, that's part of our long roadmap, right? So we have an API that seems can pretty much use to build external applications on top of Krably. Yeah. But for now, our product allows you to build internal applications without writing code. We currently have a customer who is like piloting with our APIs and who's building like a SaaS platform on our APIs.
So Krably just set up its own database.
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Chapter 2: What is Quabbly and how does it help teams build internal applications?
So we have an average customer per account.
Got it. So five seats per 30 accounts, about 150 seats at 20 bucks a month.
Yeah.
Chapter 3: What types of applications can be built with Quabbly?
Cool. Congrats. That's $3,000 a month in revenue, right?
Yeah.
Where were you a year ago? Were you pre-revenue? No.
Yeah, so we started building this around May 2020, during the height of COVID. So instead of building this. So we had some customers testing. Those customers have actually turned out at the moment. These are like early testers. They've actually turned out right now. But yeah, we had customers paying to test with us there.
And David, is this your baby? Do you own 100% of the business?
Yeah, obviously. I want to scale this and take it to the top.
But do you own 100% of the business or have you raised capital?
Okay, yeah, so I've raised like a capital pre-seed round. Yes, currently like ongoing, yeah.
You're currently raising pre-seed?
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Chapter 4: How many customers does Quabbly currently have and what are their use cases?
So we used that to upgrade our product. And right now, we're investing a lot on our goods market side of things.
How are customers finding you today? What's your growth channels?
Okay, so we have three major channels. We're using implementation partners. That's folks who use tools to build stuff for clients and direct sales and, of course, digital marketing.
And so when you say digital marketing, what does that mean?
Yeah, so we do run ads, but we're not really skilled at a particular channel. So we're really focused currently, of course, like I said, how are folks finding us right now? What about implementation partners?
Got it. So you're scaling up with digital marketing, you're spending some money on ads. Do you know what your CAC is? How much does it cost you to get a $20 a month new seat?
Okay. Like I said, we have three channels that we're looking at. So like I said, we've not really put on the engines on ads yet, but our main channels for now are Word of Mouth, and Word of Mouth has direct sales and implementation partners.
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Chapter 5: What pricing strategy does Quabbly use for its services?
Yeah, but what does word of mouth mean, right? These people don't just magically find you. And if you can't define how they found you, then you can't repeat it.
I call that direct sales. So we have sales folks like myself and my co-founders. And we talk to people about our product and about folks.
And so who do you guys reach out to to talk to? What job titles are you targeting and what platforms?
Okay, so I'm pretty much scaling with use cases because the product is kind of wide. So of course we have like a customer manufacturing and some customers manufacturing. So we're really targeting customers that we have like, like in use cases that, so our ideal customer profiles that we're targeting are from the use cases that we're already serving already, like the customers we already have.
So we like just scaling use cases that we already have on board in our platform.
So when you're targeting manufacturing folks, who are you targeting? What's the job title at the manufacturing company of the person?
Okay, head of operations.
Okay, and how do you find those people? Is it on LinkedIn or somewhere else?
Yeah, LinkedIn, sales navigator.
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Chapter 6: How did Quabbly's team and funding come together?
Wow. Okay. Got it. So, okay, good. So what your total headcount expenses per month right now are about how much? How much do you spend right now just on people every month, your headcount expenses?
About $7,000.
Oh, wow. Okay. So is there some people making less than $1,000 a month?
Yeah. Spending power is completely different over here.
Well, it's a beautiful UI. I mean, when I was preparing for the call, looking at the website, I'm going, wow, this looks beautiful. It's got a lot of functionality. This is incredible. I thought you were doing, based off just the website, I'm like, these guys must be doing 100, 200 grand a month in revenue. So that's good. You have a quality product.
Yeah. It's just time to scale it up right now and take it up to the top.
Yeah. Let's wrap up, David, with the famous five. Number one, favorite business book? Heart and About Heart by Ben Horowitz. Number two, is there a CEO you're following or studying?
I'd say Elon Musk.
Number three, what's your favorite online tool for building a business besides your own? Intercom. Number four, how many hours of sleep do you get every night?
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