Can SalesSeek Hit Profitability in Crowded CRM Space?

In today’s marketplace, you live and die by your CRM. If your tool isn’t ripe with integrations and robust functionality, your sales team could be placed at a massive competitive disadvantage.

SalesSeek is an all-in-one business CRM platform and hub for your customer data. Their software combines CRM, marketing, and customer success into one robust platform designed to make it simple for teams to nurture prospects, win deals and serve customers.

How much is SalesSeek doing in ARR?

SalesSeek is a pure-play SaaS business that charges its customers on a per user per month basis. On average, users pay between $20 and $100 per month today based on volume and features.

The company has grown to serve 150 total customers today with an average new deal size of approximately 100 seats. According to CEO Tim Hampson, the company is south of $1M in ARR, but on track to cross that figure in early 2019. SalesSeek more than doubled revenue in both 2016 and 2017, but was shy of 100% year over year growth in 2018.

What is SalesSeek’s churn?

By targeting small and medium sized businesses, SalesSeek is addressing a customer segment ripe with churn. Thanks to their strong expansion within landed deals, the company is close to 100% net revenue retention annually and has “low” gross revenue churn overall.

SalesSeek currently has four full-time members dedicated to sales and marketing efforts and looks to spend 9 months of revenue to land a deal. The company also assumes a customer lifetime of three years, on average.

How much has SalesSeek raised?

While initially self-funded for their first three years of operation, SalesSeek has raised just under $5M in total institutional capital to date. The company is looking to hit profitability before raising additional funds and is currently burning tens of thousands of dollars each month.

SalesSeek’s team of 20 full-time employees is spread throughout Europe.