Inbenta Revenue: $14M in 2018, 5% Churn and 80 Cents per New Dollar

Five percent churn, after a false start

Churn took two attempts. Nathan asked for gross revenue churn, the revenue that walks out before any upsell is counted. Torras’s first answer was a different number, and he soon explained what it was: “So the 40% growth is half half divided between new accounts and existing accounts.” Asked again for churn alone, he gave it: “That’s around 5%.”

Expansion needed one more pass too. After a first, lower figure, Torras restated the whole split in one go: “So okay, five is the churn.” Then: “25 is the increase in existing accounts. 20% is the new accounts.” Those three numbers close on the growth he gave at the start. Twenty points from new accounts, plus 25 points of expansion, minus 5 points of churn, comes to 40%. The 120% net revenue retention often quoted from this interview is Nathan’s sum of the same inputs (100, less 5, plus 25), and Torras answered it with “Correct.”

He put the confusion down to the word itself. “I heard at least five different definitions of churn,” he said, and investors had tripped over it in the other direction.

“Sometimes investors said, what is your churn? We said something like 5% and say, that’s too bad. We’re expecting a negative number.”

Jordi Torras, founder of Inbenta, February 2019

Sessions, not seats

The 25 points of expansion came from two places, and Torras named both. The first was the meter. “It’s sessions, what we call sessions,” he said: a customer’s own customer asks a question and starts one, and “we charge at the end of the day based on tiers based on these sessions.” When a client grew abroad, the bill grew with it: “some of our customers move international that creates more sessions, more usage of our technology.”

The second was a new use case inside an account that was already live. A company running Inbenta on its public website could decide, as Torras put it, “I can use Inbenta also to improve the ... life of my call center agent.” That is a second need met by the same engine, sold to a customer already using it. Geography and new use cases together were what he meant by growth on the existing book.

Eighty cents for a dollar of new contract value

On the cost of new revenue, Torras gave a ratio and nothing more. “We are into the 0.8 at this point,” he said, and then made it concrete: “So let’s say, adding $1 of new ACV is costing us 80¢.” The cost was fully loaded. “We put in all that cost of marketing, outbound sales, inbound sales, SDRs, account executives, demos, the whole the whole thing.”

Nathan framed the question as payback and then turned the ratio into a dollar spend per account. Torras answered that conversion only with “You’re a fast man.” What he stated is a cost per dollar of new annual contract value. It isn’t a payback period, and it isn’t a per-customer acquisition cost.

A $2 million loss and a breakeven plan

Asked about burn, Torras answered with the profit and loss: “Last year, our loss was around $2,000,000.” For the year he was in, the plan was more of the same: “We are planning to have a similar loss this year.” Breakeven was next: “That’s what we plan to have second quarter next year,” which Nathan put at a year or a year and two months away. Torras agreed.

The episode’s YouTube title advertises “$160k New Burn Monthly.” That figure is Nathan dividing the annual loss by twelve on air, and Torras’s reply was about the division, not the number: “Man, you are you’re good at dividing by 12.” What he actually gave was an annual 2018 loss of about $2 million. The 2019 loss and the Q2 2020 breakeven were plans at the time of the interview. The tape can’t say whether either happened, and Inbenta hasn’t said either.

Self-financed until 2014, about $26 million after

Torras founded Inbenta in Barcelona in 2005, and it didn’t start as a software company: “we started more like a consulting business, professional services company.” Inbenta’s own team page from 2019 lists him as CEO and founder. “For many years, the company was bootstrapped, particularly during the time that we were a consulting business and we were self financed,” he said, and the consulting revenue paid for the first version of the product. “So we didn’t raise what we call our series a investment until 2014.” By the interview, the total was “26,000,000 pretty much at this point.”

Inbenta had last used a convertible note in 2018, and Torras described it as a way to get equity in: “So essentially it’s equity.” The investor was “Scale Capital, investor out of Chile,” which he said is partially funded by a government organization and needed longer to approve the investment. The note, in his words, “was more an approval process and a regulation than an actual and strategic decision.” Asked whether investors were also customers, he said no and drew the line within one group. “NTT Docomo is one of the investors today, and NTT Communications is our customer. So officially, are two different companies.”

The rounds announced before the interview don’t add up to his total. A PRWeb release of April 17, 2014 reported a $2 million Series A led by Amérigo Chile Early Stage and Growth. Inbenta’s blog announced a $12 million Series B on September 14, 2016. Novobrief reported a €5.6 million ($6.5 million) round with NTT DOCOMO Ventures participating on August 29, 2018. Those come to $20.5 million. Torras’s figure is about $5.5 million higher, and neither the tape nor the press itemises the rest.

The team was about 165 people. “Most of the employees that we have are based still where a company was created in Barcelona,” where the R&D and consulting teams sat, “and then we have around 20 people in The US.”

Since the interview

The biggest change came four years later. On January 11, 2023, Inbenta announced a $40 million investment led by Tritium Partners. The same release named Melissa Solis CEO with immediate effect, and Torras continued as Chief Innovation Officer. In August 2023 Inbenta bought Horizn, a Toronto maker of interactive product demos. Its about page now gives the headquarters as Allen, Texas, and says the platform “serves 1,000+ companies in 100+ languages worldwide.”

The most recent numbers Inbenta has published are growth rates, not revenue. Its July 30, 2025 release reported a 50% year-over-year increase in new customer acquisitions for the first half of 2025. In the same period, revenue from new services and interactions within existing accounts grew 21%. That is the same new-logo and existing-account split Torras used in 2019. The release also said the company had “significantly improved its profitability” without giving a figure. GetLatka’s current estimate is on the Inbenta profile, labelled as an estimate.

The founder at 50

In the closing round Torras said he was 50, married with a son and two daughters, and slept about seven hours a night. For a business book he named one he called Whale Hunters. His favourite tool for building the company was Inbenta itself, and pressed for another, he picked Salesforce. Asked what he wished he had known at 20, the founder who had moved from Barcelona to California in 2012 to grow the company answered with no strategy at all: “I should have learned English better when I was studying.”