Vantaca Charges by the Door, and Has Six Million of Them
A nuclear engineer and an electrical engineer built vertical software for homeowner associations, bootstrapped it for five years, then grew more than 10x on two minority deals.
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Ben Currin gave Nathan Latka enough numbers to build a revenue figure, then declined to confirm the figure. It is the most carefully worded moment on the tape, and it turns out to have been a fair one.
— That would put you at around $50,000,000 ARR this year. Am I in the right ballpark there?
Nathan Latka and Ben Currin, CEO, Vantaca
— I won’t give you an exact number, but you’re not orders of magnitude off.
GetLatka’s own record carries an $85 million revenue figure for the end of 2025, logged as CEO-confirmed. Against that, Latka’s $50 million was low — and “not orders of magnitude off” was exactly the right hedge to give a man doing arithmetic in public.
What Vantaca sells, and to whom
A homeowner association is the small government of a neighbourhood or a condominium building: shared property, a set of covenants, dues to collect and vendors to pay. Currin prefers the industry’s own term, community association management, because it covers more than suburban HOAs.
Vantaca does not sell to homeowners or to associations. It sells to the professional management companies that run those associations, and for them it is three systems at once: the general ledger system of record, the system of work for everything vendors and staff do inside a community, and the system of engagement that gives residents a front door.
The sale is top-down and it started at the top of the market. “Our first customers had 50,000-plus doors or homes that they would manage at a time,” Currin said, with the company working down the segment since.
Priced by the door
The North Star metric is the number of doors, and so is the pricing.
The industry band is roughly $0.50 to $1.50 per door per month for SaaS. Currin confirmed it as “ballpark the right range”.
What moves it is the kind of property. A low-amenity single-family HOA in Lincoln, Nebraska is not a South Florida condo tower with valets, on-site staff and restaurants.
Latka’s read — that Vantaca beats the top of that band through other products — Currin accepted: “Yeah, I think that’s generally right,” noting some products are priced per door per month and others are consumption-based.
The SaaS product still makes up more than 60 per cent of total annual revenue, which Currin confirmed and framed as deliberate: it was the beachhead, it stayed the anchor, and everything else attaches to it.
The rest is the ecosystem. Payments run in both directions — homeowners paying their associations, associations paying vendors — at a take rate Currin put at less than 2 to 3 per cent, and which he described more as friction removal than as a revenue line. Underneath that sit treasury services connecting community association banks to the deposits those associations hold, plus products around the vendor ecosystem of landscapers, electricians and insurers.
Why this market. Currin was not looking for HOAs. He was looking for a shape: “these kind of not sexy vertical software markets that were sneaky big, either had a payments component or a financial services component or had a big ecosystem around it.” He looked at pest control, among others, before someone introduced him to a man already writing software for his own HOA management company.
A nuclear engineer and an electrical engineer, neither of them coders
Dave Sawyer, the original founder, spent a couple of decades in community association management and owned a management company. He partnered with people who had built SaaS in the space, wrote the initial code, and made his own company the first beta customer. Currin joined in late 2017 or early 2018, after a first year of beta testing he is careful to say he had no part in, and built the team and the strategy.
Currin came to it from the United States Naval Academy, as a nuclear engineer and a submarine officer. Sawyer is an electrical engineer. “Both of us are engineers,” Currin said, “but not software engineers.”
What sold the early market was not connections. It was reference customers, starting with Sawyer’s own management company: “we were quickly selling to strangers, but what we were able to do is really show the results of our early customers.”
Five years bootstrapped, then a minority deal
The revenue ladder, in Currin’s own numbers:
2018 — the first full year in market, “in the low 100 thousands of revenue”.
2019 — past the first million. “It happened relatively quickly.”
2022 — “high single digit millions”, still entirely bootstrapped, about five years in.
Since 2022 — grown “more than 10x”. On revenue, he confirmed, with homes “not far off either”.
The first outside money came in the summer of 2022, a minority investment from JMI Equity. Currin is careful to reject the tidy narrative Latka offered him — that this had been the plan all along.
You’re giving me a little too much credit that we had planned to bootstrap it along and then do a minority round. Neither Dave nor myself are in the VC or PE world from our background. So we didn’t know what we didn’t know.
What triggered it was a return calculation rather than a cash shortage: “every additional dollar we were able to put in the business, 5 or 10 more dollars come out within a pretty short period of time, but it’s just what is that time delay and how much can we short-circuit that time delay?” Sales and marketing had been very lightly funded for the first several years.
The structure was a mix of primary and secondary. Primary to capitalise a three-to-four-year plan; secondary to give liquidity to a handful of people who had been in the business for years. Why minority rather than majority: “we saw a minimum of five plus x, so why would we want to sell more of the business at the time than we had to?” In the event it was more than 10x.
Who owns Vantaca
In the autumn before this interview the company closed and announced a second minority recapitalisation, bringing in Cove Hill Partners. JMI rolled its position and remains on the cap table, as does most of a genuinely small friends-and-family round raised alongside the 2022 deal; both were given some liquidity rather than being bought out.
The stated intent through both transactions was the same: capitalise the business, return some capital to early backers, and “retain majority control and the ownership of the business”.
The acqui-hire that changed the roadmap
In late 2024 Vantaca acquired HOAi, a small Y Combinator company, in what Currin called “really almost an acqui-hire”. It still runs as an independent product brand inside Vantaca, and it has spread fast: almost all new logos now onboard both products together.
What HOAi does is agentic rather than assistive — an agent living inside the Vantaca instance that, in Currin’s description, “relentlessly pursues all the tasks that humans would have otherwise used Vantaca to do”: executing billings, answering homeowner questions about bills, paying invoices, creating reports. A voice agent supplements the call centres management companies run for homeowner queries.
Currin called it the single biggest change of the last two or three years.
A note on this URL’s number
This page’s address says Vantaca hit $10 million in revenue. That was true several years before this conversation; on the 2026 tape the company is many times past it. The figures above supersede it, and the current record is on the Vantaca profile on GetLatka.
Sources — Ben Currin interviewed by Nathan Latka, recorded 2 February 2026; the video was published on 12 February 2026. Customer, door, pricing, funding and ownership figures are as stated on the tape or from the Vantaca profile on GetLatka, with dates as recorded. The $50 million ARR figure discussed on the tape is Latka’s arithmetic, which Currin declined to confirm, and is carried as an estimate; the $85 million figure for the end of 2025 is recorded on the profile as CEO-confirmed.
