Agendrix Revenue, Valuation & Funding (2024)

Agendrix reported $2.64 million in annual recurring revenue for 2021, representing approximately 46% year-over-year growth. A year earlier, the company was generating roughly $220,000 per month; by January 2022, monthly recurring revenue had reached approximately $381,000 USD, based on 4,150 customers at an average annual contract value of $1,100.

Agendrix had 4,150 paying customers as of January 2022. The average annual contract value was $1,100 USD as of December 2021, implying a monthly average revenue per customer of roughly $90 to $92.

The company serves retail businesses, restaurants, pharmacies, drugstores, elderly residences, security companies, and other shift-based employers. Customers can choose between a base scheduling-only plan and a Pro plan that adds time and attendance features. Charland noted that retention rates are higher on the Pro plan because customers use the product more deeply. Both annual and monthly contract options are available. Customers who switched to annual plans ahead of the January 2022 price increase locked in their prior pricing for one year, delaying the revenue impact of the increase for that cohort.

Agendrix operates a subscription SaaS model with two tiers: a base scheduling plan and a Pro plan that includes scheduling plus time and attendance. The company offers both annual and monthly contracts.

In January 2022, Agendrix implemented its first price increase in five years, raising the base plan by 37% and the Pro plan by 18%, for a blended average increase of approximately 26%. The asymmetric structure was designed to encourage customers to migrate to the higher-retention Pro plan. Customers received four months of advance notice. Expected gross revenue churn attributable to the price increase is 1% to 1.8%.

Net dollar retention for 2021 was 103%, composed of 9% gross revenue churn offset by 11% to 12% expansion revenue. Monthly gross churn was running below 1% as of January 2022. Customer acquisition cost is approximately $500 to $600 against an annual contract value of $1,100, implying a payback period of roughly six months. Paid marketing spend was approximately $20,000 per month, concentrated on Google Ads. The company employs four outbound sales representatives and has historically relied primarily on inbound demand. Profitability was not explicitly confirmed in the interview; Charland stated the company intends to remain bootstrapped, but no margin or burn figures were disclosed.

Agendrix had 35 employees as of January 2022, including 14 engineers. The company also had four outbound sales representatives, a function that was being built out over the prior year under a partner responsible for sales. The founding team numbered five people when the company pivoted from the agency model to SaaS in 2015.