Any Revenue & Funding (2024)

hello everyone my guest today is Omar perchick he's the founder and CEO of a company called any dude that's any dot do all right um are you ready to take it to the top good all right tell us about the company what do you guys do and how do you make money so any do management app with over 20 million users with a Curtis model of ascription where people can pay us for features within the product we have a hundred thousand paying subscribers growing pretty rapidly what's rapid thing like are you talking like percent over your growth sir more than that more than a hundred would send you okay but I mean like wait like four hundred percent or between a hundred you can't come on let's show us a show and say we're doing really really fast and then when I say well what's the number and go I don't know no so the so I can say that like within the the last six months only the last six months we've grown like a hundred and fifty percent and and then give us more the back story so we need you launch the company so we launched the company back in 2011 across initially I'm doing like late of 2011 then Android and iOS in web we've grown to become the most popular one through the fact that we really focused on design early on so everybody does well well design products these days but back in the day when we started nobody did I hear child labor in the background yeah I'm so it's in the follow distance I apologize like I close myself in the room at the end of the house I'm getting how many how many kids you have I have one kid so that's very cool that's great so ok good 2011 up parts of each tool walk me through someone listening right now wants to use this I mean what would it pay you on average per month so the the subscription is like $35 a year one of the unique things about our product is that it's very similar to the psychology of a gym so a lot of people are willing to pay up front for a subscription model because they're kind of like want to show commitment to the type of product that they'll be using so vast majority of the conversion happens lady early on within the product and more recently we just started doing paid acquisition so until December of last year we've never done any paid acquisition whatsoever and summer we started and very really quickly we got to the point where customer acquisition cost is actually lower than they won our to me just to be clear they pay thirty five bucks for the year up front you're saying your tab is below thirty five so you get paid back on a cash basis immediately yeah yeah yeah on a divan I defer on it on a revenue recognition basis obviously that's my name address that well that's super healthy why did you wait so long to try paid because the business model that we the company aims to go like aims to become over time is less cream subscription and more about completion of tasks so the idea behind the company is not really build it to the suit subscription it's to build the tappet to-do list it as itself which equals heavy AI and humans that have been for many many years and we've more recently started launching it for you know a small segment of users and that's our you know future business model but in order to pay the bills and you know that to grow faster we had to build like we had to plug in you know a subscription business and that worked very well for us how do you say it's like task completion is your future business model and you could argue that you have no control over this you don't know what task you're going to put in your system and you don't know when they're gonna complete them no so we basically we've developed the personal assistant service within our product it basically does your test for you so think about it is kind of like you know I mean you know you write down it up let's just give an example you write down a task buy flowers for Stacey our system automatically detects it is something that we can help you with we put the button next to the task you tapped on the task it starts a conversational thread between you and an assistant it asks you for all the relevant questions you know where how much you want to spend when do you want to get a delivered where to is and stuff like that you respond and then within seconds you'll get a bunch of suggestions of things that you know perfectly fit to they're looking for and we do anything from you know buying flowers to booking up your next trip to canceling your verizon account to plan like scheduling your appointment with the dentist we do a very wide variety of things and you will essentially be paying ass essentially per transaction or with a subscription model equal value in the future but that's kind of a long term business model that we're looking for so it's gonna be in a way you know one side of the market will be kind of a marketplace like like Edwards Legion type of model and the other side will be subscription-based which will have additional benefits for the users yeah I mean you gave two examples which you know make perfect sense your model but I mean people putting their own tasks into your system I mean how do you codify that I mean it might be spelling errors it might be something like send you know employee offer letter to Jane using you the email p.m. AI give me that give me that example though what my task is get offer letter to James for the end of the day on Friday yeah so hopefully in this particular case it so like one thing that you're asking like the what you're saying is the task that you want to be able to do so there is a large portion of tasks that we will never be able to add on those thank all do however for years we've developed a I on machine learning to be able to detect tasks that we can do that and that portion is actually very very high so like I can't really say the number but it's a very high increase like like decent things of percentages from within our dinner can you say can you say in the millions of tasks you feel like you can't replicate okay you know so like I'm trying to think what's like the best number I can give you you know tens of percents like you know it's oh it's over twenty percent of the test we're getting on a daily basis like so thanks for you know could you complete in every day we're getting over a median tasks every new day so there's two hundred thousand tasks that you think you can use with machine learning in AI soft at least like the the twenty percent is the minimum and you feel like it will be more to me to have a conversation you're bought about where I want to send the flower is what the hen right now should say human let me finish my question Bert talking to your system versus just doing what I do today which is I go Google you know flower delivery in Denver Colorado send to my mom's address here's the hammer and letter like why why would I take the time to talk to your system or works just going and executing the tasks faster right sure it'll be faster it's like it's gonna be faster that we're gonna learn you like you know think about every every executive that has an assistant that does all these things for them you basically will spend a lot of time doing the Google research signing up checking in finding the flowers all of these things in this case you're basically offloading a lot of your work to someone else so you can focus on the things that you're best at so you know you'll have more time to do podcasts and like R or whatever it is so in this you know in our case it's the ability to offload things that you're not necessarily the best at and you don't want to spend time on yes you if you want you can do them by yourself that's you know those those a portion of people that will never want to utilize a persona system but we believe your honor sorry my question is not a desire thing it's just a time thing you're sure that it will be quicker for me to do the task by talking to your human or bot then it would be for me to just execute it myself yeah so you know obviously there will be tasked that it won't be cost-effective but there are tasks it will be cost effective and you know those would be the tacitly focus on so like it's not even necessarily a question of time right so let me give an example if you write down the tacit you wanna cancel a verizon account or something or like you know disconnect from Comcast it involves so much pain for you and so much like you know men so headache that you would just like okay I'll even pay 200 bucks to get it off my plate in like let someone else take it care of it for me a lot of things in our daily lives are just hectic that we do over and over again we don't enjoy it we we don't need but we need to do in our claim is no you don't have to do that someone else can do that them and you'll be happened we can actually service these type of services for everyday people within our own with moving a simple app they're already using to manager every day like yeah this is like you know fiber started by getting a marketplace of people that could do tasks you're doing this basically marketplace before the side you're getting the whole task list and then kind of aggregating and you'll solve it on the back end how to get them done right right yeah that's great it's a you know yeah you know it makes a lot of sense okay so let me just summarize here launched in 2011 12-month payback just turn on kind of paid acquisition growing 150% over the past six months alone you've passed a hundred thousand of paying customers right that's used at the beginning right okay I mean which if they're paying thirty five bucks a pop you guys are north of 3.5 million bucks in ARR okay and and is that your only revenue model there's no marketplace there's no transaction fee right now okay when does that launch it's only be lunch but we'll still like be in alpha mode so there's about a thousand users in the u.s. that are currently getting a be tested and we were working on kind of like what we define as KPI is it will are but are like the answer for yes we have product market fit right now we don't feel like we have it strong enough product more different so we're iterating okay got it and again from a growth perspective 3.5 million today which means you're out call it 1.25 we're sorry 1.75 six months ago and that's that's accurate right there's honor 50% growth yeah something okay turn super super tricky in this kind of space at least other task management tools I've talked to have tell me about your turn so Joan on what on-page customers or on Legoland users using the app what type of turn well this is this is more for me about you what do you care more about I cared about both but okay give me both well that's a lake of it so churn full paying customer 0 value because like will mostly like it's mostly yearly users so like it's forty percent which is I think he's okay I don't know how many forty percent is kind of gross logo term per year yeah yeah so what do you mean you kind of shred up and say I don't know if that's good or bad you know I don't have a lot of benchmark on that you know I I don't know whether it's a good number or a bad number but you know we that's what that's the data that we have only tension basis and stuff like that I can share a lot about like user retention you know compared to other like our actual numbers but I can say that from benchmark test that you we've had both from you know it's like similarweb or even Google gave us some data we have about 5 to 10 X the retention of our competitors like day 7 day 30 day 1 no they won no but like day 30 we have about 6 to 7 X more users in terms of retentions yeah well so how do you measure retention do you consider someone logged in on day 5 is there the master I think it tasks completing attacks one of these two things okay so it's not just a login No okay got it and so so if I say if a co-worker signs up today it you know six months from now how many of them will you know I pray at least one task in that month this is something that we are not during ok got it is that something you're not trying cuz you feel like you're really good at it or you're not sharing because you're embarrassed and you still need to improve it no I think in the market that we're in we owe the first ok got it you feel like it you feel like you're above anybody there's a gym right like a lot of people sign up to a gym but a lot of them churn because they you know it's it's hard for them but if you had the world's best gym where people come all the time and they're very much fit would you just share your numbers I'm not sure yeah not necessarily I mean look at the churn number is really high I mean 40 percent churn annually for a SAS company is like super super high churn in my opinion but you're also not really selling b2b it's really b2c SAS right right yeah so maybe it's actually I don't know b2b b2c a lot maybe that's actually better than average would be to see I don't know tell me more about your team so how many of you guys are there and where you guys based we're 20 people were still living in San Francisco but majority of the team is in Tel Aviv you know mostly developers like iOS Android web and stuff like our UX Israeli defense yeah like everybody are you really are funny okay good and then talk to me about funding any bootstrap to raise capital now raised capital our biggest investor is HVC if you know Joe Lonsdale [Music] so publicly six point five but it's actually more than that we haven't showed today today is that because you just raised are you raising the pastor and sherry because it doesn't matter why doesn't it matter because I figure out you've already shared six point five why would you not share the full either you share none of it or you share all but I'm curious why you wouldn't share some of them no because the six going to be public and then we kind of made the decision that it's no longer getting both in then we're just not gelling from that point all so many people when to share a bridge around if they had to do it but it's bad signal for the company how did you guys do a bridge I said we're profitable so it's not about Bree Jones oh you guys are profitable at this point yeah great so so that last the last round I did what that was public was in what month uh the last one I don't know I don't even remember like what is the last thing that is public like we just like we're just not talking about funding it doesn't matter to that much you know will profitable will going quickly we all focused on what we're going after which is the assistant model you know we got to cut back to be lowered and they want our to that's you know that's the state of the business the rest is gravy yeah well I mean just to be clear though depending on depending on cash you're working with you could choose to be more aggressive with acquisition or a less aggressive and there's all kinds of you could choose to go you could choose to go buy up into a rollup strategy you have a lot of cash on the balance sheet I mean I want to try and understand your strategy right so focus on on getting to private market fit with the assistant and they're not spending money that they don't need to spend because that's the thousand x multiplayer and where I'm at so I can hire a bunch more engineers and I can spend far more money on you pay the position but I want to focus it on something that we see a huge outsider which is the assistant model and so until we prove that there is no point in just wasting an investor's money for something that might not work okay you keep contradicting yourself though so you are spending money on CAC though but you just said I'm profitable within a day so if I spend $100 today I make 122 more is an example you know I'm profitable and doing that if I'll end up spending you know let's say 10x that I might not get like 10x point two a day later that's that's why I'm asking so you feel like I'm making that balance I'm making that balance based on the business decisions that we have which is we prefer not to spend more money so we can actually focus on the assistant model yeah by omar is that a preference or is that because you can't spend more money at that efficiency level so two people as I said we're profitable so if we're profitable and we're in this case it means that we made the decision we can spend my money every Buffett the bill company can spend more money right that's kind of like by definition yeah Omar my question is really simple I'm asking if you feel like you can hold that cap and that pay back at that level why would you not spend a billion dollars in that channel that's the question because I don't because because no billion dollars could be spent in a way that is still the higher the spend you have the lower the on Y becomes because you're ending up spending too less and less relevant audiences that's how the market where that's exactly my question ethical question that doesn't have connection to the real world that's what I'm saying no more it has a very real connection to the real world because there's diminishing returns in any channel and what I'm trying to understand is if you feel like you've actually already maxed out the channel that ratio okay and if you feel if you feel like you haven't maxed out the channel you'd spend more in it so I'm trying to figure out why you have wise it's a question it's a question of what what do we think is the most important piece of the business I can go faster but globally faster is not my big objective my biggest objective and where I want to focus fast majority of my resources is to focus on getting the product market fit for their system everything else is not as interesting so I do spend some resources on that but not the vast majority of these losses is that's just not as interesting because that model over time you know subscription-based model for it to do list is a relatively capped market it's not gonna be a multi-billion dollar market a system has the potential of being that and so that's what I'm spending vast majority of my money different you just said you don't care about growing fast right but you just are a CEO that I I don't want to grow something that is not interesting enough yeah yeah I get it so this mother smart assistant stuff you think is a much larger market you're okay a little bit slower growth while you focus on leaking is a much larger opportunity right perfect sense all right great let's wrap up here with the famous five number one what's your favorite business book my favorite business the brotherly principles by Ray Dalio yeah they just came out do you finish reading it or still reading it yeah I very good number two is their CEO you're falling or studying right now I don't know like Bayes law so I guess don't make it up if you're not except a slit is pretty amazing at this point obviously you know I'm very fortunate to work with Joe longsdale who's a phenomenal founder and CEO and like you know he's done a lot of things and you know I'm very privileged to practice I can actually get to learn from him and I am also very fortunate to have worked with some other amazing people doing the during any dude so I follow what they say as well you know field kind of scenario number three besides your own at your favorite online tool for growing a business the great question probably intercom recently became a very favorable tool got a number and by the way do they have a clock that allows you to kind of leverage their their chat features inside of your mobile apps yes oh great okay good number but yes yeah okay number four how many house is safe to eat every night seven it's pretty good cuz you got only got a little one so it's a married one kiddo and how old are you I'm 33 33 last question when he was your 20 year old self now what would I say [Music] most probably I'd say that like from in a highly perspective you know when when you're building a team that endless one has to be hot equal or larger than any you say that in English yeah so like and means that every new person that you bring in needs to be better equal or better than any anyone else in the team guys there you have no more make sure you're hiring someone equal or better than some everyone else on the team that's how you get smarter better and create a higher density of sharp people launched company any do in 2011 now is a hundred thousand customers paying thirty five bucks per year so three point five million bucks in AR that's fifty percent over the last six months alone they raise six million more than six million dollars with six million publicly they've raised churn is about forty percent in gross load would churn annually $35 cacked so less than a 12-month payback period but really he's focused on getting into a new space which is just getting me a smart assistant working effectively where they can essentially autocomplete tasks for you based off volumes they're seeing in trends they're seeing and the more than a million tests they go through their system every single day they're building this with a team of 20 people between tel-aviv and San Francisco Omar thank you for taking us to the top thank you so much