Approveit Revenue, Valuation & Funding (2024)

Approveit reported year-over-year revenue growth of approximately 300 percent, or roughly 4x, over the twelve months preceding the January 2023 interview. Gusev confirmed the growth rate but declined to disclose the exact revenue figure, stating only that he could not share it at that time.

Approveit reported more than 700 total users on the platform as of January 2023, a mix of free and paying accounts. Gusev confirmed a free-to-paid conversion rate of approximately 10 percent, which the host noted is roughly double the industry average of 5 percent. At that conversion rate, the paying customer base would be in the range of 70 users, though the host suggested a figure closer to 300 paying customers and Gusev did not explicitly correct that estimate, saying only that the customer count could differ.

Pricing is structured in two ways depending on team size. For teams of fewer than 50 employees, Approveit offers tiered plans based on the number of approval requests per month: $99 per month for 100 requests and $199 per month for 250 requests. For teams of 50 or more employees, pricing shifts to a per-seat model. Average revenue per user across the customer base was approximately $300 per month, equivalent to roughly $1,000 to $5,000 per year per customer as Gusev stated it.

Approveit generates revenue through a SaaS subscription model with two pricing structures. Smaller teams pay a flat monthly fee tied to approval request volume, with tiers at $99 for 100 requests per month and $199 for 250 requests per month. Larger organizations with 50 or more employees are billed on a per-seat basis. The blended average revenue per user was approximately $300 per month as of January 2023.

The free-to-paid conversion rate was approximately 10 percent of total sign-ups. Profitability was not discussed in the interview. Burn rate, runway, gross margin, LTV, CAC, and churn figures were not disclosed. Gusev emphasized efficient resource allocation and go-to-market strategy as the core of the company's unit economics argument to investors, but did not provide specific figures for those metrics.

Approveit had a team of seven full-time employees as of January 2023, supported by two additional part-time contributors, bringing the total to nine people involved in the business. The two co-founders, Serge Gusev and Dmitry Matveev, are included in that full-time count. Team composition beyond the co-founder roles was not detailed in the interview.