How Array CEO Matthew Doyle grew Array to $2.5M revenue and 80 customers in 2024.

guys buildarray.com think of like an Enterprise version of type form they've got their biggest customer paying almost a quarter million bucks per year they're doing 50 Grand a month right now in Revenue up from 20 grand a year going up from 10 grand a month back in 2020 when they raised a 1.3 million seed around with a 7 million cap they're building efficiently here 80 customers paying call between 500 and a thousand bucks a month on average team of six they Outsource some of their engineering to simform.com as he looks Matt looks to scale hey folks my guest today is Matt Doyle he's building Enterprise forms and automation at buildarray.com he's got a fascinating entrepreneurial career that includes opening the markets at the NASDAQ lunch with Richard Branson a failed professional snowboarding career and he spent the last three years building reign of the platform it is today his Hands-On Visionary leadership drives the team forward to overcome obstacle by following the guiding principles listen hard change fast think big start small Matt you ready to take us to the top yeah sounds great good introduction thanks very much I appreciate that okay so Enterprise forms and automation I mean I think forms and I think like Survey Monkey type form you're like an Enterprise version of those guys yeah that on steroids so we tend to sort of like uh work with big Enterprises like Walmart things like that people who need to sort of take those types of paperwork up to the next level so operations type paperwork we tend to sort of displace Legacy systems um in organizations well I mean what I mean my audience when they think about like type form and they think about like what what Walmart might need on top of their type form give me an example what is something Walmart need that only you can deliver no forms are created equal like some forms are used for surveys title is a fantastic tool for surveys question by question that's not what we try and be but that's what we are we're operational paperwork where things where Excel is used for data collection fittable PDFs paper and Pen clipboards so our applications work offline you can do things like signatures repeatable Fields conditional logic mathematical equations we use for doing food safety checks audits compliance so that's the type of stuff we're doing it's just not where sort of typeform would want to operate in so yeah it's working this is super interesting um I mean just looking at how you discover on your website I think it's called Turn paperwork into a mobile app right um so let's let's dive more to the story here right so um I want to get more of your background before we do that though obviously Walmart is a big Enterprise customer but what is the average customer pay you per month or per year to use the technology and when we we have that saying you know you know think big but start small because we want you know people as they're approaching new technology they want to be able to try out they want to do a free version so in Array you can go there today you just setting up a free account it has like a limitation on submissions it's designed for trying to start doing offline data collection so we have mobile applications for IOS and Android so if you're doing something in a field based work it's gonna be fantastic for that it's free uh but then we have like the top pack is like 40 per user per month uh but we we range for people who have just one or two users uh up to the bigger people who have thousands of users so don't name them don't name the logo obviously but your biggest customer is paying what per year or or a range um the biggest is 20 000 plus a month so what what would they be getting I mean how many seats are they paying for for if I'm paying you a quarter million bucks a year yeah when it goes up to that area like sometimes these industries it doesn't all it's the first seat licensing doesn't always make sense and that's the thing for any any founder is probably going to find is software as a service makes sense to a point but then as soon as you get up to the higher volumes it doesn't make sense for different reasons so it could be that they have thousands of users but like they only fill in something once or twice a week right and can you really warrant spending that kind of can you warrant charging them that amount of money or maybe the value proposition is in a different place so we work with insurance companies and insurance adjusters so like they might have sporadic people that come in and do the work but every time they do do the work it's worth quite a lot because it's per claim so we tend to sort of work on billing in a different way one thing we always try and do about pricing is remove complexities that we never stop them using the product to its full to create so we never want to set pricing that they're trying to gain the amount of users they have so we'll start to give people up to a certain amount of users for a price so knowing that they're going to fluctuate up and down a bit uh but so we know where we are as a company in mrr and ARR and they know that and we know that they're using the product properly because you know I'm a product founder really and I want to make sure people are actually like getting the most value from the product and they're using it correctly and so sometimes it's typical per seat license at that higher volume doesn't make a ton of sense I'm going to push into average here just because it's so wide it's hard for me to focus my questions when it's so wide would you say sort of the average team signing up for you is paying for like 10 seats or 100 seats a thousand bucks a month okay which is what about to 15 20 seats yeah yeah okay fair enough oh what's going on there YouTube good to see you guys now imagine this you love watching these interviews with SAS Founders but imagine if we took all of the valuation data out from over 2807 interviews I've done manually saves you a lot of time well we've done this we've built the into the beautiful interface inside of founder path check this out I'll show you how you can access this in a second but you log in you connect your stripe account you see your valuation real time you can see what it changed over the past 88 days and even set goals for evaluation this year now the secret evaluation is there's many different ways to value a SAS business so the reason you're going to see three or four different evaluations inside of your founder path dashboard this is all free by the way is because depending on who's doing the buying of your SAS company you're going to get a different valuation a VC is going to pay a different valuation private Equity Firm is different if you're going to do a minority sale that's different and if you sell the whole business that's a different valuation you can see all those when I hover over here here right so the teal is what a VC would pay yellow is what private equity and red is if you sold the whole thing outright now what's cool about this is this is not built off random data again you guys hear these interviews on YouTube all these datas are built from real-time valuation data points Founders share with us on the show so traction 1.2 million seed round 3.7 raise they sold 22 percent of their business go in here and filter by the event maybe you only want to see companies that have sold the whole business well here are a bunch that have been acquired the valuation and the multiple maybe you're going out right now and you're raising your seed round well go in here and look at all this recent seed deals that went down what they raised what valuation they raised at and what percent that they sold there's never been a larger data set of SAS valuation than what you can get now inside of founder path and we're thrilled to bring it to you all right we're gonna go back to the YouTube video here in a second but if you want to check this tool out if you want to jump in and sign up you can check it out for free to get your valuation at this link this link founderpath.com forward slash products forward slash evaluations or if you go to founderpath.com and hover over products click on get your valuation here and go ahead and sign up to give it a whirl again all that valuation data live right inside the platform I hope to see you there all right let's jump back into the interview put this on a timeline for me here when did you launch the business what year so we launched quite a while ago as an MVP I'm Alexa I'm a product founder so it's quite a few years back we launched a little product that was called launch cloud and when was that though it's about seven years seven years MVP yeah uh thanks for doing the math on me on that one and um we were working with field marketing companies we worked with Brands directly so we worked with people at Nintendo uh Bosch Coca-Cola and we found the problem with that market is it's very kind of fickle you know you know they've got a campaign going on you're the biggest thing but then the campaign comes to an end so then three and a half years ago um I moved to America uh we had this base product with a little bit of Revenue we rebranded and became array Builder ray.com and focus more on operation and risk so we've started working on new functionality with the product that lended itself to that industry and that was the first time we raised money so about two years ago we raised our first pre-seed round before that it was bootstrapped just this little app that...