Casebook PBC Revenue, Valuation & Funding (2024)

Casebook PBC generated $11.6M in revenue in 2024.

Casebook PBC reported a monthly revenue run rate of approximately $200,000 as of September 2021, implying an annualized run rate of roughly $2.4 million. That figure was confirmed by Louis during the interview: with 200 customers each paying an average of $1,000 per month, the math produces $200,000 in monthly recurring revenue.

Casebook PBC had approximately 200 customers as of September 2021, described by Louis as low hundreds in terms of logos. The average customer pays roughly $1,000 per month, derived from an average of 15 to 20 seats per customer at an average price per seat of approximately $50 per month.

The platform is offered in three pricing tiers: $29, $49, and $69 per seat per month, depending on features. Louis stated the average seat price is about $49 to $50. Minimum contract length is 24 months. Louis noted that the two-year minimum contract structure reduces churn risk on a month-by-month basis. Since founding, only one customer had churned, and that was because the organization ran out of money and could no longer pay, not because of product dissatisfaction. Louis also noted that contrary to initial assumptions, some existing customers were already asking to add seats on top of their current contracts before renewal.

Casebook PBC operates a per-seat SaaS subscription model with three pricing tiers at $29, $49, and $69 per seat per month. The average revenue per user is approximately $50 per month, and the average customer account holds 15 to 20 seats, producing an average contract value of roughly $1,000 per month. All contracts carry a minimum term of 24 months.

Net revenue retention was described by Louis as well over 100 percent, driven by seat expansion within existing accounts. The company reported a net burn of $100,000 to $120,000 per month in high-spend months as of September 2021. However, total monthly expenses including contract-funded research and development were $600,000 to $700,000 per month, with the difference between that figure and the $200,000 in SaaS revenue being covered by cash flow from the Annie E. Casey Foundation contract. Louis confirmed the company was not profitable as of the interview date, attributing the burn to heavy R&D investment in what he described as a $12 billion to $24 billion greenfield market opportunity. The company had one customer churn since founding, for non-product reasons, making logo churn effectively zero across its operating history.

Casebook PBC had 36 employees as of September 2021. Louis described the team composition as six people in sales, approximately 20 or more in engineering and product management, and the remainder in customer success and sales support. He noted the sales team was relatively new and the company was continuing to hire in that area.

The host observed that at $600,000 to $700,000 in total monthly expenses across 36 people, the company was burning close to $20,000 per employee per month, which Louis acknowledged was a fair amount for a startup at that stage.