COR Revenue, Valuation & Funding (2024)

COR generated an estimated $16.8M in annual revenue in 2024.

COR reported approximately $400,000 in annual recurring revenue for 2020, a figure Bibiloni cited during the interview with a slight hedge, noting it could have been $400,000 to $500,000. By mid-2021, the company was running at roughly $150,000 per month in ARR based on 115 customers at a $19,000 average contract value, implying an annualized run rate of approximately $1.8 million. Bibiloni confirmed the company had crossed a $1 million run rate and set a target of surpassing $2 million in ARR by December 2021.

COR served 115 customers as of mid-2021. Pricing is set at $30 per user per month for access to the full platform. The average contract value across the customer base was $19,000 per year, though Bibiloni noted the range is wide: some enterprise customers pay over $100,000 per year, while smaller SMB customers pay as little as $5,000 per year.

Approximately 80 percent of COR's current customers switched to the platform from horizontal project management tools such as Asana, Trello, Monday, ClickUp, and Jira. Bibiloni described this migration pattern as analogous to what Procore achieved in the construction vertical, where companies outgrow general-purpose tools and move to a purpose-built vertical solution. Expansion within accounts is driven primarily by seat additions rather than feature-based or usage-based upsells.

COR operates a subscription SaaS model priced at $30 per user per month, targeting professional services firms that bill clients by the hour. The company pursues both enterprise and SMB segments through distinct sales motions: outbound sales via SDRs and account executives for enterprise customers, and organic inbound search and content marketing for SMBs.

Gross churn over the trailing twelve months was 4 percent as of mid-2021. Net dollar retention was 114 percent over the same period, meaning the existing customer base expanded by a net 14 percent after accounting for churn. Bibiloni confirmed that expansion is driven almost entirely by customers adding more seats. The company's account executive compensation structure targets a quota-to-OTE ratio of 3.5 times to 4 times, with OTE split evenly between base salary and commission. New AE annual quota targets range from $600,000 to $700,000.

Post-Series A capital allocation is 70 percent toward growth, covering lead generation, marketing, presales, sales, and post-sales, and 30 percent toward product, with a focus on product-led growth features that also serve as sales enablement tools. Profitability was not discussed in the interview. Gross margin, burn rate, runway, CAC, and LTV were not disclosed.

COR employed 66 people as of mid-2021. Of that total, 30 are engineers. The company also has 12 people in sales and marketing, including both SDRs and account executives. Bibiloni described the current split as roughly half engineering and half go-to-market, with plans to shift the balance toward growth hiring using Series A proceeds, allocating 70 percent of the raised capital to growth-related headcount and 30 percent to product.