Flowcase (formerly CV Partner) Revenue, Valuation & Funding (2024)

Flowcase reported approximately $5.5 million in annual recurring revenue as of the September 2024 interview, up 47 percent year over year from $4 million at the close of 2023. The company crossed the $1 million annual run rate in 2017, roughly five years after its 2012 founding.

Flowcase served more than 400 customers as of the September 2024 interview. The company targets two segments: a midsize tier with annual contract values of $15,000 to $50,000 and an enterprise tier with annual contract values of $50,000 to $500,000. Linde estimated the enterprise segment comprised approximately 30 to 50 customers at the time of the interview.

The average contract value across the full customer base was approximately $15,000 per year as of the interview, though Linde noted it is shifting upward as the company moves further upmarket. Named enterprise customers include Capgemini, CGI, PWC, WSP, and DLA Piper. All contracts are structured as annual SaaS subscriptions. The company started at the lower end of the market, with its first customer in 2013 paying $5,000 to $10,000 for a firm of roughly 60 employees, and has moved progressively upmarket since.

Flowcase generates revenue through annual SaaS subscriptions sold to professional services firms. The company operates two pricing tiers: a midsize segment at $15,000 to $50,000 ARR per customer and an enterprise segment at $50,000 to $500,000 ARR per customer. With more than 400 customers and an average contract value of approximately $15,000, the implied ARR is consistent with the $5.5 million figure Linde confirmed.

Net revenue retention was 115 percent in 2023, indicating that expansion revenue from existing customers more than offsets churn. Profitability was not discussed in the interview. Burn rate, gross margin, CAC, LTV, and payback period were not discussed in the interview. The company bootstrapped from 2012 through 2023 without outside capital, suggesting a historically capital-efficient operating model, though no specific profitability or margin figures were confirmed.

Flowcase had approximately 40 full-time employees as of the September 2024 interview, spread across five countries. The engineering team numbered 12 people. The company has offices in Oslo, London, and Toronto, with the Toronto office opened to support North American expansion. Team composition beyond engineering headcount was not detailed in the interview.