Fig revenue, CEO Brendan Falk, team size, customer count, churn, and more in 2022.

hey folks my guest today is brendan faulk he's the co-founder and ceo of fig he grew up in australia specifically sydney did his heart undergrad at harvard and now lives in san francisco the company has raised 2.2 million from y combinator general katos and executive uh and founders at stripe github heroku he's also one of the fastest growing open source startups in the world last quarter brendan you ready to take us to the top absolutely thanks for joining nathan you know i'm a numbers guy so when i see in a bio fastest growing in the last quarter i'm obviously going to ask you to quantify that measured by what who who's the source what's the ranking so there's a ranking called the ross index they publish the fastest growing open source companies by github stars github forks and a few other metrics you could just google ros index and in q3 last year i think we were number two or number three and then q4 last year we were like in the top 10 i think maybe 10th what's factors going to that is a number of number of developers who contributed at least one line of code to the open source project or like what's the number so github stars is it's sort of like a like on facebook it's a bit of a vanity metric to be honest but then they also look at github forks a github fork for non-technical users listening is i go to a project online that is open source so all the code is available and if i want to contribute to it what i do is i download the code that's called forking i make my changes and then i submit what's called a pull request which says hey i've made some changes can you review them and then we review them and we click merge and suddenly they're available to every user so fascinating a lot of our company is open and that means anyone in the world can contribute and we have been growing so quickly because we've had so many contributors we're at about 150 or more contributors at this point okay that's what i was going to ask you so in q4 150 people downloaded the the i guess the fork to then submit something back to you to appreciate we probably had like hundreds if not thousands of forks meaning they downloaded us and then in terms of contributors we probably had like 30 or 40 contributors just in that quarter but over the course of our company we've had yeah 160 170 contributors you can check out if you go to github.com with fig slash autocomplete you can see all of the the open source success that we've had well yeah you know everyone is looking for the next the next sid right the next get lab right you know i remember having sit on many years ago and i i asked him some tough questions around you know open source folks are generally givers and when there's the big mean business guy that comes in and tries to make money off this it's a hard balancing act so like he obviously figured a way to do it how are you balancing that how do you reward these contributors when it's clear like wait brennan you're making money on this your equity value is going up you just raised 2.2 million where's our money so i think a lot of developer developer tools companies that have done really well have realized that most of their money comes from massive enterprise deals it's not from you know making five dollars here or there from the individual user so our focus is right now let's just make sure individuals love our product and so do you love a product that's paid or do you have a product that's free everyone loves free so we're making it free we're really focused on growth we're all about getting adoption getting people just literally use fig every single day make it just a core part of their daily workflow because we know that like most sas tools we're gonna make all of our money in enterprise so we're not worried about the money for individuals today we can worry about that in the future 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 it 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 valuation 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 valuations inside of your frowner path dashboard this is all free by the way is because depending on who's doing the buying of your sas company you're gonna get a different valuation a vc is gonna pay a different valuation private equity firm is different if you're gonna 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 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 raised 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 valuations than what you can get now inside of founder path and we're thrilled to bring it to you all right we're going to 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 founderprath.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 so let's say i was one of the 30 or 40 developers that that pulled down the pull request submitted something back thousands of forks in q4 let's say i write some code and then like a year from now you're selling that code to to amazon right on your fig enterprise plan like do i get a kickback of that how do you manage that storyline so we aren't selling that exact code we uh like our model is some of our stuff is open source meaning all of that code is public and anyone can contribute some of our code is closed the stuff that we're going to sell is the closed stuff and so any of the open source contributions we have basically said this is going to be free forever if you are familiar with github github's model is for individuals it's free for open source it's free and then for private stuff for teams it's paid and we're going to follow the exact same model so anyone who contributes we are just totally going to say this is free and open to the world forever we're not going to get rid of this and that's you know we've held that and there's no the way this specific repo works i mean i know it's a short podcast so i won't go in too long but it's you download fig and you use it for your workflows but maybe there's a specific workflow that you do every day that not many other people do and so that's where you go hey you know what i want fig to be better for me so i'm going to contribute the you know the what's called autocomplete spec which is exactly what we're doing we're going to it for me i would contribute it so the rest of the world can also use it that sort of makes sense but it's basically solving your own problem scratching your own itch and then allowing other people to also get access to the solution so you would only experience a quote-unquote community revolt if you took things that you said were going to stay free and then put a paywall up and made them pay that's the only time like that you would not want to do that i hope we never experienced a community revolt that would be terrible but yeah like that's just you know if we say one thing and then two years later do another thing it's people don't trust us we need we like want people to trust us we want them i'm i'm digging here because i think there's a lot to learn about how folks like sid and others there's many others that have leveraged an open source community it's the closest comparable we have to web three where everything's on blockchain right where like you actually vote with the number of tokens you own of the fig product but this is a different structure but it's it's like the closest bridge if you know what i mean yeah yeah there are a lot of different styles of open source so there is what sid is doing at gitlab where it is sort of it's company-led anyone can contribute but at the end of the day the company sort of has the call let's do what's the direction we're going and that uh it's sort of known as...