FindMine Revenue, Valuation & Funding (2024)

FindMine generated approximately $3,000 in revenue in its first year of operation, 2016. By mid-2021, the company had surpassed a $1 million annualized run rate, which the host calculated as roughly $100,000 per month based on eight customers at an average contract value of $160,000 per year. Bacharach confirmed the company had passed that milestone.

FindMine had eight paying customers as of August 2021, including named accounts Adidas and Perry Ellis. Bacharach noted that several customers hold portfolios of brands: Adidas owns Reebok, and Perry Ellis owns Cubavera, Callaway, and Original Penguin. The company also serves multi-brand retailers that carry hundreds of brands, bringing the total number of brands on the platform to approximately 500.

The minimum annual contract is $20,000 per year, which Bacharach said corresponds to a site receiving roughly a few million to approximately 20 million page views across properties, depending on product count, average order value, and projected revenue lift. The average annual contract value across the customer base is $160,000, and the largest single contract is approximately $750,000 per year. Pricing is volume-based and structured as annual contracts, with economies of scale built in as usage expands across more channels.

FindMine's first customer in 2016 received what Bacharach described as a 3,000 times return on investment in the first year, which she cited as the moment the team recognized it needed to reprice the product. All historical churn has been involuntary: three customers lost to bankruptcy during COVID and two lost to private equity spin-offs, with no product-driven churn on record.

FindMine sells annual, volume-based software contracts to retailers and consumer brands. Revenue scales with the number of channels and the volume of consumer impressions the platform serves, with economies of scale built into the pricing structure. The entry price is $20,000 per year, the average contract is $160,000 per year, and the largest contract is $750,000 per year.

With eight customers and an average contract of $160,000, the implied annualized revenue base at the time of the interview was approximately $1.28 million, consistent with Bacharach's confirmation that the company had passed a $1 million run rate. Revenue per account implied by those figures is $160,000 on average. The company was growing through both upsell within existing accounts and new logo acquisition.

Profitability was not discussed in the interview. Burn management was referenced in the context of COVID: Bacharach stated the company eliminated its sales and marketing team during 2020 to reduce burn and keep the business operating. The company had one full-time sales executive at the time of the interview, Bacharach herself, and was planning to hire account executives post-Series A with a compensation structure of 50 percent base salary and 50 percent uncapped commission, targeting $1 million in annual quota per ramped representative with a four-month ramp period. Gross margin, CAC, LTV, churn rate, and net revenue retention were not discussed in the interview beyond the qualitative note that all historical churn was bankruptcy- or spin-off-driven.

FindMine had 12 full-time team members as of August 2021. Including part-time staff and consultants, the total was approximately 20 or more people. Of the full-time headcount, four were engineers. The company had no dedicated sales or marketing staff at the time of the interview, as that function had been eliminated during COVID to reduce costs, with Bacharach handling all sales personally.