How Flexcavo Reached Over €100K/Month in Combined Revenue with 18x Year-Over-Year Growth (Interview with CEO Benedict Aicher)

Introduction and Company Overview

Nathan Latka

00:00Hey, folks. My guest today is Benedict Aicher. He's building flexcavo.de, a construction consulting business coming from a family business in construction. He moved into consulting at McKinsey after his bachelor's and master's, now following a vision of an able intelligent construction using Flex cavo. Benedict, your next take us to the top?

Benedict Aicher

00:18>> Yes. Sure. I mean, if you start a company, you always wanna disrupt in a certain industry. And you you already said it. My short pitch is always construction consulting. Construction is a born and raised in a construction family. I was eager to go back into that industry where I'm very passionate about to shake things up a bit.

Nathan Latka

00:35So just to be clear, you're writing code software to help construction companies manage projects easier or what does it do?

What Flexcavo Builds: Software and Equipment

Benedict Aicher

00:44>> In the end, we're building a platform to foster and enable intelligent construction, and we connect two things. We connect equipment and technology. So yes, we're writing code for machinery fleets. These machines are on a construction site, the only reliable data source. On the other hand, we operate as well as asset enabled business, so we can provide assets too. So it's both sides of the business, the asset business and the software business. It's in the end that

01:08>> truly believe that the world belongs to those who build. And if you're going to be the number one partner for construction companies, only code won't bring you far. Is So

Nathan Latka

01:17does Flexcavo own a fleet of trucks and power tools and construction equipment?

Benedict Aicher

01:21>> Indeed. Trucks, not, but the typical power equipment. So from small dumpers, loaders to large scale excavators, we indeed own them.

Nathan Latka

01:30Interesting. How much if you add up the price you paid, right, the inventory value of everything you hold on your balance sheet, how much is that?

Benedict Aicher

01:37>> Way above 10,000,000. Way above 10,000,000.

Nathan Latka

01:39So are you rich? I mean, where'd you get the money to buy all that equipment?

Financing the Equipment Fleet with Structured Debt

Benedict Aicher

01:42>> Obviously not equity. VCs would kick my ass if I would spend my equity on machines. It's debt. So it's a structured debt. The good thing there is, I mean, we all know car financing. It works pretty much the same way. So we secure our assets with put options, and then we simply have our partner banks that finance our assets. And then we use them over a lifetime of four to seven years. We act basically

02:06>> as a subscription model here, and after four to seven years, we give them on secondary market and sell them.

Nathan Latka

02:11Smart. And how many unique pieces of equipment do you have? Like thousands or?

Fleet Size and Units Under Management

Benedict Aicher

02:17>> Over 400 on our own fleet. However, we manage over 10,000 pieces or units for our clients.

Nathan Latka

02:24Oh, so if someone else owns three dump trucks, they can list them on your marketplace and you'll help them find work?

Benedict Aicher

02:31>> We're not in a peer-to-peer place. So we we exclusively work with construction clients. And if you're a construction company, the typical split would be 60% your own machines, 40% rented machines. And we help construction companies in the whole process of planning and then executing a construction site from a machinery perspective. So you can allocate your machines and as well in that process of allocation, you might lack a machine so we can provide you that

02:56>> machine. But we're not in the business of peer-to-peer where you say, okay. I have three idle

03:03>> That's in our business model.

Nathan Latka

03:05And so what do you make more money on renting out equipment or selling software to construction companies?

Revenue Streams and Gross Margin Profile

Benedict Aicher

03:12>> I think from from a I always look at it from a gross margin perspective. I mean, you look at the pure revenue side of the business, obviously, the renting part is quite strong because you can charge quite high daily rates for big excavators. However, on a gross margin perspective, it's a fifty-fifty split. So we always aim for growing both sides of the business. However, you know, SaaS, there are different contracts in place. I mean, if I

03:36>> would compare 1,000,000 SaaS ARR versus 1,000,000 asset ARR, different gross margins are there. And for us, in the end, gross and contribution margins are key to manage our burn.

Software Pricing Model per Unit

Nathan Latka

03:47Interesting. Okay. So let's just talk about SaaS for a second, move away from assets. What do the construction companies pay you on average per month or per year to use your software?

Benedict Aicher

03:55>> That pretty much depends on the size of your business. Obviously, if you're a small company, we're going to charge you a simple, small monthly fee, and then it scales with the number of units you want to manage. So let's say depending on the framework contract, it's a certain fixed amount of euros per month per unit, and then you can actually opt for further services like telematics or others.

Nathan Latka

04:18Oh, what's going on there, YouTube? Good to see you guys. Now imagine this. You love watching these interviews with SaaS founders, but imagine if we took all of the valuation data out from over 2,807 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 Founderpath. Check this out. I'll show you how you can access this in a second, but you log in, you connect

04:41your Stripe account, you see your valuation real time, you can see what it changed over the past eighty eight days and even set goals for valuation this year. Now the secret evaluation is there's many different ways to value a SaaS business. So the reason you're gonna see three or four different valuations inside of your Founderpath dashboard, this is all free by the way, is because depending on who's doing the buying of your SaaS company, you're gonna

05:06get 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

05:27not 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, 1,200,000 seed round, 3.7 raise. They sold 22% of their business. Go in here and filter by the event. Maybe you only wanna 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

05:53going out right now and you're raising your seed round. We'll 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 dataset of SaaS valuations than what you can get now inside of Founderpath. And we're thrilled to bring it to you. Alright. We're gonna go back to the YouTube video here in a second, but if

06:15you wanna check this tool out, if you wanna jump in and sign up, you can check it out for free to get your valuation at this link. This link, founderpath.com/products/valuations. Or if you go to founderpath.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. Alright. Let's jump back into the

06:41interview. What is the fixed per euros per month per unit?

Benedict Aicher

06:45>> It it ranges between 200 and 1,000 per per month. But then obviously, the the bigger contribution goes towards the number of assets we manage for the client that we help them manage.

Nathan Latka

06:58Okay. Got it. So I'm not sure I'm following this yet. So if someone has like four dump trucks that they want you to manage for them, right? So they're paying four units times 200, so fixed euros per month per unit?

Benedict Aicher

07:10>> It's a base flat fee basically. So no matter how many units you've got, the base fee for the software itself and then on top per unit. And as a note for dump trucks, it wouldn't make sense. So for dump trucks, you simply can manage them yourself. We're rather than the business of helping clients with 50 plus units up to 20,000 units currently with the biggest client. Imagine you've got 100 construction sites and all need to be

07:34>> up and running because as a construction company, your key enemy is downtime. And managing this network from a perspective, I need certain units at certain places at certain times. These days, it's mainly done by pen, paper, whiteboard. And we help them in the process of allocating those machines, managing their flow within their network, and automating workflows. Obviously, if you use pen, paper, whiteboard, and a phone, you can't really digitize and automate a workflow. However, it's always

08:03>> the same workflow. I need a unit. I request the unit. The unit gets transported. It arrives. I use the unit, and then I'm gonna send the unit back to my central location.

Customer Sweet Spot and Largest Client

Nathan Latka

08:11Interesting. So your sweet spot then are companies paying you, like, around a thousand dollars a month to manage some number of 50 plus units?

Benedict Aicher

08:18>> I would say the the typical monthly rate is about 1,000 up to a five digit sum. It really depends on the number of units. I mean, if you're a client with a

Nathan Latka

08:27What really asking though is what is the average customer of Flexcavo have in terms of number of units? I'm trying to get like your suites, but I understand there's a range.

Benedict Aicher

08:35>> Our suites, but we'd say our suites would start with like, yeah, a 100 units and then up to 10,000 units.

Nathan Latka

08:42Okay. So what would I pay for a 100 units?

Benedict Aicher

08:44>> For a 100 units, you would pay depending on what kind of service you would opt for somewhere in between, let's say, a 500 and €1,500 per month.

Nathan Latka

08:53Okay. Fair enough. So call it maybe like 2,000 USD per month. Now now if we add up all the units you're currently managing across all your customers, how many are you managing?

Benedict Aicher

09:01>> Currently way above 10,000.

Nathan Latka

09:03Wow. Okay. Got it. Okay. Cool. And are there power laws there? What does your largest customer manage on your platform? How many units?

Benedict Aicher

09:11>> Our largest customer would say that customer goes in the high four digit ranges. That's managed PaaS.

Nathan Latka

09:19Okay. So, I mean, that could be 9,000.

Benedict Aicher

09:22>> We are basically it's much like McKinsey there. We don't disclose the numbers of our customers because, obviously, if you're talking to construction companies, data security is a key concern for them.

Nathan Latka

09:34Yeah. I obviously I'm not asking you to name the customer. I'm asking you, of your largest customer, how many units they manage on your platform? And you said high four figures. I mean, I'm just saying that could be eight or 9,000 units from one customer.

Benedict Aicher

09:44>> Let's say it's somewhere between six and nine thousand. That they have got the point. I mean, it's it's fluctuating. I mean, it's fluctuating basically month per month because they buy units, they sell units. So as a construction company, you don't have a fixed number of units that you're gonna opt for for the next years. It really depends on the state of your project as well as the procurement state.

Nathan Latka

10:02I mean, the reason I asked that question, though, is you are very dependent on this one customer. There's a lot of concentration risk here.

Benedict Aicher

10:09>> True. That that might seem that way. However, we started to market the software fully beginning of that year, so we're currently ramping up sales.

Nathan Latka

10:16I mean,

Benedict Aicher

10:17>> we've been doing Founder sales quite for a long time. So if you look at the rental part of the business, that has been started earlier because it was easier to ramp up. You simply need to convince the banks to give you depth, and then you go on the market and work with customers. There we've worked with more than 100 customers in the rental perspective. The software obviously took a while to conceptualize and then to code. We

10:36>> used our own fleet to test that. So since February, I would say we're in commercial mode, and now we're ramping that up. I mean, there hasn't been the typical SDR/AE setup, so we're hiring a full B2B sales team to ramp up our software sales activities. So I wouldn't say concentration risk. It's a simple matter of where are you in the scaling phase.

Nathan Latka

10:54Well, there's 6,000 units and you're managing 10,000 total. 6,000 with one customer is concentration risk. 60% of the units you manage is with one customer. Obviously, that's diversifying over time. But

Benedict Aicher

11:04>> That's that's a snapshot of as of today.

Nathan Latka

11:07Well, yeah, that's what I'm asking. I understand obviously you're diversifying over time, today there's concentration. And then when you say there's a 100 customers on the renter side of the marketplace, what does that mean? Like last month, a 100 unique construction companies rented at least one unit from you?

Benedict Aicher

11:20>> Correct.

Fundraising Timeline and Round Details

Nathan Latka

11:21Okay, interesting. And then put this on a timeline for me. Benedict, when did you guys launch the business?

Benedict Aicher

11:26>> So we started talking about the business 2019. We went into really working on that 2020. We raised our first in JuneJuly twenty twenty, and then we started building the business as of JuneJuly twenty twenty. We raised another round in February 2021, and then recently end of last year we closed our seed round. So that's the equity fundraising timeline, and obviously accompanied by our debt.

Nathan Latka

11:52And so in 2020, what was that pre seed round? How much did you raise?

Benedict Aicher

11:55>> We raised roughly €500,000. Sorry — 500k. 500 million would be nice. So it's 500 k euros.

Nathan Latka

12:04$650,000 in your pre seed round. Now why did you need that money? What makes this expensive to build?

Benedict Aicher

12:12>> We thought about bootstrapping in the beginning, to be honest. However, you need to have a too blank rep there, and it was a simple consideration of speed. We've seen a lot of context in The States and other countries, and we said, Okay, we've got the concept before we actually raced around. We had LOIs, we talked to customers, so we pretty much knew what we need to build. And then it was a simple consideration of how quick

12:32>> do we need to be in terms of execution to make a land grab and not allow other players in the market to try to figure out their own solutions. Because obviously if you're in a construction space and you're attached to machines, OEMs could do some things, other rental players could do some things. So we decided we need money from the start basically, from pre seed phase, to quickly ramp up the team. The initial money was mainly

12:53>> spent on tech.

Nathan Latka

12:55And how much did you raise in your seed round?

Benedict Aicher

12:57>> Seed round was in total €5,000,000, and in between we had an angel round with 1.5.

Nathan Latka

13:06Okay. Sorry. Sorry. So again, 650,000 raised in 2020. In early twenty twenty one, you did an angel round of 1,500,000 or about 2,000,000 USD.

Benedict Aicher

13:14>> Yeah. And then you

Nathan Latka

13:16recently did a series a round for for 6,000,000 USD.

Benedict Aicher

13:19>> Series a, series c, depends on what you call it. We call it series c because pre seed angel round, the angel was a convertible and then a seed or if you may call it series a, you call it series a in September 2021.

Nathan Latka

13:31And most

13:34folks in their seed round these days are selling 10% to 20% of the business. Were you guys sort of in that same range?

Benedict Aicher

13:39>> I mean, market usual dilution there.

Nathan Latka

13:42Market usual dilution, you said? Yeah. Yeah. Yeah. Okay. Cool. So call it like 10 to 20%. I mean, so something between like a 15 and 20,000,000 valuation is what you raise that on.

Benedict Aicher

13:50>> Yeah. I mean, if you take the market usual then that's a rough number.

Nathan Latka

13:54Yeah. Great. And then fast forward to the the September round. Right? So 6,000,000. How much of this is you raising capital so that you can support your debt facility versus you raising capital to invest in, like, engineering to build the software?

Benedict Aicher

14:05>> I mean, debt facility is basically paid off by our machines. So we don't use equity to cross finance machines. We calculate basically on a debt coverage ratio, and our machines have a typical debt coverage ratio between one point five and three X on debt. So the debt service is paid off by the machines and then the machines as well cross finance with the gross margin our operations there.

Nathan Latka

14:25So to speak clear, the asset value of your machines is $3,000,000. You can raise a million in debt. That's a three x covered ratio.

Benedict Aicher

14:31>> No. I mean, when we talk about revenue power, I mean, if you look at the revenue of the assets, we always calculate how much on top of the debt service are we actually making revenue. And that's a 3x. So basically the remainder can be used to finance operations there. I see.

Nathan Latka

14:47I see. Okay. Cool. And then I guess going back to the overall business, you signed up your first customers back in 2020. How many today are paying to use the platform?

Benedict Aicher

14:55>> How many are today? They're walking in the range between ten and twenty.

Nathan Latka

15:01Okay, got it. So cool. So okay, now the concentration risk makes sense then, right? It makes sense that you've got one customer that makes up like the bulk of your inventory.

Benedict Aicher

15:11>> In the end, what we opted for is we opted for a co creation. I mean, obviously we can sit in Berlin and then design a nice software and then try to launch it and make customers use it. However, construction works differently. So we really sit on a table with construction clients, talk to them, try to figure out what are the pain points and then co create a software that is used by the construction folks. Because if

15:32>> you talk to the CFO, to the CEO, they might like the software. However, the real user of that is the foreman on a construction site. They need to understand how they tick, because if you simply sell a software, in the aftersales and customer success, you will fail and they will churn if the foreman doesn't want to use your software.

Nathan Latka

15:49That makes sense. So just to be clear again, two revenue streams, you've got 15 customers that pay you to manage all of their assets, whatever equipment, things like that. They pay on average, call it $23,000 a month. You then have another model where you rent out that equipment and you make a margin on the rental of an excavator for a day.

Benedict Aicher

16:08>> Correct. And I mean, they are not siloed models. In the end, you could look at it like that. You have asset only customers, you have software only customers, but our goal is always full service customer. You manage the machines, your own machines via our platform, and we supply with machines because for construction companies, it's way more convenient to switch CapEx to OpEx.

Nathan Latka

16:26Now, if you have 15 customers paying $2,000 a month, this is just on the software side, that would put your monthly recurring revenue about 30,000. You mentioned earlier your gross margin profile was fiftyfifty, right? So assuming the margin profile on software is 85%, that means on the rental side of the business, you're doing somewhere around, call it $708,100,000 bucks in a run rate today in terms of new rentals per month. Is that about accurate?

Benedict Aicher

16:48>> I mean, it's an average number there. And I said the target split is fiftyfifty. I mean, it depends on seasonality. Construction is seasonal. So in the winter months, you have low utilization on the assets and the summer months more. But I would say on average, that holds true.

Monthly Revenue and Combined Business Scale

Nathan Latka

17:02Yeah. So when you add up both your monthly recurring SaaS today plus your rental volume monthly, you're doing something like $8,090,000 dollars a month right now in revenue.

Benedict Aicher

17:15>> Would say no. Monthly revenue is above that. So monthly revenue is already six digits if we had a software and rental.

Growth Target and Software ARR Goal

Nathan Latka

17:22That's great. That's great. Okay. So what do you think you can grow at? Like, what percent you think you can grow the business this year?

Benedict Aicher

17:27>> I mean, the clear goal is basically surpassing on an overall basis the 300 k monthly revenue, adding both streams up. And obviously, I mean, from a rental perspective or from the subscription perspective, we already locked in the orders for 2022 with regards to our units. We know what unit base we're gonna achieve there. It's a simple utilization game there and execution game. And then on the software side, it's in a function of the b to b

17:50>> SaaS sales team. Yep. Yep. And all know their numbers for for solid series a, so the ask for a series A is above 1 million ARR. So that's obviously the the hidden number for the software.

Nathan Latka

18:02Yep. Now if you're doing over a $100,000 a month in revenue today combined, what were you doing about a year ago? Do you remember?

18x Year-Over-Year Growth

Benedict Aicher

18:08>> A year ago? I would say we did the analysis. I think from q one twenty twenty one to q one twenty twenty two, we grew 18 x.

Nathan Latka

18:1718 x. Got it. So I mean, you were doing something like I mean, you were almost like 7,000 a month a year ago, something like that.

Benedict Aicher

18:23>> Roughly.

Nathan Latka

18:24Yeah. Okay. So a lot of growth the past twelve months. It makes sense why you've raised the capital you've raised. Obviously, dilution's not a fun thing though. Right? So when you raise 6,000,000, right? I mean, you're selling probably what? Another 15 percent of business there?

Benedict Aicher

18:35>> I mean, in the end, there was a convertible note plus a seed round. So the convertible note was packed to the seed round. But in the end, I truly believe if you're building a category leader, everyone will be fine off in the cap table. So if you can manage the dilution and honestly, for me, it's rather a passion topic. So I'm I'm not thinking about exit. I'm thinking about the passion in the in the industry.

18:54>> I mean, born and raised there, brother's a civil engineer, father's doing the family business. So I rather care about building a solution that helps really construction clients to build more smarter. And and that's kind of, like, my key motivation. I mean Sure. To to be honest.

Nathan Latka

19:07Understand passion, but when you're raising this amount of money, you have a board. And if you're passionate about doing project a and the board says, we hate project a, well, guess what? You can't build your passion anymore. You're listening to the board because you give up control.

Benedict Aicher

19:16>> That's fair. That's fair.

Nathan Latka

19:17Right?

Benedict Aicher

19:17>> So but there are there are market average things that you can actually then try to argument against. And in the end, I mean, what I always tell is all my board is it's fine, but in the end, it's a different kind of beast, the construction industry. It is not the typical B2B sales industry. It's not fintech. So different different forces are enforced.

Nathan Latka

19:36Benedict, we're out of time here. Like, quick things just to get more context. Are you sole founder?

Benedict Aicher

19:40>> No. No. No. I'm I'm one of two founders. So I'm rather on the business You're side of the founders.

Nathan Latka

19:44And did you guys you guys split fifty fifty at the start?

Benedict Aicher

19:47>> Yeah. For sure.

Nathan Latka

19:48Very cool. Okay. That's great. And then how many folks full time are on the team today?

Team Size and Engineering Headcount

Benedict Aicher

19:54>> Last number, I would say 55, but growing full time.

Nathan Latka

19:58How many engineers?

Benedict Aicher

20:00>> I would say roughly 40% of the team are engineers.

Nathan Latka

20:03Okay. Got it. So call it 20%. 20 of them are engineers. That's great. And how many folks on the sales team yet? Are you still building that?

Sales Team Build-Out

Benedict Aicher

20:09>> On the sales team, would say on the rental sales team, we've got seven sales team members. Only sales team for the SaaS solution. We recently made a lot of hires, so that team will be as well in the upper single digit range, and then both teams grow into two digit ranges within the year.

Nathan Latka

20:23Okay. Got So, it.

Benedict Aicher

20:24>> Like, 14 on the combined sales team, something like that.

Famous Five: Books, Tools, and Habits

Nathan Latka

20:25We'll see what happens next. I love the combined model. Let's wrap up here with the famous five. Number one, favorite business book.

Benedict Aicher

20:31>> The Hard Thing About Hard Things.

Nathan Latka

20:33Number two, is there a CEO you're following or studying?

Benedict Aicher

20:40>> Yes, I would say CEO I'm following is Jeff Bezos and as well a lot of construction CEOs to just keep up with the with the industry.

Nathan Latka

20:48Number three, what's your favorite online tool for building Flexcavo?

Benedict Aicher

20:54>> My favorite online tool for building Flexcavo Yep. I would say for me, it's Slack because communication is key.

Nathan Latka

21:01And number four, how many hours of sleep do you get every night?

Benedict Aicher

21:05>> Depends. I try to get eight. However, I think on average it's rather six.

Nathan Latka

21:10Okay. And what's your situation, Benedict? Married, single, kids?

Benedict Aicher

21:13>> Single.

Nathan Latka

21:14Okay. And how old are you?

Benedict Aicher

21:16>> I'm 30.

21:17>> 30.

Nathan Latka

21:18Last question. Something you wish you knew when you were 20.

Benedict Aicher

21:21>> Sorry. I didn't get that.

Nathan Latka

21:22Something you wish you knew when you were 20.

Closing Advice: Consistency Beats Motivation

Benedict Aicher

21:31>> In the end, you just need to be consistent, and I think consistency beats motivation there, and being consistent gives you then actually power to reach what you want.

Nathan Latka

21:41Guys, he helps 15 construction companies manage 10,000 pieces of equipment. Think excavators, things like that. When those companies aren't using them, he helps them rent them out. Makes money on both sides, the renting. And also those 15 customers pay about 2,000 to $3,000 per month to use the technology to make sure they have full utilization. He's doing over $100,000 a month right now in revenue in the combined model, up from $7,000 a month just a year

22:01ago. Nice growth. They just got done raising their $6,000,000 Series C. They've got about 8,000,000, 9,000,000 total raise to date. We'll see what happens next as our team of 55 looks to grow and expand. Benedict, thanks for taking us to top.

Benedict Aicher

22:12>> Thank you, Nathan.

Nathan Latka

22:14One more thing before you go. We have a brand new show every Thursday at 1PM central. It's called Shark Tank for SaaS. We call it deal or bust. One founder comes on, three hungry buyers, they try and do a deal live and the founder shares back end dashboards, their expenses, their revenue, ARPU, CAC, LTV, you name it, they share it. And the buyers try and make a deal live. It is fun to watch every Thursday one

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