How Foyer Work CEO Pratyush Rai grew Foyer Work to $24.8K revenue and 1 customers in 2024.

foyer.org they're helping maximize performance of engineering teams One Design partner today paying a hundred dollars per month they spent about fifteen thousand dollars on the MVP three co-founders each own 33 they raised 900 000 bucks in funding out of seven million valuation so they've got plenty of Runway to grow here as they look to onboard four to five new design paying design Partners in the next three months with a team of six hey folks my guest today is brought to you uh Rye he's the CEO at a company called foyer foyer is a team of former IIT graduates building a virtual project manager for software engineering teams you can find them at foyer.work you sure are you ready to take us to the top yep all right so foyer helps maximize performance of engineering team is what does that mean can you tell me the story of a customer that's currently using you yep so uh the the kind of problems our customers bring to us is basically they they are a small team of Engineers who are you know trying to get a bit more process driven uh let's say you know a a team of about 12 or 15 odd Engineers which was not following any sort of agile or you know mythology and who are you know uh now trying to uh trying to onboard in the right set of processes over jeera or and use GitHub in the right way so what we help them do is to get them the right Statistics over jeera and uh over GitHub so that you know they can start measuring them and also what are those what are the statistics is the number of pushes per engineer number of lines of code written what are those metrics uh so we we do not uh go at an individual level Matrix for uh things like number of lines of code are not the right target points for us what we focus more on is at a team level what are some of the aggregate metrics pertaining to you know commits uh per Engineers reviews for engineers and you know some of the process driven process related metrics like a are there any last deployments are there any hybrid tickets which are delayed and all of these are at Team levels not at an individual level so we promote a more Team level uh measurement as compared to an individual level measurement and what are some engineering teams paying for foia today what on average per month yep so we we charge somewhere between five to ten dollars per developer per month I think most of the existing tools are like way too expensive and and we have heard a lot of our customers complain about that uh that you know these are not affordable for startups their uh their prior plans are already designed keeping Enterprise customers in mind and that's why like we are charging uh what is more than we need to startups and what does the average team have when they sign up five seats 10 seats 100 seats uh so so we are targeting anywhere between 10 to 40 seats and uh and uh well the most most set of companies we work with are somewhere about 20 25 30 odd uh uh developers okay so 20 developers at 10 bucks a pop they're paying you on average 200 a month something like that yeah yeah and put this on a timeline for us when did you launch the business what year uh so we launched our business this year uh uh uh so we will host our product in multiple stages we followed a very lean approach uh we our first version was launched somewhere about in August our uh you know latest version was launched somewhere uh last week so so we are like very very new right now that's awesome do you have customers yet or your pre-revenue yeah we we are uh we are having uh two design Partners at this point uh and one of them is a pain design partner uh another is doing a trial it's going to convert into a paying design partnership what the one the design partner what does that mean how much do they pay for that yeah yeah so we we charge them a lower tier uh from our price point and what does that mean is that you know we are going to co-build our product with them we we get to understand how they are using it uh we have designed our product in a more flexible manner in order to you know cater to their specific needs it's not a self-served product which is there to launch uh you know for uh globally for our customers uh we have a pipeline of three more companies whom we are approaching uh as design Partners so you can you can think of them as a customer but a customer for whom we are going to you know sort of cater to uh in a much more closer way as compared to it what do they pay for that so for you to do engineering where are they paying a thousand dollars five thousand dollars what are they paying to be a design partner yeah yeah we we charge them the Lower Road here somewhere somewhere about five dollars per day 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 the 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 evaluation 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 founder path dashboard this is all free by the way is because depending on who's doing the buying of your SAS company you're going to get a different valuation a VC is going to pay a different valuation private Equity Firm is different if you're going to 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 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 raise 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 valuation than what you can get now inside of founder path and we're thrilled to bring it to you all right we're gonna 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 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 all right let's jump back into the interview okay but if you're designing something that doesn't exist right why are they paying for a month for something that doesn't exist no no it exists so uh when we when we go to the design Partners we have a product which is ready what we do what we do is that we iterate with them in case if there is a specific requirement uh you know some sort of customization or personalization they would require we follow that approach so our design partners for us which helps us build a better product and we are we are you know sort of customizing our video so you have one paying customer today with 20 seats at 10 bucks to seats you're doing about 200 a month in Revenue yes that's great okay and how much did you spend personally building the MVP uh sorry I think I should just clarify it should it is five dollars so it's a hundred dollars per month Revenue yeah and how much we spend building our MVP um I think if we if we just uh uh um if I'm getting to the more correctly we spent somewhere about you know of 15 to 20 000 dollars in in the last uh three to four organs on our product part uh on our company expenses there have been some fixed expenses like laptops and all but like otherwise we spend a very very small amount of money building our MVP almost You Know Who provided that 15 000 was that your own money or did you raise money oh vvd some money uh from one uh one PC Fund in India and some Angel Investors and how much did you raise uh we we ended up raised uh to the north of 900 000 uh somewhere to the north of that yep and and why was it I mean why couldn't you fund this with your own money so that you could preserve equity and not get diluted so uh so we we started off you know doing uh doing our early work uh as a bootstrap company but then we realized that you know the uh there are certain very good investors in our Market who are very aligned with with this vision and uh uh and what we wanted...