How GoodTime CEO Ahryun Moon grew to $17.8M revenue and 300 customers in 2024.

hey guys recording this here on what is it friday the 19th maybe you're seeing this on monday at the latest but want to let you know we are almost sold out for founder comp sorry founder 500 in austin texas here in about a week uh it's gonna be an amazing event 500 b2b sas founders i'm looking at the attendee list there's almost um there's almost 60 founders with more than six seven million bucks in arr it's an incredible group of group there's over uh there's over a hundred over 150 with more than a million uh more than a million revenue it's an incredible group you don't want to miss it uh grab your hotel grab your flight grab a ticket right now i'll put the link in the bio um in the description here on youtube and i think there's only about three tickets left okay about three tickets left i'd love to see you guys there don't be bashful grab your ticket now hey folks my guest today is aryan moon she is the ceo and co-founder of good time she loves to take risks change the rules of the game and take the road less travels now creating automated meeting scheduling for enterprises at goodtime.io arien you ready to take us to the top yeah absolutely hi i'm irian moon uh one of the co-founders and ceo of good time good time is all about making meetings smarter we started with inner beauty which is our first flagship product called good time hire we've recently branched out to all the other meetings including sales and cs and other internal and external meetings which is supported by our second product the time meet i'm super excited to be on this show and tell you more about good time no that appreciate you joining so how do you compare you know i think folks obviously know like chili piper they know callan lee how are you differentiating from some of the other players yeah definitely so good time high on our flagship product is all about interviews so we make interviews smarter how we do that is by coordinating the entire coordination process of the interviews whether it be simple one-on-one interviews all the way to very complex multi-day panel interviews and also based on data we put the right interviewers into each and every interview and also we provide a lot of data and insights back to our customers so that their interview process continuously improved yourself going up more against the traditional applicant tracking systems so good time higher works with the applicant tracking systems we are really good partners with top seven to eight eight applicant tracking systems so we're not re-inventing or rebuilding applicant tracking system but we are really seriously augmenting applicant tracking systems and aaron one of obviously the hardest things to get right is pricing right so how do you how do you bill how do you charge for your product yeah so good time hire is based on number of interviewers that you actively utilize on a monthly basis good gutai meat is a new product that does compete with likes of kellenbully and other products um that are used for meeting coordination pricing on the time need is uh being discussed and being determined at this point to be it's a free product for now but monetization is coming down the pipe pretty soon i see very cool let's chat more about that after we get more of your backstory but when you say charge based off the number of interviewers per month i can see some of the logos you list on your website i mean what would you say sort of a range is what the average customer might pay you per month to use your flagship interview product that's a great question so it may range from our smallest contract would be about five thousand dollar that would be for very small company less than 100 employees um one of our largest customers is salesforce um and i'm not allowed to it's confidential information i'm not allowed to share exactly how much you know customers are paying but it can range for enterprise customers they can range from low 100k all the way to uh three to four hundred thousand dollars and so when you say uh five thousand dollar article on your smallest that's monthly so it's 60 000 annually also very small company five thousand dollar yearly price oh yeah okay got it so you've got ones as small as five thousand per year and then ones as big as three four five hundred thousand dollars per year correct i see and is the only thing you're up selling against number of interviewers per month or is there other upsells you you sell there are other upsell points we're continuously bringing more innovative recharge and part of the innovative features that we have uh deployed there were three features that we actually realized have really high correlation to customer happiness retention and their success on our platform so those three features we kept the usage and above that um there's upsell point above that um but the product itself is usable without those upsell features but if you use those features then we know you can be way more successful and your candidates will appreciate the process better and so on so there are some upsell points beyond just the interviewer accounts very cool 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 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 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 founderpath.com and hover over products click on get your evaluation 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 let's put this a bit on a timeline we can get your back story here when did you guys write the first line of code for the platform that was 2016 um i watched actually one of the so out of three co-founders we were all technical so i did i built the entire front end for a good time um our cto built the back end and then our cpu did design and product oh wow and now that was 2016 and the rest is history talk to me about the first like couple years were there any nervous moments regards like oh my gosh is anyone actually going to buy this thing oh yeah definitely when we first got the czech real check from one of our customers it was a very celebratory moment we even have a photo of us holding the check together so what year was that that was 2017. so it only took you a year to go from sort of writing code to getting your first customer yeah our very first customer is airbnb so one of the things that we learned early on is there's no do's and don'ts when it comes to building a company typically you know people tell you not to go after wales we went after a whale which was airbnb uh they're still our customer um and as a very first paying customer we were extremely nervous obviously we provided uh our at that time really have baked product and uh we did a three-month pilot and that turned into a pretty significant contract was the pilot was the pilot paid or was it free it was paint so we have a lot of vendors who listen that are launching and they want to sell to an enterprise and they are not sure how to structure pilots so so teach them this is a great opportunity for them to learn how did you structure that pilot how did you come up with the price point and when did the first customer have to pay for that up front or at the end of the pilot so they paid up front we every single contract that we have is paid up front and from the gecko we didn't do monthly was annual contract from the beginning so even to this date we have you know all of our contractor annual plus both 50 percent plus our multi-year contract and you have accelerators built in so if it's a two-year contract does it say in year two it'll increase five percent yeah yeah so we build in that um upsell uh amount into the multi-contract but if we know that the company is growing extremely quickly to where it kind of wouldn't make sense to lock us into a price point for the second and third year then we have some caveat there that hey up to this point or up to this employer employee account or interviewer account the second year price will be this but if not then uh then there's a kind of price table that's built into and what does that typical accelerator look like from you know year one to year two do you just build in like a five percent increase or a 10 increase like what does that look like how do you think about that so at the same contract term seven percent increase is default um but if you are using more of the product then your interval account has significantly increased then there's a price table that they you you report to they record you put them into a new package yeah yeah yeah so again if they're expanding they're going to pay you more because of the expansion right they have more employees there's more interviewers but if they don't do anything it's the same contract just going year one to year two they're gonna see us about a seven percent increase that's great that's super cool okay um talk to me about how you got airbnb's attention as a startup like they should ignore you how did that sales process look like to get the pilot yeah it was a ton of hustling we from the beginning we really leveraged our advisor community that we built so people who were in recruiting industry that had their name fairly known in the community we worked with them on an advisory type of relationship and they introduced us into airbnb at the beginning someone within airbnb wasn't someone who wasn't necessarily high up in the work but it was just a step in uh we were able to put our foot in the door and then through that we hustled a lot we did some really crazy stuff like we delivered cookies every day to the team we just like called people randomly and said hey uh we will just drop off cookies and want to see how your manual process looks like and if we can you know do anything to fix that and so on so we were able to kind of get in through a ton of hustling through you know making connection and meaningful relationships and then uh and then they really we built trust with them on a person-to-person basis that's how we were most of the pilot i mean that's such a hard thing to come up with because you're just guessing you have no customers like what was the cost yeah so that's a great question pricing is just it's a science and art uh and i don't think anyone is really you know it's able to nail that down from the get-go um we so it was a five-figure deal i can't share exactly how much but five figure deal and then it turned into a six-figure deal very cool one spider-man so if someone's listening right now and they want to do what you did and sell to a big customer like airbnb like as their first customer going out and sort of structuring a three-month pilot where you know it says hey for us to execute this it's going to be something between 10 000 and 90 000 you know to execute this you pay it up front and then if it goes well you basically say hey everyone if this goes well at the end of three months to find x y and z then you upgrade to an annual like some bigger contract totally totally so you know one thing that we did i think we did pretty well from the beginning is that we weren't afraid of asking for money i think uh early early on uh founders are more afraid that hey if i ask for a lot of money then what if they say no but if that ruins the relationship if they find value they're willing to pay especially in large enterprise customers that have really huge pain points so i would say don't be afraid of asking for money all right so first customer this pilot in 2017 one year after you guys are writing the first line of codes together all technical co-founders uh fast forward to today how many customers like airbnb are you working with today so we have uh we have about between 300 and 400 corporate customers that includes you know salesforce airbnb dropbox box snapchat shopify coinbase and more so really amazing customer base are working with us that makes a lot of sense now you mentioned obviously you have the cheapest plan which is sort of 5 000 bucks per year how do you handle those leads versus you know a sales force or a shopify lead in your sales process a great question so we uh split our sales team into growth um growth is a smaller segment within smb um and then we have mid-market and enterprise so from sales perspective uh we have different sales teams with different skill sets um and for those kind of five thousand to ten thousand dollar customers that are really on a smaller scale but they raised a ton of money they have to grow like crazy and they're able to make decisions really quickly we have sales team that's really well versed in this kind of high speed type of sales process and then also all the way to enterprise where it's more slower but more customized and would you say those smb customers i mean you see power laws typically when you study sort of a customer base would you say those smbs make up you know one to 200 of your you know 300 to 400 total customers that's a great question so uh not necessarily numbers i'm it's not type of it's i can't really remember off the top of my head in terms of the exact numbers but from revenue perspective we have almost one-third in smb one-third in mid-market and one-third in enterprise we have pretty good distribution amongst all segments oh wow okay um and how do you define min markets like acvs between x and y or would you say are mid-market so our mid-market our segments are based on number of employees so mid market is from 500 to 2000 and enterprise is 2 000 plus and what is if you convert 500 to 2000 fts in mid market if you convert that to an actual price these are like 50 000 to like 200 000 contracts for you something like that so mid market deals are uh smb acp is about twenty five thousand dollars or so mid market is from the market acv is about 60 to 70k and enterprises low six figure low six figures very cool and then um again so so obviously nice growth story here um talking about the team today you mentioned talk about your sales team a little bit you guys are all three technical co-founders how many total people are on the team today we have about 70 people on our team um about half are in product and engineering and the other half are in go to marketing operations and were the three of you when you launched you were all coding together were you all nice to each other did you just split equity evenly and call it a day yeah um oh wow i didn't expect that question uh yes completely even me amongst the amongst the three of us uh we didn't wanna you know have an unnecessary discussion other than growing the company so we split that exactly one third one third one third that's fair okay that's right and some people go you know they look back they go man splitting equally wasn't the right choice because something happened but you guys right now you still feel good about about how you guys did that early on that's a great question i never thought about it but yeah i don't necessarily regret that decision because it didn't generate any you know not necessary discussion we were uh all working extremely hard with each other you know uh together so no i don't regret the decision very cool okay talk to me uh last thing here before we wrap up um how have you guys decided to build the business in terms of capital are you bootstrapped or have you raised so we raised we raised 16 million to date um and we're yeah we're extremely capital efficient our revenue is in double digit million so we we knew how to grow we it's really built into our dna to be capital efficient yeah i love that and how do you define capital like i define capital efficiency as a company is raised less than their total arr how do you define capital efficiency i think it's about the same we are we are in double digit million in terms of ar rbrp low uh slightly below uh how the the total funding that we've raised but with the money that we have raised with the runway runway that we expect in the future i think we even have a chance to get into profitability in the near future and go past the total amount of funding that we've raised so i think that's what that's how i define capital efficiency and and what about growth right so if you raise 16 million and you're doing a little less than that say let's just make it up and say 12 or 13 million run rate today what's your growth rate where were you like one year ago would you say so we're growing at about two eggs wow okay so something like you know five million a year ago you've more than doubled the last 12 months so we right five to six million uh in the middle of 2021 last year yeah that's a healthy growth rate in a very competitive space congratulations erin anything else you want to chat about in terms of new products before we wrap up uh so good time meat actually is our new product that anyone can use and it's really used within sales team customer success teams for internal and also for internal meetings as well so and it's a free product if anyone wants to try it i would highly encourage that you go to goodtime.io and sign up for it guys check it out goodtime.io aryan let's wrap up here with the famous five number one your favorite book my favorite book there um oh my god if you can kind of edit the the portion that i'm kind of thinking trying to memorize what the book name was um it's wow it's gonna bother me email email me later what it was okay sure all right number two is there a ceo you're following or studying that i'm following and studying can you just give me five minutes can i just think about this really quickly no we want we don't want you to we don't only to be premeditated we want to be top of mind if there's no on top of mind we can skip it okay let's keep that there all right number three what's your favorite online tool for building good time online tool for building good time um we use asana a lot for project management and notion asana notion number four how many hours of sleep to get every night eight hours and what's your situation married single kiddos uh married no kids no kids yet okay and do you mind me asking how old you are what uh i'm uh let's say between 35 and 40. okay fair enough the reason i ask is now take us back to when you were 20. what's something you wish you knew when you were 20. ah i really wish i actually pursued engineering degree i was an accounting major yeah very cool guys ariane with again goodtime.io uh they helped today over 300 customers do video recordings and really automate the hiring system they integrate with a lot of these ats systems but they launched a new product free today where you can record meetings internally manage them really sort of video management uh sas altogether when you look at it they've got doing over 1 million a month right now in revenue up from sort of 500 600 000 bucks a month a year ago so really healthy growth rate and i love this very capital efficient they raised 16 million bucks and reached nice revenue scale so they're not one of these folks out there just raising as much as they can at ridiculous valuations aryan congratulations and thanks for taking us to the top thank you thank you for having me one more thing before you go we have a brand new show every thursday at 1 pm central it's called shark tank for sas 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 1 pm central additionally remember these recorded founder interviews go live we release them here on 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