GoodTime Revenue (2024)

[00:00] Hey guys, recording this here on what is it? Friday the nineteenth. Maybe you're seeing this on Monday at the latest, but wanna let you know we are almost sold out for Foundercomp Sorry, Founder500 in Austin, Texas here in about a week. It's gonna be an amazing event. 500 B2B SaaS founders. I'm looking at the attendee list. There's almost 60 founders with more than $67,000,000 in ARR. It's an incredible group of group. There's over one and fifty [00:27] with more than 1,000,000, more than a million revenue. It's an incredible group. You don't wanna miss it. Grab your hotel, grab your flight, grab a ticket right now. I'll put the link in the bio 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 Ahryun Moon. She is [00:48] the CEO and co founder of goodtime. She loves to take risks, change the rules of the game, and take the road less traveled. Now creating automated meeting scheduling for enterprises at goodtime.io. Ahryun, you ready to take us to top? [01:00] >> Yeah. Absolutely. Hi. I'm Ahryun Moon, one of the cofounders and CEO of goodtime. Goodtime is all about making meetings smarter. We started with interviews, which is our first flagship product called Goodtime Hire. We've recently branched out to all the other meetings, including sales, CS, and other internal and external meetings, which is supported by our second product, Goodtime Meet. And super excited to be on this show and tell you more about goodtime. [01:27] No. I appreciate you joining. So how do you compare? Know, I think folks obviously know like Chili Piper, they know Calendly. How are you differentiating from some of the other players? [01:35] >> Yeah, definitely. So, goodtime hire, 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, on data, we put the right interview margin to each and every interview. Also, we provide a lot of data and insights back to our customers so that their [02:06] >> interview process continuously improves. [02:09] So do you see yourself going up more against the traditional applicant tracking systems? [02:13] >> So goodtime hire works with the applicant tracking systems. We are really good partners with top seven to eight applicant tracking systems. So we're not reinventing or rebuilding applicant tracking systems, we are really seriously augmenting applicant tracking systems. [02:31] And Ahryun, 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? [02:37] >> Yeah. So, goodtime hire is based on number of interviewers that you actively utilize on a monthly basis. Goodtime Meet is a new product that does compete with likes of Calendly and other products that are used for meeting coordination. Pricing on goodtime meet is being discussed and being determined at this point. It's a free product for now, but monetization is coming down the pipe pretty soon. [03:10] I see. Very cool. Let's chat more about that after we get more of your backstory. 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? [03:26] >> That's a great question. So it may range from our smallest contract would be about $5,000 That would be for a very small company, less than 100 employees. One of our largest customers is Salesforce, and I'm not allowed to it's confidential information. I'm not allowed to share exactly how much customers are paying, but it can range for enterprise customers, can range from low 100 k all the way to 300 to $400,000 [03:55] And so when you say $5,000 ARPU on your smallest, that's monthly, so it's 60,000 annually? [04:01] >> So pay your small company $5,000 yearly price. [04:05] Oh, year. Okay. Got it. So you've got ones as small as 5,000 per year and then ones as big as $300, $400, $500,000 per year? [04:12] >> Correct. [04:13] I see. And is the only thing you're upselling against number of interviewers per month or is there other upsells you sell? [04:21] >> There are other upsell points. We are continuously bringing more innovative features. And part of the innovative features that we have deployed, there were three features that we actually realized have really high correlation to customer happiness, retention, their success on our platform. Those three features, we kept the usage and above that, there's upsell point above that. But the product itself is usable without those upsell features. But if you use those features, then we know you can be [04:55] >> way more successful and your candidates will appreciate the process better and so on. So there are some upsell points beyond just interviewer counts. [05:04] Very cool. Oh, 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, [05:28] you connect your 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, [05:53] 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 [06:15] 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 founder 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. [06:40] Maybe you're going 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. All right, we're gonna go back to the YouTube video here in a [07:02] second, but if you 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 [07:29] back into the interview. Let's put this a bit on a timeline so we can get your backstory here. When did you guys write the first line of code for the platform? [07:37] >> That was 2016. Was actually one of the so out of three cofounders, we were all technical. So I did I built the entire front end for goodtime. Our CTO built the back end, and then our CTO did design and product. [07:54] Oh, wow. [07:54] >> And now that was 2016, and the rest is history. [07:59] What what talk to me about the first, like, couple years. Were there any nervous moments regards like, oh my gosh, is anyone actually gonna buy this thing? [08:07] >> Oh, yeah. Definitely. When we first got the check, real check from one of our customers, it was very celebratory moment. We even have a photo of us holding the check together. [08:20] What year was that? [08:21] >> That was 2017. [08:23] So it only took you a year to go from sort of writing code to getting your first customer. [08:27] >> Yeah. Our very first customer was 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, people tell you not to go after whales. We went after a whale, was Airbnb. They're still our customer, and as a very first paying customer, we were extremely nervous, obviously. We provided our, at that time, really half baked product. [08:58] >> And we did a three month pilot, and that turned into a pretty significant contract. [09:04] Was the pilot was the pilot paid [09:07] or was it free? [09:08] >> It was paid. [09:09] So we have a lot of founders who listen that are launching and they wanna 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? Upfront or at the end of the pilot? [09:25] >> So they paid upfront. Every single contract that we have is paid upfront. And from the get go, we didn't do monthly, it was annual contract from the beginning. So even to this date, have all of our contracts are annual plus both 50% plus are multi year contracts. That's You [09:47] do have accelerators built in. So if it's a two year contract, does it say in year two, it'll increase 5%? [09:53] >> Yeah. Yeah. So we build in that upsell amount into the multi year 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 count or interviewer count, the second year price will be this. But if not, then then [10:22] >> there's a kind of price table that's built into. [10:25] And what does that typical accelerator look like from, you know, year one to year two? Do just build in, like, a 5% increase or a 10% increase? Like, what what does that look like? How do you think about that? [10:35] >> So at the same contract term, 7% increase is default. But if you are using more of the product, then your interviewer count has significantly increased, then there's a price table that you refer to, then you put them into a new package. [10:51] 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 7% increase. [11:03] >> That's correct. [11:04] That's super cool. Okay. 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? [11:13] >> Yeah. It was a ton of hustling. 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. It wasn't someone who wasn't necessarily high up in the org, but it was just a step in. We were able to put [11:46] >> 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 called people randomly and said, Hey, we will just drop off cookies and want to see how your manual process looks like and if we can do anything to fix that and so on. So we were able to kind of get in through a ton of hustling, through making [12:12] >> connection and meaningful relationships. [12:16] >> And then they really we built trust with them on a person to person basis. That's how we were able pilot. [12:23] 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? [12:27] >> Yeah. [12:29] >> That's a great question. Pricing is just science and art, and I don't think anyone is really able to nail that down from the get go. [12:42] >> So it was a 5 figure deal. I can't share exactly how much, but 5 figure deal, and then it turned into a 6 figure deal. [12:50] Very cool. [12:50] >> Once pilot So [12:52] if someone's listening right now, and they wanna 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 gonna be something between 10,000 and 90,000, you know, to execute this. You pay it upfront. And then if it goes well, you basically say, hey, Airbnb, if this goes well at the [13:10] end of three months to find x, y, and z, then you upgrade to an annual, like some bigger contract. [13:15] >> 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. [13:27] >> I think early on, founders are more afraid that, hey, if I ask for a lot of money, then what if they say no? What 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. [13:48] Alright. So first customer of this pilot in 2017, one year after you guys are writing the first line of codes together, all technical co founders. Fast forward to today, how many customers like Airbnb are you working with today? [13:59] >> So we have we have about between three hundred and four hundred corporate customers. That includes, you know, Salesforce, Airbnb, Dropbox, Box, Snapchat, Shopify, Coinbase, and more. So really amazing customer base are working with us. [14:17] That makes a lot of sense. Now you mentioned, obviously, you have the cheapest plan, which is sort of $5,000 per year. How do you handle those leads versus, you know, a Salesforce or a Shopify lead in your sales process? [14:29] >> That's a great question. So we split our sales team into growth. Growth is a smaller segment within SMB, and then we have mid market and enterprise. From sales perspective, we have different sales teams with different skill sets. And for those kind of $5,000 to $10,000 customers that are really on a smaller scale, but they raised a ton of money, they had to grow like crazy, and they're able to make decisions really quickly. We have sales team [15:03] >> 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. [15:13] And would you say those SMB customers, I mean, 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? [15:25] >> That's a great question. So, not necessarily numbers. It's not top of 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. [15:45] Oh, wow. Okay. And and how do you define mid market? So, like, ACV is between x and y, or would you say are mid market? [15:51] >> So, our mid market our segments are based on number of employees. So, mid market is from 500 to 2,000, and enterprise is 2,000 plus. [16:00] And what is if you convert 500 to 2,000 FTEs 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? [16:09] >> So mid market deals are SMB ACV is about $25,000 or so. Mid market from mid market ACV is about $60 to 70 k. Net enterprise is low 6 figure. [16:24] Low 6 figures. Very cool. And then, again, so so obviously nice growth story here. Talk to me 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? [16:35] >> We have about 70 people on our team. [16:40] >> About half are in product and engineering and the other half are in go to market and operations. [16:46] 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? [16:53] >> Yeah. Oh, wow. I didn't expect that question. Yes. Split evenly amongst the three of us. 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. [17:11] That's fair. Okay. That's fair. 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 how you guys did that early on? [17:22] >> 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, non necessary discussion. We were all working extremely hard with each other together. So, no, I don't regret the decision. [17:41] Very cool. Okay. Talk to me last thing here before we wrap up. How have you guys decided to build the business in terms of capital? Are you bootstrapped or have you raised? [17:49] >> So we raised 16,000,000 to date. And we're extremely capital efficient. Our revenue is in double digit million. So we knew how to grow. It's really built into our DNA to be capital efficient. [18:08] I love that. And how do you define capital? Like, I define capital efficiency as a company has raised less than their total ARR. How do you define capital efficiency? [18:17] >> I think it's about the same. We in double digit million in terms of ARR. We are below, slightly below the total funding that we've raised. But with the money that we have raised, with the 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. I think that's what that's how I define capital efficiency. [18:50] And and what about growth? Right? So if you raise 16,000,000 and you're doing a little less than that, say, let's just make it up and say 12 or 13,000,000 run rate today, what's your growth rate? Where were you like one year ago, would you say? [19:00] >> We were growing at about two x every year. [19:03] Wow. Okay. So something like, you know, 5,000,000 a year ago, you've more than doubled the last twelve months. [19:10] >> So we right. Five to 6,000,000 in the middle of twenty twenty one. [19:17] Last year. Yeah. That's a healthy growth rate in a very competitive space. Congratulations, Ahryun. Anything else you wanna chat about in terms of new products before we wrap up? [19:28] >> So goodtime meet 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. [19:49] Guys, check it out. Goodtime.io. Ahryun, let's wrap up here with the famous five. Number one, your favorite book. [19:55] >> My favorite book. There [19:58] >> oh my god. If you can kinda edit the the portion that I'm kind of thinking. No. Memorize what the book name was. [20:07] >> It's wow. It's gonna bother me. [20:10] We can skip it. Email email me later what it was. Okay? [20:13] >> Sure. [20:14] Alright. Number two, is there a CEO you're following or studying? [20:19] >> CEO that I'm following and studying. [20:24] >> Can you just give me five minutes? Can I just think about this really quickly? [20:28] No. We want we don't want you to we don't want only to be premeditated. We want it to be top of mind. If there's no one top of mind, we can skip it. [20:34] >> Okay. Let's skip that then. [20:35] >> Alright. [20:36] Number three, what's your favorite online tool for building goodtime? [20:41] >> Online tool for building goodtime. [20:50] >> We use Asana a lot. [20:53] That's a good one. [20:54] >> Project management and Notion. [20:56] >> Asana and Notion. [20:57] Number four, how many hours of sleep do get every night? [20:59] >> Eight hours. [21:01] And what's your situation? Married, single, kiddos? [21:04] >> Married, no kids. [21:05] No kids yet. Okay. And do you mind me asking how old you are? [21:09] >> What? I'm, let's say, between 35 and 40. [21:15] 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? [21:21] >> I really wish I actually pursued engineering degree. I was an accounting major. Accounting and engineering. Yeah. Wish I knew. Yeah. [21:32] Very cool. Guys, Ahryun with, again, goodtime.io. 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 SaaS altogether when you look at it. They've got doing over 1,000,000 a month right now in revenue up from sort of $500,000, $600,000 bucks a month a [21:54] year ago. So really healthy growth rate. And I love this. Very capital efficient. They've raised $16,000,000 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. Ahryun, congratulations, and thanks for taking us to the top. [22:07] >> Thank you. Thank you for having me. [22:10] One 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 1PM [22:35] Central. Additionally, remember these recorded Founder interviews go live. We release them here on YouTube every day at 2PM Central. To make sure you don't miss any of that, make sure you click the subscribe button below here on YouTube, the big red button, and then click the little bell notification to make sure you get notifications when we do go live. I wouldn't want you to miss breaking news in the SaaS world, whether it's an acquisition, a big [22:57] fundraise, a big sale, a big profitability statement or something else. I don't want you to miss it. Additionally, if you wanna take this conversation deeper and further, we have by far the largest private Slack community for B2B SaaS founders. You want to get in there. We've probably talked about your tool if you're running a company or your firm if you're investing. You can go in there and quickly search and see what people are saying. Sign up [23:19] for that at nathanlatka.com/slack. In the meantime, I'm hanging out with you here on YouTube. I'll be in the comments for the next thirty minutes. Feel free to let me know what you thought about this episode and if you enjoyed it, click the thumbs up. We get a lot of haters that are mad at how aggressive I am on these shows, but I do it so that we can all learn. We have to counter those people. We [23:39] got to push them away. Click the thumbs up below to counter them and know that I appreciate your guys'support. Alright, I'll be in the comments. See you.