Habu Revenue, Valuation & Funding (2024)

Habu generated an estimated $21.6M in annual revenue in 2024.

Habu was generating approximately $1 million per month in revenue as of February 2022, a figure Matthew Kilmartin confirmed directionally on the record. With 50 enterprise customers and an average contract value in the mid-$300,000 range on an annualized basis, the implied annual run rate was roughly $12 million at the time of the interview.

Habu reported approximately 50 enterprise customers as of February 2022, with Kilmartin noting the company was on the verge of crossing that threshold by the end of the month of the interview. Named customers include Disney, L'Oreal, and Roku.

The average contract value was in the mid-$300,000 range on an annual basis. Habu does not charge both sides of a data collaboration relationship. The licensee is typically the party standing up the clean room environment, which can be either the media owner or the advertiser or retailer depending on who initiates the collaboration. The company does not operate a seat-based pricing model. Upsell is driven by consumption of additional data clean room slots and by more advanced modules such as machine learning capabilities layered on top of the base data-to-data collaboration product.

Habu sells annual licenses with a consumption-based upsell component. Customers purchase a set number of data clean room slots and pay more as they activate additional slots or adopt advanced modules. The company does not charge both sides of a collaboration, collecting revenue from one licensee per engagement.

Net dollar retention was 120 percent as of the February 2022 interview, confirmed by Kilmartin. The company had 6 quota-carrying sales representatives at the time, each targeting approximately $1.2 million in annual quota, equivalent to roughly $600,000 per six-month quota period. Kilmartin noted the company was still using six-month quota cycles given the early stage of its selling motion. The sales team is 75 percent women, which Kilmartin described as rare for a sales organization.

Habu had not yet built a formal paid marketing function or calculated a customer acquisition cost as of the interview, having just hired a Chief Marketing Officer. Growth to date has relied on partner co-marketing, particularly through the Snowflake relationship, and on virality driven by the network effect of non-paying collaborators gaining exposure to the software through paying licensees. Profitability was not discussed in the interview. The company placed 8 to 10 proof-of-concept bets during its commercial launch period in 2020, each lasting 90 to 120 days, and every one of those engagements converted to a paying customer.

Habu employed just under 50 people full time as of February 2022, with Kilmartin citing a figure of approximately 50 across the team. Of that total, roughly 25 were engineers, representing approximately half the workforce. The company had 6 quota-carrying sales representatives at the time. All 50 employees hold equity through an options package included with every offer letter.

Kilmartin acknowledged the company stayed lean on sales and marketing for too long relative to its engineering investment and noted that adding sales and marketing capacity was a key priority following the Series B close. A Chief Revenue Officer with domain expertise had recently joined, as had a new Chief Marketing Officer.