Founder Interview
How Indicio Technologies Reached $204K in Annual Revenue Across 18 Customers (Interview with CEO Frans Andersen)
- Interview Date
- January 4, 2023
- Interviewee
- Frans AndersenCEO
Company Metrics at Interview Time
Annual Revenue (2023)
$204K
Total Customers (2023)
18
Valuation (2022)
$7,500,000
Team Size (2023)
8
Total Raised
$930,000
Historical Snapshot
These numbers were reported by Frans Andersen during his interview recorded in January 2023 and represent a historical snapshot, not current figures. See Indicio Technologies’s current numbers.
Key Takeaways
- 01Indicio Technologies reported approximately $204K in annual revenue as of early 2023, or about $17,000 per month
- 02Revenue grew from roughly $6,000 per month a year prior to $17,000 per month at interview time
- 03The company has 18 total customers: 12 industrial and 6 finance sector clients
- 04A finance sector partnership launched in 2022 drives the finance segment, with the partner owning the customer relationship and taking 50% of revenue
- 05Industrial clients are charged 4,000 euros per site per month for the first site and 3,000 euros per month for additional sites
- 06Finance sector clients are priced at $20,000 per seat per year
- 07The company raised $400K at a $7.5M valuation in 2022, bringing total funding to $930,000 across three rounds
- 08The team of 8 includes 6 engineers and 3 co-founders
- 09The company was founded in 2017 and wrote its first line of code that year
- 10Frans Andersen and one co-founder initially split equity 50/50, with a third founder joining about a year later at 10%
Company Metrics at Time of Interview
| Metric | Value | Source |
|---|---|---|
| Annual Revenue (2023) | $204K | Founder interview, Jan 2023 |
| Monthly Revenue (2023) | $17,000 | Founder interview, Jan 2023 |
| Monthly Revenue (prior year) (2022) | $6,000 | Founder interview, Jan 2023 |
| Total Customers (2023) | 18 | Founder interview, Jan 2023 |
| Industrial Customers (2023) | 12 | Founder interview, Jan 2023 |
| Finance Customers (2023) | 6 | Founder interview, Jan 2023 |
| Team Size (2023) | 8 | Founder interview, Jan 2023 |
| Engineers (2023) | 6 | Founder interview, Jan 2023 |
| Co-Founders | 3 | Founder interview, Jan 2023 |
| Year Founded | 2017 | Founder interview, Jan 2023 |
| Seed Round (2018) | $130,000 | Founder interview, Jan 2023 |
| Valuation at Seed (2018) | $1.3M | Founder interview, Jan 2023 |
| Series A Round (2019) | $400,000 | Founder interview, Jan 2023 |
| Valuation at Series A (2019) | $2,000,000 | Founder interview, Jan 2023 |
| Latest Round (2022) | $400,000 | Founder interview, Jan 2023 |
| Valuation at Latest Round (2022) | $7,500,000 | Founder interview, Jan 2023 |
| Total Raised | $930,000 | Founder interview, Jan 2023 |
| Partner Revenue Share (2023) | 50% | Founder interview, Jan 2023 |
| Industrial Site Pricing (first site) (2023) | 4,000 euros per month | Founder interview, Jan 2023 |
| Industrial Site Pricing (additional sites) (2023) | 3,000 euros per month | Founder interview, Jan 2023 |
| Finance Sector Pricing (2023) | $20,000 per seat per year | Founder interview, Jan 2023 |
Growth Breakdown
Revenue
Indicio Technologies reported approximately $204K in annual revenue as of early 2023, equivalent to about $17,000 per month. This represents roughly a doubling from approximately $6,000 per month a year earlier, driven largely by the ramp-up of a new finance sector partnership that began converting paying clients in August 2022.
Customers
The company had 18 total customers at interview time: 12 industrial clients billed directly and 6 finance sector clients acquired through a partner. Frans Andersen noted the finance segment was growing quickly, with the partner adding clients on an ongoing basis, and projected a roughly 50/50 split between the two segments within a few months.
Team
Indicio operates with a team of 8 full-time employees, 6 of whom are engineers. Frans Andersen noted the technology has taken significant time to build, reflecting the company's developer-heavy composition since its founding in 2017.
Funding
The company has raised a total of $930,000 across three rounds: $130,000 in 2018, $400,000 in 2019 at a $2M valuation, and $400,000 in 2022 at a $7.5M valuation. The 2022 round was raised primarily from existing investors and was supported by the projected growth potential of the new finance partnership.
Growth Strategy
Finance Sector Partnership
Indicio signed a partnership with a financial data vendor that took on full distribution responsibilities including sales, customer success, onboarding, and support. The partner holds the customer relationship and receives 50% of revenue, while Indicio benefits from the partner's large global sales organization reaching a new target audience.
Partner Enablement and Co-Marketing
Frans Andersen described spending the spring of 2022 training the partner's entire sales organization as well as their support and customer success teams. The partner then ran webinars on Indicio's technology through the summer, converting the first paying finance client in August 2022.
Exclusivity as Leverage
Indicio granted the finance partner one-year exclusivity, renewable annually, which Frans Andersen described as a deliberate choice to maintain negotiating power. He argued that because Indicio's technology helps the partner reach a new target audience, the competitive dynamic favors Indicio rather than the partner.
Iterative Pricing
The company iterated its pricing model over time, moving to a per-site model for industrial clients and a per-seat annual model for finance clients. Frans Andersen acknowledged that existing industrial clients are on older contract terms, which is why current revenue is lower than a simple multiplication of the latest pricing would suggest.
Visionary Early Adopter Strategy
Frans Andersen credited the Crossing the Chasm framework for guiding early customer acquisition, deliberately targeting visionary buyers who shared the company's vision and provided detailed product feedback. The company's first customer was a bank whose early input shaped the platform's development.
Best Quotes
“So it's yeah. We're a SaaS company, so it's a subscription based. We're charging for for the industrial companies €4,000 per site and or for the first site and for additional sites, it's a €3,000 per month.”
“Two sorry. 20,000. I'm trying to convert.”
“So finance, they were selling through a partnership. So we signed a partnership agreement for roughly a year ago. We spent the spring to teach their whole sales organization, as well as their support and customer success. And during the summer, they started to hold webinars upon our technology. And during August, they were converting the first paying client. So this is the segment that is, I mean, increasing exponentially, because this partner has a large global sales organization.”
“So we split it fifty fifty, which is giving a lot, away, but they're also taking the whole distribution. So they're taking the sales, the customer success, the onboarding, and the support.”
“Our technology is so cutting edge. So the technology actually helps them to sell their own product and services to reach a completely new target audience. So I think it's kind of the opposite. We are sitting with kind of the power. We have gave them an exclusive exclusivity for for one year and which is renewed on a yearly basis.”
“Not we we have iterated the pricing, over time. So the pricing that I told you is the latest pricing. So we have clients with the older contracts. So the total revenue is roughly, I would say, 200, 210,000 dollars.”
“So we are eight people today. We are developer heavy. This technology is yeah. It's been taking forever to build.”
“To test to test out to start a company. Test out your your ideas. Just just do it as quick as possible. Don't wait for the right idea to come. Just do it.”
What Happened Next
This interview captures Indicio Technologies at a specific moment in January 2023, when the company had just begun scaling its finance sector partnership and was reporting approximately $204K in annual revenue. The figures and team composition described here reflect what Frans Andersen reported at that time and may differ significantly from the company's current state. For the latest revenue, customer, and funding data, visit the Indicio Technologies company profile on GetLatka.
View Indicio Technologies’s current profile and metricsFull Transcript
Chapters
- 0:00Host Intro and Company Overview
- 1:10Why Automotive, Construction, and Finance
- 1:55How Indicio Differs from CRM Forecasting
- 2:43Pricing Model: Industrial and Finance Sectors
- 3:50Finance Partnership and Revenue Breakdown
- 7:08Partnership Economics and Revenue Split
- 8:37Customer Count: Industrial vs Finance
- 9:31Company Timeline and First Customer Story
- 11:31Total Revenue and Monthly Growth
- 12:24Team Size and Engineering Composition
- 13:15Founder Equity Split
- 13:30Funding History and Investor Buyout
- 17:55What Frans Would Change About Fundraising
- 18:50Famous Five Rapid Fire
- 19:55Advice for Younger Entrepreneurs
Host Intro and Company Overview
Nathan Latka
00:00Guys, indicio.com, he raised a $130,000 early on in the company back in 2018, 2017, selling 10% of the business. That investor then wanted to become CEO, took him in the wrong direction, and then he had Frans to do the hard work of raising $400,000 of more capital at a 2,000,000 valuation, spending 50% of that next round effectively buy out the first investor. Then he started cranking. He got a partnership lined up. They're now doing about $200,000
00:23a year in revenue or $17,000 a month, up from 6,000 a month a year ago. They just closed a well, last year, they closed a series a of $400,000 at a 7,500,000 valuation on the back of the excitement from his new partnership. Hey, folks. My guest today is Frans Andersen. Six years ago, he worked at an OEM evaluating their forecast accuracy, and he realized that a simple statistical model could outperform not only the internal forecast, but
00:47also forecast from international experts by at least 50%. Later on, he tried to find software that apply these models suited for nonstatisticians. He found nothing. That's when he teamed up with his friends to build the best forecasting platform for nonstatisticians. Today, his technology is applied within automotive construction and finance companies, and it's called indicio.com. Franz, you ready to take us to the top?
Why Automotive, Construction, and Finance
Frans Andersen
01:10>> Yeah. Pleasure to be here.
Nathan Latka
01:11You bet. So why automotive construction and finance to start and describe how they use you?
Frans Andersen
01:17>> Yeah. So it all started in an automotive company.
01:24>> So that's why it creates a lot of value for them because with more accurate market and sales forecasts, they can use this information to control the whole company, to adapt their global production prior to, for example, a recession. So
Nathan Latka
01:47Mhmm. Forecasting access better? Mean, I think when people think about sales and forecasting, they, you know, think CRM, they think Salesforce. You know mean? Help us understand how you're different.
How Indicio Differs from CRM Forecasting
Frans Andersen
01:55>> So there's a lot of forecasting going on in in the big enterprises today. The majority of the forecasting is done in a planning software or in a CRM. And the problem with those forecasts is that they do not consider what is happening in the market or the economy. And this was really visual during the pandemic, for example, where a lot of the order volumes were dropping, really quick while the forecasts were still pointing upwards. So that
02:30>> that's kind of the problem with the current forecasting that
Nathan Latka
02:35And help me understand how you price the technology. Right? Is this a flat fee? And if so, what are what's the average company paying you per month to use the tech?
Pricing Model: Industrial and Finance Sectors
Frans Andersen
02:43>> So it's yeah. We're a SaaS company, so it's a subscription based. We're charging for for the industrial companies €4,000 per site and or for the first site and for additional sites, it's a €3,000 per month.
03:03>> And for the financial sector, the pricing is based upon number of users. So it's roughly 200,000 US dollars per user per year.
Nathan Latka
03:21200,000 per per user per year?
Frans Andersen
03:25>> Two sorry. 20,000. I'm trying to convert.
Nathan Latka
03:30Okay. 20, 20,000 dollars per seat per year for the financial sector. And and then it's in our finance and automotive. Those are your two biggest ones, our industrial and finance?
Frans Andersen
03:40>> Yeah. That's that's the two biggest ones.
Nathan Latka
03:42Okay. Interesting. And I guess what's the breakdown? So if you look at total revenue last year, what percent was finance versus industrial?
Finance Partnership and Revenue Breakdown
Frans Andersen
03:50>> So finance, they were selling through a partnership. So we signed a partnership agreement for roughly a year ago. We spent the spring to teach their whole sales organization, as well as their support and customer success. And during the summer, they started to hold webinars upon our technology. And during August, they were converting the first paying client. So this is the segment that is, I mean, increasing exponentially, because this partner has a large global sales organization. Mhmm.
04:33>> And so I think that we're gonna be fifty fifty split between finance and industrial in couple of months from now.
Nathan Latka
04:44Oh, 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
05:08your 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
05:32get 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
05:54not 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. Maybe you're
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06:41if 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 back into
Partnership Economics and Revenue Split
Nathan Latka
07:08the interview. And why go through a partnership model? I mean and what's the sort of kickback? You've gotta incentivize their sales reps to actually sell your tool. Do you split it fifty fifty or what's the rough range of how you split the revenue?
Frans Andersen
07:19>> Yep. So we split it fifty fifty, which is giving a lot, away, but they're also taking the whole distribution. So they're taking the sales, the customer success, the onboarding, and the support. They have
Nathan Latka
07:35Who builds the customer though? Do you own the customer relationship once they sell the customer?
Frans Andersen
07:40>> No. They own the customer.
Nathan Latka
07:43Interesting. And so, I mean, how do you this is like, you know, you you wanna ride the whale until the whale sort of, like, bites back. Right? How do you make sure that they keep using you long term versus someone else comes and says, hey. We'll give you 60%. You know, cancel cancel your partnership with indicio.
Frans Andersen
08:02>> That that's a good one. Our technology is so cutting edge. So the technology actually helps them to sell their own product and services to reach a completely new target audience. So I think it's kind of the opposite. We are sitting with kind of the power. We have gave them an exclusive exclusivity for for one year and which is renewed on a yearly basis. So we can
Customer Count: Industrial vs Finance
Nathan Latka
08:37Franz, if you look at the total customer base today, let's just look at the industrials, the the customers that you own directly. How many customers are paying you on the industrial side today?
Frans Andersen
08:47>> There's a handful, I would say.
08:50>> So it's still early stage.
Nathan Latka
08:52Like, a dozen?
Frans Andersen
08:52>> Yeah.
Nathan Latka
08:54Yeah. Okay. Something like 12. And then on the partnership side, is it also like a dozen or about how many have signed up on the finance side?
Frans Andersen
09:03>> It's it's half of that. So I think roughly six clients, but it's growing. They're adding I don't know.
Nathan Latka
09:13So you have 18 total customers. Six are finance, 12 are industrials.
Frans Andersen
09:17>> That's correct.
Nathan Latka
09:20Okay. Interesting. So I guess now that we understand sort of how many customers you have and what the product does, put this all in a a timeline for us. When did you write the first line of code for the platform?
Company Timeline and First Customer Story
Frans Andersen
09:31>> That was back in 2017.
Nathan Latka
09:382017. Okay. And guess walk me through how you got your first customer. Do you remember?
Frans Andersen
09:45>> Yeah. So that was a bank. And he I don't know if you read Crossing the Chasm, the book.
Nathan Latka
09:54Of course, Geoffrey Moore, yep.
Frans Andersen
09:55>> Yeah, talking about the visionary people that you should attract in the beginning. And he was a truly visionary. He shared our vision and he gave us so much good feedback upon how to to create a lot of value for the end user.
Nathan Latka
10:14And is he still paying today?
Frans Andersen
10:17>> No.
Nathan Latka
10:18Come on, Frans.
10:19What happened? What happened?
Frans Andersen
10:22>> He was getting a new manager with budget restriction,
10:29>> and we didn't have the partnership with a financial data vendor back then, and that was he really needed that to to get the data integrated into the platform in a smooth way.
Nathan Latka
10:42Mhmm.
Frans Andersen
10:42>> Mhmm. So that dialogue is actually up and running now again to to get him as a user.
Nathan Latka
10:50And so your first user was financial. Going back to industrials for a second, you mentioned 12 industrial customers. How many sites do those 12 industrial customers have on your platform today?
Frans Andersen
11:02>> So it takes roughly one to two year to get to get it from one site to to the next.
Nathan Latka
11:13So most of them have one site with you?
Frans Andersen
11:16>> Yeah. That's correct. And we have a couple that's just expanding.
Nathan Latka
11:20Okay. So if you charge you told us earlier 4,000 per site times 12 customers. I mean, can we can we do that math? You're doing about $50,000 a month in revenue from that part of the business?
Total Revenue and Monthly Growth
Frans Andersen
11:31>> Not we we have iterated the pricing, over time. So the pricing that I told you is the latest pricing. So we have clients with the older contracts. So the total revenue is roughly, I would say, 200, 210,000 dollars.
Nathan Latka
11:53Per year right now?
Frans Andersen
11:54>> Yeah.
Nathan Latka
11:55Okay. So 200,000 per year. That means you're doing about $17,000 per month right now. And what were you doing exactly one year ago?
Frans Andersen
12:06>> Half or not even half of that, I would say.
Nathan Latka
12:10So it's maybe, like, six thousand dollars a month a year ago. Now you're at $17,000 a month, something like that. Okay. And I guess tell me more about the team. You've been working on this since 2017, so you're now almost six years in. How many folks are full time today?
Team Size and Engineering Composition
Frans Andersen
12:24>> So we are eight people today. We are developer heavy. This technology is yeah. It's been taking forever to build.
Nathan Latka
12:33How many engineers, Ron?
Frans Andersen
12:36>> It's
12:40>> six six engineers.
Nathan Latka
12:43And do you also write code?
Frans Andersen
12:45>> No. Not any longer. I did in the beginning.
Nathan Latka
12:48Okay. Are you the only founder?
Frans Andersen
12:51>> No. We are three three founders.
Nathan Latka
12:54Founders. Okay. Were you guys nice to each other at the beginning? You split equity evenly, 33% each?
Frans Andersen
13:00>> We the first two, we split it at fifty fifty, and the third one was coming in on 10%.
Nathan Latka
13:10Okay. How many years late did the third one join?
Founder Equity Split
Frans Andersen
13:15>> I think it was a year later or so.
Nathan Latka
13:18Oh, okay. Okay.
13:19So it's sort like, 40, 40, you know, 20, something like that. You know, '45, 45, 10, something like that right now.
13:25So you've bootstrapped today. You haven't sold anything to investors?
Funding History and Investor Buyout
Frans Andersen
13:30>> We have taken in some capital couple of times.
13:38>> First round was really rough.
Nathan Latka
13:40Was that? What year?
Frans Andersen
13:42>> The first round, could it have been 2018 or '7?
Nathan Latka
13:49And how much did you raise then?
Frans Andersen
13:54>> 130,000 US dollars.
Nathan Latka
13:57And why was it rough?
Frans Andersen
13:59>> We we were choosing between getting investments from a couple of business angels or one. And we thought that, oh, it's gonna be so much easier with a contact and just just having one. But he he had his own plan, upon becoming the CEO of the company and trying to push us into to take more of his money and
Nathan Latka
14:28Oh, so you he a part of him putting in the money, you guys had to make him CEO?
Frans Andersen
14:33>> Yeah. That that's what he wanted. In the in the end, we we bought him out. And Mhmm.
Nathan Latka
14:39Well, how much equity did he buy when he put in a $130,000?
Frans Andersen
14:43>> 10%, I think.
Nathan Latka
14:46Okay. So you raised it like a 1.1, 1.2, $1,300,000 valuation.
14:52Okay. It's not easy to rip somebody out. Right? To the extent you can share, I mean, how did you get rid of, you know, effectively a founder that put money in that wasn't working anymore?
Frans Andersen
15:03>> So we we bought him out, and he he was getting a good return. I think it was 50% return or something like that.
Nathan Latka
15:14You bought him out for, like, $200,000, something like that?
Frans Andersen
15:20>> Yeah. I think it was something like that.
Nathan Latka
15:22Okay. And where did you get that money from?
Frans Andersen
15:25>> From other investors. So it's So
Nathan Latka
15:28what was what was the next round of money you raised then after him?
Frans Andersen
15:34>> Roughly around or a little bit more than 2,000,000 in valuation.
Nathan Latka
15:42What year?
Frans Andersen
15:44>> Oh, I I need to look at the cap table. It was one year later.
15:49>> The 2019?
Nathan Latka
15:50Yeah. Okay. So you raised and how much did you raise?
Frans Andersen
15:58>> It was a 10% dilution.
Nathan Latka
16:02So The 200,000?
Frans Andersen
16:04>> Yep.
Nathan Latka
16:05Okay. And and a bunch of that money went to buying up the first investor, basically?
Frans Andersen
16:12>> No. That was on top. So 200,000 plus the 200,000 for the first investor.
Nathan Latka
16:20Well, Well, I thought you said the first investor put in about a 130,000.
Frans Andersen
16:23>> Yeah. Yeah. But we needed to buy him out to get him a good return.
Nathan Latka
16:28My question is the second 200 the 200,000 you raised in 2019, the majority of that money go towards buying out the first investor?
Frans Andersen
16:37>> No. That was an additional 200,000.
Nathan Latka
16:41So you raised 400,000 at a 2,000,000 valuation?
Frans Andersen
16:44>> Yeah.
Nathan Latka
16:45Oh, I see. Okay. Got it. And then have you raised any since then?
Frans Andersen
16:50>> Yeah. We have. I don't have all the details of all the rounds that we have been doing. The latest one was with a valuation of
17:02>> 7,500,000 US dollars.
Nathan Latka
17:07Was this last year?
Frans Andersen
17:09>> Yeah.
Nathan Latka
17:10And how much did
17:11you raise?
Frans Andersen
17:12>> It was even this year.
Nathan Latka
17:16What do you mean this year?
17:17It's been four days
Frans Andersen
17:18>> Sorry. In the 2022.
Nathan Latka
17:21And how much did you raise?
Frans Andersen
17:26>> We raised it was just a small round for the current investors. Think it was 400,000.
Nathan Latka
17:36And how did you convince them to give you a 7,500,000 valuation wherein you were doing about $6,000 a month in revenue at the time?
Frans Andersen
17:43>> Due to the partnership
17:46>> potential.
Nathan Latka
17:47I see. You use the partnership, right, and future projections to go get a higher valuation to raise the extra money.
Frans Andersen
17:54>> Yep.
What Frans Would Change About Fundraising
Nathan Latka
17:55That's great. Now, there anything looking back in terms of how you raised the money, is there anything you would change?
Frans Andersen
18:02>> Yeah. There's a lot. So
18:07>> during the Christmas holiday, I was watching the the playlist on Netflix. I don't know if you've seen it.
18:14>> It's about how Spotify was founded, and they did it super quick, I mean, compared to us. That's been taking, like, five years. And I think to raise a big round in the beginning, building the dream team of everyone that you need to both build a product, but selling it and getting partnerships, that's where you need Mhmm. The real experience.
18:46>> So that's something that I would change.
Famous Five Rapid Fire
Nathan Latka
18:50Well, Franz, you've got the new partnership cranking. We're excited to see what happens next. We're out of time today, though. Let's wrap up with the famous five. Number one, favorite business book.
Frans Andersen
18:59>> Crossing the Chasm.
Nathan Latka
19:00Number two, is there a CEO you're following or studying?
Frans Andersen
19:09>> Oh, that was a good one. No. Not really.
Nathan Latka
19:13K. Number three. What's your favorite online tool for building indicio?
Frans Andersen
19:19>> Probably GitHub.
Nathan Latka
19:20GitHub. Yep. Number four. How many hours of sleep do you get every night?
Frans Andersen
19:30>> I just have small kids for the moment, so it's not much sleep. Normally, I would say seven hours, but now it could be down to three.
Nathan Latka
19:39So married. How many kids?
Frans Andersen
19:41>> Two kids.
Nathan Latka
19:42Two kids. And how old are you?
Frans Andersen
19:44>> I'm 36.
Nathan Latka
19:4636.
19:47Last question. Something you wish you knew when you were 20.
Advice for Younger Entrepreneurs
Frans Andersen
19:55>> To test to test out to start a company. Test out your your ideas. Just just do it as quick as possible. Don't wait for the right idea to come. Just do it.
Nathan Latka
20:06Guys, indicio.com, he raised a $130,000 early on in the company back in 2018, 2017, selling 10% of the business. That investor then wanna become CEO, took him in the wrong direction, and then he had Frans to do the hard work of raising $400,000 of more capital at a 2,000,000 valuation, spending 50% of that next round effectively buy out the first investor. Then he started cranking. He got a partnership lined up. They're now doing about $200,000 a
20:30year in revenue or $17,000 a month, up from 6,000 a month a year ago. They just closed a well, last year, they closed a series a of $400,000 at a 7,500,000 valuation on the back of the excitement from his new partnership. We will see what happens next. Franz, thanks for taking us to the top.
Frans Andersen
20:46>> Likewise. Thank you so much.
Nathan Latka
20:48One 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, 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 Central.
21:14Additionally, 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 fundraise,
21:36a big sale, a big profitability statement or something else. I don't want you to miss it. Additionally, if you want to 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
21:57for 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
22:17got 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.