Leasecake Revenue, Valuation & Funding (2024)

Leasecake generated an estimated $6.8M in annual revenue in 2024.

Leasecake reported approximately $1 million in annual recurring revenue as of late 2021, equivalent to roughly $80,000 to $85,000 per month. Adhav told Latka the company was tracking to reach $1 million in ARR, up from approximately $10,000 to $15,000 per month a year earlier, representing growth of roughly five to eight times over twelve months.

Leasecake served approximately 250 customers as of late 2021, with roughly 1,000 individual users in the system and more than 10,000 locations managed across the United States and other geographies. The average customer manages between 25 and 100 leases on the platform.

Pricing is structured as an annual licensing fee on a per-lease basis, with a price per lease ranging from approximately $200 to $500. The average contract value is $10,000 per year. Adhav noted that some earlier customers were onboarded at lower price points and are being migrated upward to two to three times their original pricing. The typical sales cycle runs from two days to two months. The company serves five distinct customer segments: franchisees, franchisors, corporate tenants, private equity firms, and tenant rep brokers. A free tier was not mentioned in the interview.

Leasecake generates revenue through annual software licensing fees charged on a per-lease basis. The model scales with the number of locations a customer manages, making it applicable to operators with three locations up to thousands. The average contract value is $10,000 per year, and pricing per lease ranges from approximately $200 to $500.

The company reported 0% gross churn over the twelve months prior to the interview, meaning no customers and no revenue were lost during that period. Net dollar retention stood at 127%, driven entirely by expansion revenue of 27% as existing customers added locations or were moved to higher price tiers. Adhav confirmed that while some customers experienced a reduction in location count, overall revenue from those accounts did not decline, and the 127% NDR figure is net of any such location degradation.

Adhav described a no-touch sales model in which demos are largely self-explanatory and sales representatives operate on a set-it-and-forget-it basis. Profitability was not discussed in the interview. Gross margin, burn rate, runway, CAC, LTV, and payback period were not discussed in the interview.

Leasecake had 32 total workers, including contractors, and 23 full-time employees as of late 2021. Of the 23 full-time employees, approximately 8 are engineers. Adhav confirmed that all engineering work is kept in house, with no outsourced development firms. The remainder of the team is focused primarily on sales, with capital from the February 2021 seed round deployed mainly toward sales headcount and new product features.