How Lob Surpassed $40M in Revenue with 5,000 Customers and a SaaS Plus Model (Interview with CEO Leore Avidar)

Introduction

Nathan Latka

00:00Hello, everyone. My guest today is Leore Avidar. He is the CEO and co founder of a company called Lob. Prior to Lob, he was a technical business to delve... Developer at Amazon Web Services and a quant derivative trader at Citigroup. He's a University of Michigan graduate and is passionate about always getting a good deal and building a great company culture. Leore, are you ready to take us to the top?

Leore Avidar

00:18I'm ready.

Funding History and Venture Backing

Nathan Latka

00:19Alright. So you said you like good deals. That means you like take tons of VC money. Right? Those are great deals.

Leore Avidar

00:24Depends. Depends on the deal.

Nathan Latka

00:26Have you bootstrapped or no?

Leore Avidar

00:28No. We're venture backed.

Nathan Latka

00:29Okay. Well, then you you have to say that you love it then.

Leore Avidar

00:32I do love a good deal, but I don't know if every VC gives you a good deal. So it depends. That's why I said it.

Nathan Latka

00:37Everything. Fair enough. So sorry. I I cut you off. You said you raised 2.5?

Leore Avidar

00:4129,400,000.

Nathan Latka

00:43Oh, okay. A little bit more than 2.5. Sorry, 29. And then let's jump back to the kind of the backstory here. So what's the company do and are you pure play SaaS?

SaaS Plus Business Model and Pricing

Leore Avidar

00:51So we are SaaS plus and we offer a suite of APIs for businesses that connect the online world to the offline world. So we have two core products. The first product is an address verification API. So if you've ever been to Amazon's checkout page and you've fat fingered your billing address or shipping address, the pop up that you see behind this the pop up that you get, we power that behind the scenes for a lot of

01:12e commerce companies. And then the second product is a print and mail API. So all the mail that you get, we offer a API similar to SendGrid, but for physical mail that allows developers or companies to send physical mail.

Nathan Latka

01:25This is so fascinating. So our magazine is doing very well. It's the SaaS magazine that goes out to SaaS CEOs. And I have spent personally so much time trying to use Clearbit and all these things to upgrade my Airtable address fields so that when we send them all to our printer and our shipper in Michigan, they all get shipped properly. And then that didn't work because there was no tracking. So I had to jack up

01:44the price of the magazine to put tracking on every magazine to then validate. And now I personally email everyone to make sure they got it. And then I manually type yes, no to know if it was the right email. I'm hoping you can solve all my problems.

Leore Avidar

01:56I mean, that is actually one of the problems that we solve. So we have... Oh, we can get into it offline, but that is the core of the user that we're... The user problem that we're trying to solve.

Nathan Latka

02:05So how do you price? Is it based off, like, number of API calls or what?

Leore Avidar

02:08So I've tried to coin this new business model called SaaS plus.

Nathan Latka

02:12Okay.

Leore Avidar

02:12So we have a subscription for our platform. So take a cuss... An enterprise customer would pay us a million dollars a year for the feature set that they are purchasing. So that's pure SaaS. And then there's the usage based component. So as you send out physical mail, we're gonna charge you 31¢ per postcard or for a letter, a little bit higher amount, and then you pay that at the end of the month. So it's a combination

02:34of both.

Nathan Latka

02:35Okay. Based off kind of getting at flat fee and then on top of that usage.

Leore Avidar

02:39Exactly.

Nathan Latka

02:40Yeah. Let's just for a second talk about the flat fee. So I'm sure you have a huge variety of different cohorts of customers you serve. On average though, what is that flat fee customers are paying you per month?

Average Contract Value and Enterprise Deals

Leore Avidar

02:51So new customers are typical deals around $52,000 a year.

Nathan Latka

02:55Okay.

Leore Avidar

02:55I'm just on the

02:56SaaS side.

Nathan Latka

02:57Okay. Got it. So that's about call it $4,300 a month, something like that.

Leore Avidar

03:01$44,000,000.

Nathan Latka

03:04You cut out there. Sorry, Leore, give me that one more time.

Leore Avidar

03:07So we do anywhere from our average of 52,000 all the way up to large enterprise deals of over $4,000,000.

Nathan Latka

03:14Okay, got it. So again, 52 a year would be about $4,300 per month or something like that for kind of average year one ACV?

Leore Avidar

03:14Yep.

Nathan Latka

03:14Yeah. Okay, interesting. And then put this stuff on a timeline for me when you launch the company.

Company Timeline and Founding Story

Leore Avidar

03:26We launched in 2013.

Nathan Latka

03:28'13. And I mean, you like working in like the mail room at a printing place and you're also a software engineer at Citigroup and go I can merge the two?

Leore Avidar

03:36No. So I was actually... I was at Amazon Web Services, and I've always been a big believer in APIs. So I was there, in 2012, and I saw them pioneer, Amazon SES, which was their email API. And my cofounder at the time was at Microsoft. And so he was the one who was sending a lot of physical mail, and he was sending it at scale. And so a typical campaign, would would take them between sixty to

03:59ninety days to do it. And if I wanted to send the same type of scale, but in an email format, I could do that in thirty seconds. And so that's kind of where the came up. We saw the future of RESTful APIs. We were both developers. And to be honest, what we just wanted to solve was Harry, my cofounder. We just wanted him to get off work earlier so that we can go and play video games.

04:21So that was what we were optimizing for when we started the company when we were 24 years old.

Nathan Latka

04:25I love that. Alright. So you guys launched the company. And then how many people are you at today?

Leore Avidar

04:29We are at 82 people today.

Customer Definition and Segmentation

Nathan Latka

04:31And how many customers are you serving?

Leore Avidar

04:33We have over 5,000 customers.

Nathan Latka

04:34That's amazing. And that's not like some bullshit number. Right? That's paying customers?

Leore Avidar

04:38Paying customers. Yeah.

Nathan Latka

04:39I gotta push. Know, you guys... You know, you venture back CEOs. You make stuff up all the time. It's crazy.

Leore Avidar

04:44I mean, I think everyone defines customers in a different way. So there's even even us who have 5,000 plus paying customers. We only talk about our true customers as anyone who's paying over $15 a month for three months straight. So we even try to narrow our focus a little bit more, and that number is closer to 600 right now.

Nathan Latka

05:01Well, wait. Wait. So help me understand that. So I thought you said kind of average first year is $52,000, but then you just said $15 a month.

Leore Avidar

05:07So we have our self-service. So, again, the core set of our customers, which is what I primarily focus on, is $52,000.

Nathan Latka

05:13Oh, I see. And what do you call those users? Like, market enterprise?

Leore Avidar

05:16Yeah. Mid market enterprise. So we also have the self-service. So we have a long tail of developers as well. But primarily, I would say, like, 80% of our revenue comes from our mid market enterprise customers.

Nathan Latka

05:25Yeah. Yeah. Yeah. I mean, by the way, fairly typical pattern. Guess the follow-up question I would have is cut out all the self serve people. So if you just look at your mid market enterprise deals, you're talking like 100 customers, 200 customers?

Leore Avidar

05:35600.

Nathan Latka

05:35Oh, that's the 600 number?

Leore Avidar

05:35Yeah.

Nathan Latka

05:35Okay. Fair enough. Got it. Let me talk about growth here for a second. So 2013 you launched, what growth channels did you use to sign up your first, call it, 100 users?

First Customers and Growth Channels: SEO, Events and Webinars

Leore Avidar

05:46So we started off with kind of looking in our backyard, which is in San Francisco. So we were trying to pioneer other companies that were trying to use direct mail as a channel. So Y Combinator companies back when we went through Y Combinator were early customers of ours. We had a couple of really big enterprise customers. So Microsoft was an early customer.

Nathan Latka

06:06How'd you land them?

Leore Avidar

06:08Well, Harry was at Microsoft, so we knew a couple of people. And so we were able to figure out who the right decision maker was to at least test it out. Just hustled our way in. We actually... When we launched on Hacker News in 2013, we got a lot of interest from enterprise customers. And, yeah, that was probably, like, the biggest

Nathan Latka

06:08What's the account you closed?

06:26Enterprise account you closed that came from first touch was the Hacker News article. Do you know any off top of your head?

Leore Avidar

06:33I wanna say Oscar Insurance.

Nathan Latka

06:36Interesting. Interesting.

Leore Avidar

06:38Yeah. They've been in quite some time.

Nathan Latka

06:40Okay. And then now fast forward to today. I mean, how are you getting most of customers now today at scale?

Leore Avidar

06:45So SEO is still really good from us. We do a lot of trade shows, webinars, dinners. So we'll bring together some thought leaders, a lot of the decision makers or buyers in our space.

Nathan Latka

06:57Now, Leore, what's the what's the title of that dinner? Like, how to send better mail? I mean, how do you make a dinner like this sexy?

Leore Avidar

07:07Well, the topics are always unsexy, but it's, you know, we just had one for a lot of VP of marketing for direct mail. They're all trying to innovate in their space. And so they're looking for innovative technology. So we'll bring people together and it's not so much as us selling our product. We're going to just foster a dinner where we're talking about topics. And through that, Lob will come up. But mostly just let's talk about, let's

07:29get a bunch of people who respect each other in a room and let's talk about how they're innovating within direct mail.

Nathan Latka

07:34So let's back into the new doing all these things. SEO may have an SEO team, some content people, these dinners you obviously pay for, trade shows you pay for. Fully weighted CAC for a new $52,000 a year customer. Will you spend first year ACV to get them? Are you that aggressive?

CAC and Payback Period

Leore Avidar

07:46No. So probably our CAC is around $13,000 right now.

Nathan Latka

07:50Okay.

Leore Avidar

07:50And this is just blended across all our channels.

Nathan Latka

07:53I mean, that's healthy, right? That's what is that? That's looking at like a four or five month payback period.

Leore Avidar

07:57Yeah. It's pretty healthy.

Nathan Latka

07:59Yeah. I know. Very healthy. I assume you guys are burning cash, right? $29,000,000 raise. When was the last round of capital in?

Burn Rate, Profitability and Runway

Leore Avidar

08:06May 2016. So we do, know, particularly what I'm known for is having a very controlled mindset. So I always want to know what levers I can pull. So we try to hover around profitability. It doesn't mean that we're profitable every month, but I know the levers that I need to control. So we'll burn between, you know, on the downside, 3 to $400,000 a month. And then, you know, in some months, we'll be massively profitable, and we'll

08:29we'll make excess of $500,000.

Nathan Latka

08:31Yeah. Yeah. So I mean, what I'm trying to back into your e 40 metrics. So what is that like negative 20% free cash flow margins on a $400,000 burn month, something like that?

Leore Avidar

08:39Sorry, say that again.

Nathan Latka

08:40I'm I'm just trying to back into your e 40 metrics. So if you burn $400,000 in a month, would that come out to essentially your EBITDA multiples negative 20%? Is it is it about 20%?

Leore Avidar

08:49We we don't we don't track that... We don't... I'm I'm not looking at that multiple right now. The way I'm looking at it as our runway.

Nathan Latka

08:49Mhmm.

Leore Avidar

08:49And so on a typical month, we'll have over five years of runway looking at our trailing three month burn.

Nathan Latka

08:49Okay.

Leore Avidar

08:49So that's the metric that I would say we're looking at right now.

Nathan Latka

09:04And that will average somewhere between, again, a $100,000 burn up to $400,000 burn monthly. Right? Something like that.

Leore Avidar

09:10Yeah. Or... And then on... We do make money some months as well. So we'll make up to, like, $500,000 bottom line.

Nathan Latka

09:15So plus or minus kind of $400 to $500 grand each month. Yeah. A month. Very interesting. Okay. And then so look, many people would look at your the funding history then and go, once you're on the venture track, you're raising every eighteen months. Otherwise, start to people start to wonder like what the hell is going on. They don't want to do a down round. They didn't drive growth on the last round. They couldn't get a bridge round done

09:35with SVB. Like what the hell is going on? How do you manage the storyline?

Leore Avidar

09:39Well, I think that's I'm the contrarian on that front. So I want to be a founder that actually owns more than 10% when we go public. So we'll probably raise one more round. And so I will be on the lookout at the end of the year for a massive round.

Nathan Latka

09:54What's massive? Are you talking like 20, 30, 40 or what?

Leore Avidar

09:56I'm talking about over 100,000,000

Nathan Latka

09:58Oh, you think you raised more than 100,000,000 in like Q4 this year?

Leore Avidar

10:02Maybe? Watch out towards the end of the year, early next year.

Nathan Latka

10:05By the way, you can like shit on VC and then like brag to me about $100,000,000 round. You're either in the VC bed or you're not. You are like sleeping with the VC, you have kids with the VC, you have like extramarital affairs with the VC. You're like all in with the VC.

Leore Avidar

10:20So I am... I like playing the game. I think you have to do it if you want to build a really big business. But at the same time,

10:30the game is pretty messed up.

Nathan Latka

10:32Yeah. Yeah. It is fun to play, though. For a guy like you... By the way, I like the game too. That's why I do the podcast. I get to get little tidbits of how the game is being played by different people. I guess let me ask you a different question. Do you feel like when you do go out and raise your next round, do you feel like you are convincing enough to tell a story where you

10:47can convince people of a billion dollar pre money valuation?

Leore Avidar

10:50Absolutely. I don't think that there's any hesitation. I don't think I don't think anyone out there who knows me has any doubt that we are gonna be there. We're probably all already there. If not, you know, our goal is to to go IPO in 2024. For those people that know me, know that our big story and what our big vision is and want to join as they would wanna throw in as much money as possible.

Nathan Latka

11:12Why 2024? Why not next year? What revenue do you think you have to hit to to actually have a good IPO?

Leore Avidar

11:17I think you need a $100,000,000 in SaaS revenue at a minimum these days to sustain the public markets. And I think that bar is consistently moving upwards. So that's probably... I don't think that's conservative. I think that's a little bit aggressive, but that's where I would say the bar for me is in 2024.

Nathan Latka

11:34Yeah. That's interesting. I mean, look, we can back into some math here, right? So you said 600 customers earlier and again, your mid and enterprise markets, which you said average price went, call it $52,000 ACV. That would put you just that cohort at about $31,000,000 ARR run rate. That doesn't include your self serve, which is maybe another 20% of your revenue. That doesn't include your kind of $0.31 per postal thing delivered. There's more revenue there. Generally,

11:57I take it, you're north of $31,000,000 in ARR?

2018 Revenue and Growth Trajectory

Leore Avidar

11:59Yeah, we're north of... We last year in 2018 did over $40,000,000

Nathan Latka

11:59Okay.

12:04And what do you think you'll finish this year at? Pure SaaS?

Leore Avidar

12:07So we double or triple every single year and we're already on that pace.

Nathan Latka

12:11So you... Okay. You are on track then to break 80,000,000 in pure SaaS revenue by the end of this year?

Leore Avidar

12:15So double or triple. So that would...

Nathan Latka

12:18Why will it take so long then? Why will it take until 2024 to get to a 100,000,000? You think it's gonna take you three years to add another 20,000,000 on top of the 80 you finish this year with?

Leore Avidar

12:26So there's other things that we wanna do. There's a big part of the vision that we wanna go and tackle before we go public. So there are, you know, to go public, there are some pros. There's a lot of cons as well. And so I think to sustain a public company, you want to reduce the volatility, you want to have predictability in your business. I think we're still in the phase like we are very much a

12:47growth and mature company in terms of revenue. We only have 80 people. We're still trying to figure things out to be able to produce our marketing engine and our sales engine repeatably. So we might have the revenue for it. Doesn't mean that we're going be ready as a company.

Nathan Latka

13:03Yeah. What is the I mean, when you look at your current breakdown, so let's assume you're somewhere in the 60 to 70 ish range today in terms of total revenue you're processing run rate wise, what percent is actually the transaction based? Your defined term is SaaS plus, your plus piece versus just your SaaS piece?

Leore Avidar

13:20So this one, again, going until we're talking about an IPO, this one has been very volatile. So if we sign a customer that does $4,000,000 in SaaS, we... We've had customers who have done 10 x of their SaaS revenue in usage based revenue.

Nathan Latka

13:36Why is that

Leore Avidar

13:36It's bad

13:39not bad, but the margin on the usage based side isn't SaaS, so it just fluctuates. You wanna have predictability. So it's bad because as an investor, when you're looking at it, you want predictability. Whereas when you're seeing it over time and you're seeing one customer have a lot of higher SaaS as part of their revenue, and then another year, you're going to see one customer that has a big part of their usage based revenue. So it's

14:03it's good for us. We're making money. But, again, to tell a good public story, you wanna have consistency around that.

Nathan Latka

14:08I mean, look. Like, traditional investors are gonna hate... They all listen to show. They're gonna hate me saying this. I mean, to me, that is a marketing challenge. Like, that is about how you position the story to investors. The... Because the reason is I see the same trend I had Reggie on from Cvent. He had the same issue because events are so seasonal and he didn't know how to like best communicate that story, but he figured

14:25it out. And now they're about to break $600,000,000 in ARR. Like the the bad... I think the worst thing someone like you does is you try and cram all of your usage based revenue into a SaaS model specifically so you have more SaaS like revenue when really that's not how potentially your customers wanna consume your product. So how do you how do you balance that? I would never change that.

Leore Avidar

14:45I think you hit it spot on. It's marketing. It's all about marketing.

Nathan Latka

14:45Mhmm.

Leore Avidar

14:45This is where, one, we're writing the narrative on SaaS plus. Right? This is a term, a business model that we're trying to coin. But I think you have to have that when you go public because, again, when you go public, it's all psychology based. I believe it's less fundamentals these days. And so because it's psychology based, you need to have your story down

15:08on who your customer is, how you're pricing. And so while we're trending towards the right direction, we're not perfect yet. And so we have three years to figure that out in my book, three to four years.

Nathan Latka

15:19Yeah. Yeah. That's interesting.

15:22Talk to me about the plus part of this model. So in an average month, how many kind of physical pieces of things will you deliver across your entire base?

Mail Volume and US Household Reach

Leore Avidar

15:32So as of this... As of right now, we're on pace. We've done over a 120,000,000 mailings this year through June.

Nathan Latka

15:39Okay.

Leore Avidar

15:41And just in general, already one out of four US households has received a piece of mail from Lob at some point in time.

Nathan Latka

15:48Interesting. And in The US?

Leore Avidar

15:51In The US. Yes. We did start originating mail globally as of April of last year, and that will be a... We'll make that a public offering early next year.

Nathan Latka

16:05When you look at

16:07all of 2018, what was total volume sent? Hopefully, less than one twenty.

Leore Avidar

16:14Yes. And on mailings, we usually more than double or triple. I don't have that number off the top of my head.

Nathan Latka

16:19Okay. So that might have been like 70 or 80 you're gonna finish this year at like, call it 200 ish or 220 sent total.

Leore Avidar

16:24Something Yeah. Yeah.

Nathan Latka

16:25Yeah. I guess that was a bad question I asked where I asked last month because I assume you see massive spikes during the holiday season.

Leore Avidar

16:33Not during the holidays, but just in general, we just see a tremendous amount of spiky behavior. Now the spiky behavior across our entire customer base does smooth smooth out, but we don't have seasonality over the holidays, which is, for some reason, everyone expects. So one of the things about Lob that just for some reason people assume is that most of our mail is marketing mail. We actually do a lot of the boring type of mail as

16:54well, which is transactional mail. So the statements that you get at the end of the month from your insurance company

Nathan Latka

16:59Or, like, the toll road company that... Like, I start off with a $2 toll, and now it's $30 because I just haven't paid it.

Leore Avidar

17:04Yeah. So parking citations, tolls, anything that you have to send for a legal compliance or a regulatory reason, that was our bread and butter the first four years. And so from a customer standpoint, the majority of our customers are transactional. Now our most recent go to market was around marketing mail. So a lot of the newer customers are sending a tremendous amount of marketing mail.

Nathan Latka

17:24Yeah. So if I asked you these questions with your SaaS plus model, what is your gross revenue churn annually, your expansion, and your net revenue retention? How would you answer those?

Retention, Churn and Net Dollar Expansion

Leore Avidar

17:33So usually I break them up. So in the operational mail side, we almost... We don't lose almost... We don't lose any customers. We have 98% plus retention.

Nathan Latka

17:33Okay.

Leore Avidar

17:33Now on the marketing side, which is, again, the newer go to market, it is a little bit different. So one, we struggle sometimes with people who are new to direct mail. They'll come, they'll use our platform, use our API, but then they'll leave. And so around marketing, it's hovering

17:55closer to around 80% retention as we're figuring out those people that have a really good and enjoyable, I guess, experience with our product, but direct mail didn't necessarily work out for them.

Nathan Latka

18:06And what's expansion in the same cohort? Is it more than 20%?

Leore Avidar

18:09It's over a 140% per cohort.

Nathan Latka

18:12Sorry, that's net revenue retention or dollar retention?

Leore Avidar

18:15Dollar based net expansion.

Nathan Latka

18:17A dollar Dollar based net expansion.

Leore Avidar

18:19We take a cohort from, call it, Q3 twenty eighteen. For every dollar that they spent then, they're spending 1.40 this year.

Nathan Latka

18:28Okay, got it. Yeah, so 40% essentially expansion on the cohort. Worst case in your marketing core, you have 20% churn. So net revenue retention at a minimum is about 120%.

Leore Avidar

18:39The 140, correct, correct. Yes, the 140 was ex churn.

Nathan Latka

18:43Yeah, that's worst case because again, you have a bigger cohort where churn is only 2% annually, your transactional mail business. Very interesting. So by the way, you're in a position where your revenue is a multiple of what you have raised, which I would say you have an immense amount of strength being in that position. Why not pull like a bigger version of what Wistia did save up cash flow and buy out early investors? I mean, it

19:07sounds like you potentially, you know, get debt to do that.

IPO Ambitions and Acquisition Stance

Leore Avidar

19:12That is a possible... It's not a possibility for Lob. It's a one path that people can go and build a company. I wanna build a really big company, and to do that, you do need a lot of capital.

Nathan Latka

19:12Mhmm.

Leore Avidar

19:12And so the rate in which you're accumulating cash at that pace is too slow to be able to achieve the vision that I want to be able to get to by 2024. So it's an opportunity cost. That's

19:33what it is at the end of the day. I want more capital to build something bigger. Can I very much build a business that way? But that would to me, by 2024, if I look at one, how big of a company have I built back then and how big of, I guess, my equity ownership, I feel like the path that I'm going down is the one that I'm maximizing it.

Nathan Latka

19:50Are you in acquisition talks right now with Vista Equity?

Leore Avidar

19:53No.

Nathan Latka

19:53None at all?

Leore Avidar

19:53No. I have no desire to get acquired by anybody.

Nathan Latka

19:59I don't believe you.

Leore Avidar

20:02Why?

Nathan Latka

20:02I just don't believe you.

20:04Because you're a gamer. I can just say you're very similar to me.

Leore Avidar

20:07I am a gamer, but I want to...

Nathan Latka

20:11You would go into acquisition talks just to get leverage, right? Get term I'm not talking myself.

Leore Avidar

20:17I love leverage. I love leverage, but I have the finish line for me as IPO. And so like one of the things that we didn't talk about is that I started the company with Harry who went to school with me, a lot of early employees that went to school with me. I care a lot about the journey and the people that I'm with. And I also have a challenge to myself to be able to take a

20:36company public, and I think I can do it. I think I have the people here to do it. And so I have no desire to get acquired. I enjoy what I do. And so I've kind of set this challenge for myself and my team to go and do that. So that's the most important thing for me.

Nathan Latka

20:49Well, you're well on your way. I just hope to get really filthy rich in the process. You know, that... That's that's a more fun goal.

20:56Alright. Let's

Leore Avidar

20:56Not everything is about the money.

Famous Five Rapid Fire

Nathan Latka

20:59Well, me, I love it. It's a great measuring stick. All right. I think probably deep down you are too, but that's a bad thing for your team to hear. So we'll just guise over that. Let's wrap up, Leore, with the famous five. Number one, what's your favorite business book?

Leore Avidar

21:13Never Split the Difference.

Nathan Latka

21:14Of course.

21:15Number two, is there a CEO you're following or studying?

Leore Avidar

21:19Always Jeff Bezos.

Nathan Latka

21:20Number three, what's your favorite online tool for building your company?

Leore Avidar

21:23I like Carta. I think they're doing something different and I enjoy using that product.

Nathan Latka

21:29They are actually coming on the show two episodes after you, so that'll be fun. Number four, how many hours of sleep do you get every night?

Leore Avidar

21:35Eight to nine hours.

Nathan Latka

21:36That's great. Love that. Alright. And what's your situation? Married, single, kids?

Leore Avidar

21:40Single.

Nathan Latka

21:41No kids running around?

Leore Avidar

21:43None.

Nathan Latka

21:44Alright. And how old are you?

Leore Avidar

21:4630.

Nathan Latka

21:4730. Last question.

21:48What do you wish your 20 year old self knew?

Leore Avidar

21:52Am I allowed to swear?

Nathan Latka

21:52Of course.

Leore Avidar

21:52Because I... No one has their shit together, and I wish I realized that early on. I think I did realize that early on in my career, but the earlier I would have known that, I think I would have everyone around me a lot more.

Nathan Latka

22:06Guys, lob.com. Think of it almost like a Clearbit or data enrichment specifically for physical mail. In fact, Lob has touched one fourth of all US households over the past twelve months. They've they've sent out over a 120,000,000 pieces of mail over the past year alone. Their revenues last year, they broke $40,000,000. Hope to break 80,000,000 this year. Eying for a big, call it, dollars 100,000,000 round of financing goal call in next couple quarters. We'll see what

22:29we'll see what Leore decides. But in the meantime, again, scaling nicely on just $29,000,000 raise, burning anywhere between $400,000 of cash per month up to positive $400,000 per month, 20% churn, 40% expansion, 102... 120% net revenue retention. Leore, thanks for taking us to the top, Appreciate it.

Leore Avidar

22:46Thank you.