Mapware Revenue & Funding (2024)

Mapware reported approximately $3 million in revenue as of early 2023, up from roughly $1.5 million a year earlier, representing approximately 100 percent year-over-year growth. Sullivan confirmed the prior-year figure during the interview, saying the current $3 million run rate implied an average revenue per employee of roughly $140,000 across the 25-person team.

Mapware's largest customers as of February 2023 are US government agencies, specifically the US Air Force and US Army Corps of Engineers, with Sullivan indicating the US Navy was a potential addition in 2023. The company made a deliberate decision in 2023 to concentrate almost entirely on the government market and treat the commercial self-serve channel as effectively on autopilot.

The subscription is priced at $199 per month per user, structured as an annually recurring license. Sullivan told Latka the price point was chosen specifically to align with what government personnel can charge on a government credit card. Within government accounts, Mapware has seen orders of several hundred to approximately one thousand users at a time. Sullivan confirmed that at least one account has reached approximately 1,000 seats, which at $200 per seat per month implies roughly $2.4 million in annual recurring revenue from a single customer, a level of concentration Sullivan acknowledged as a real risk.

On the commercial side, Sullivan estimated approximately 5,000 total users on the platform, of whom only roughly 30 to 40 are paying. The remainder are on a free tier. Comcast was the company's first major customer, acquired in 2015 under a different pricing model structured by square mile, with a city mapping contract priced at approximately $250,000.

Mapware operates a per-seat SaaS subscription model at $199 per month per user, billed on an annual basis. The model is seat-based regardless of the number of drones a user operates or the volume of data uploaded, which Sullivan described as a good deal for customers with large fleets.

The company runs two parallel sales motions: a high-touch outbound process for large government accounts and a low-touch automated channel for individual commercial operators. Sullivan described the growth strategy within government as land and expand, with initial single-seat or small-group purchases growing into orders of several hundred or approximately one thousand seats. The company has not raised new equity in the twelve months prior to the interview and grew revenue approximately 100 percent year-over-year without additional outside capital.

Profitability was not discussed in the interview. Gross margin, churn, LTV, CAC, and burn rate were not disclosed. Sullivan noted that the company also carries approximately $1.2 million in a line of credit alongside its $10 million in equity raised, though the terms and current balance were not specified. The original Comcast engagement in 2015 was priced at approximately $250,000 for a full city mapping contract, and Sullivan noted that drone-based inspection of telephone lines could be done at roughly one-tenth the cost of traditional inspection methods, which was the value proposition used to win that account.

Mapware employed 25 full-time team members as of February 2023. Sullivan told Latka the company intends to keep headcount lean even as it pursues a revenue tripling target for 2023, implying the growth plan is driven by expanding existing government accounts rather than adding significant headcount. At the reported $3 million revenue run rate, revenue per employee is approximately $120,000.