Matter Made Revenue (2024)

Matter Made generated an estimated $5.9M in annual revenue in 2024.

Matter Made generated $6.1 million in top-line revenue in 2021, Rubel confirmed in the October 2022 interview. Revenue declined to approximately $3.6 million in 2022, a drop Rubel attributed to the contraction in venture capital spending that followed the 2021 funding boom.

Matter Made was working with approximately 10 clients at the time of the October 2022 interview. Named clients referenced in the interview include Loom, Hopin, Calm, Dropbox, and Yelp. The firm also claims to have helped more than 10 unicorns grow per year.

The agency's retainer model is structured as six-month engagements. Rubel noted that in 2021 the average retainer across all clients was $45,000 per month, and that pricing had come down somewhat by the time of the interview. The host characterized current pricing as approximately $30,000 to $40,000 per month. Rubel's separately spun-off design subscription service, No Boring Design, starts at $2,500 per month and targets bootstrapped and early-stage founders who cannot afford the full agency retainer.

Matter Made operates two revenue streams. The first is a retainer-based model in which clients pay a monthly fee for embedded senior marketing strategy and execution, structured as six-month deals. The second is a performance-based paid media model in which Matter Made's fees are tied to specific growth milestones, with rates rising when milestones are hit and falling when they are missed.

The firm's primary focus metrics are cost to acquire customers and revenue or pipeline growth, depending on the client's sales cycle length. For product-led growth clients, the feedback cycle is immediate and the firm focuses on metrics such as product-qualified leads. For enterprise clients with six-to-nine-month sales cycles, the firm focuses on pipeline quality rather than closed revenue within the engagement window.

Rubel used a hypothetical example during the interview to illustrate the demand efficiency framework: a company paying $400 to acquire a $40-per-month customer, implying a ten-month CAC payback period. He described this as a representative scenario for the clients Matter Made serves, though he declined to give a specific improvement target without knowing more details. Profitability was not explicitly discussed, though Rubel described the agency as very profitable given the revenue-per-employee ratio implied by 10 clients and 12 staff. Gross margin, burn rate, churn, and other unit economics were not discussed in the interview.

Matter Made had 37 employees earlier in 2022 before reducing headcount to 12 by the time of the October 2022 interview. The reduction corresponded with the decline in revenue from $6.1 million in 2021 to approximately $3.6 million in 2022. At 12 employees serving 10 active clients, the firm operates with a lean ratio of roughly 1.2 employees per client account.