Mylance Revenue, Valuation & Funding (2024)

Mylance generated approximately $480,000 in annualized revenue in 2022, based on the roughly $40,000 per month the company was producing at the time of the interview. That compares with approximately $96,000 in annualized revenue in 2021, when the company was running at $8,000 to $9,000 per month, representing roughly a five-fold increase year over year.

Mylance had 800 paying customers as of the November 2022 interview, up from the first paying customer acquired in March 2020. The platform also had a free tier, with Jacobs describing a few thousand users who had claimed a free Mylance HQ storefront and completed a free learning track on niche definition.

The host calculated an implied free-to-paid conversion rate of approximately 25 percent based on roughly 4,000 free users converting to 800 paying customers, and Jacobs confirmed that figure was approximately correct, adding that he believed the rate was closer to 28 percent. Average revenue per user was $50 per month. Jacobs said the company's goal is to reach 8,000 paying customers and to raise average monthly revenue per customer to $200 by adding features that justify the higher price.

Mylance charges a single flat monthly subscription fee averaging $50 per customer. The company does not take a percentage of consultant invoices or project revenue. Additional revenue comes from a coaching program, a tax and bookkeeping service, and affiliate links to third-party providers including LLC formation services, health insurance, and mortgage lenders.

Jacobs estimated customer lifetime value at approximately $1,000, implying an average customer tenure of roughly 20 months at $50 per month, though he acknowledged the figure is an estimate given the company's limited operating history and the need for multiple years of churn data to confirm it. Jacobs said the strategic priority is increasing LTV by raising ARPU to $200 per month rather than simply acquiring more customers at the current price point. Profitability was not discussed in the interview. Burn rate, gross margin, and CAC were not disclosed.

Mylance operated with four full-time employees and four contractors as of November 2022. Jacobs described the contractor group as handling marketing, website management, and back-office functions. He noted that a chief of staff, found on Upwork while searching for an accountant, handles detailed monthly financial reporting, building out the profit and loss statement and identifying cost-reduction opportunities.