QCC (Quickly Check Companies) Revenue & Funding (2024)

QCC (Quickly Check Companies) generated $62.4M in revenue in 2024.

QCC reached $100 million in ARR in 2022, adding $20 million in net new ARR over the prior year. Revenue was $80 million in 2021 and $60 million in 2020, representing consistent annual growth of roughly $20 million per year across that three-year span. When Zong Peng joined the company in 2016, revenue stood at $3 million, making the 2016-to-2022 trajectory a roughly 33-fold increase over six years.

QCC had more than 1 million paying customers as of early 2023. Against a base of 50 million monthly active users, that represents a free-to-paid conversion rate of approximately 2%, a figure Zong Peng confirmed and compared to the monetization dynamics of mobile gaming companies.

The base subscription is priced at 360 RMB per year, which Zong Peng confirmed is equivalent to approximately $50 per year at prevailing exchange rates. The company also offers two-year and three-year subscription tiers at discounted rates, making it a tiered freemium model. The app itself is free to download and use at a basic level.

Zong Peng acknowledged that a 5% free-to-paid conversion rate would be achievable with continued product improvement and described it as world-class for this type of business model. The company has more than 100 million registered users in total.

QCC operates a freemium, direct-to-consumer subscription model distributed through mobile app stores including the Apple App Store and multiple Android app stores. Users download the app for free and can upgrade to paid annual subscriptions starting at 360 RMB (approximately $50) per year, with multi-year options available at a discount. The company does not rely on an enterprise sales force.

In 2022, QCC generated $100 million in ARR with a 20% net profit margin, implying approximately $20 million in net profit. The company employs 200 people, producing implied revenue per employee of approximately $500,000, a figure the host noted and Zong Peng confirmed as strong. The company has been profitable and has not required significant outside capital beyond its initial $5 million pre-Series A round.

Key operating metrics as of early 2023: total app downloads across all stores reached 3 billion (including duplicates), with 300 million unique (non-duplicated) downloads. Of those 300 million unique downloaders, 50 million are monthly active users, representing an activation rate of approximately 20%. Of the 50 million MAUs, roughly 1 million are paying subscribers, a free-to-paid conversion rate of 2%. Zong Peng described a path to 5% conversion as achievable with product improvements. Gross margin, CAC, LTV, churn, and burn rate were not discussed in the interview.

QCC employed 200 full-time staff as of early 2023, a figure Zong Peng confirmed in the interview. At $100 million in 2022 ARR, that implies revenue per employee of approximately $500,000, which the host flagged as notably high. Team composition beyond total headcount was not discussed.