Interview
How Rallyware Grew Over 100% Year Over Year Serving 50 Enterprise Customers (Interview with CEO George Elfond)
- Interview Date
- July 29, 2019
- Interviewee
- George ElfondCEO
Company Metrics at Interview Time
Customers (2019)
50+
Year-over-Year Growth (2019)
Over 100%
Team Size (2019)
60
CAC Payback Period (2019)
6 months
Total Raised
$2.5M
Historical Snapshot
These numbers were reported by George Elfond during the interview recorded in July 2019 and are a historical snapshot, not current figures. See Rallyware’s current numbers.
Key Takeaways
- 01Rallyware served slightly above 50 enterprise customers as of mid-2019
- 02The company grew slightly above 2x year over year
- 03Team of around 60 people, about two-thirds of them in engineering
- 044 quota-carrying enterprise sales reps on the team
- 05ACV ranges from about $50,000 to about $1,500,000 per year
- 06CAC payback period is approximately 6 months
- 07Monthly cash burn is approximately $30,000 to $50,000
- 08Raised about $2.5M to date, in the very beginning, to get the product and sales process going
- 09Rallyware uses Lighter Capital for venture debt financing
- 10First line of code was written around end of 2012; true revenue generation began in 2015
Company Metrics at Time of Interview
| Metric | Value | Source |
|---|---|---|
| Customers (2019) | 50+ | Interview, July 2019 |
| Year-over-Year Growth (2019) | Over 100% (slightly above 2x) | Interview, July 2019 |
| Team Size (2019) | 60 | Interview, July 2019 |
| Engineers (2019) | About two-thirds of the team | Interview, July 2019 |
| Sales Reps (Quota Carrying) (2019) | 4 | Interview, July 2019 |
| ACV Range (2019) | $50,000 to $1,500,000 | Interview, July 2019 |
| CAC Payback Period (2019) | 6 months | Interview, July 2019 |
| Monthly Cash Burn (2019) | $30,000 to $50,000 | Interview, July 2019 |
| Total Raised | $2.5M | Interview, July 2019 |
| Pre-Revenue Spend (MVP) | ~$500,000 | Interview, July 2019 |
Growth Breakdown
Revenue
George Elfond declined to disclose Rallyware's revenue, saying he could not share the exact number for internal reasons, but that growth was very good. He said the company grew slightly above 2x over the prior year, with revenue a year earlier at slightly below half its level at the time of the interview, and that Rallyware was comfortable not raising money right away.
Customers
Rallyware served slightly above 50 enterprise customers at the time of the interview. The company targeted organizations with more than 10,000 employees, though Elfond said a customer gets value from about 1,000 employees up, and ACV ranged from about $50,000 to about $1,500,000 per year.
Team
The team stood at 60 people, with approximately two-thirds in engineering and 4 quota-carrying enterprise sales reps. Elfond noted that finding the right enterprise sales reps with a consultative background was one of the harder scaling challenges.
Profitability and Funding
Rallyware had raised approximately $2.5M in total, in the very beginning, to get its product and sales process going, and Elfond said that money took the company to breakeven. Rallyware borrowed from Lighter Capital, whose model he said he was a big fan of. At the time of the interview the company had reached breakeven and was burning a little, approximately $30,000 to $50,000 per month, which Elfond described as a comfortable zone for a company with a breakeven type of culture.
Growth Strategy
Enterprise Land and Expand
Rallyware's primary growth motion was landing new enterprise accounts, with ACV starting around $50,000 and scaling up to $1,500,000. Elfond acknowledged the land-and-expand strategy was in place but noted the company was still developing its expansion motion.
Consultative Sales Approach
With 4 enterprise sales reps, Rallyware focused on hiring salespeople with a consultative background, since the product introduces a new thought process into organizations rather than replacing an existing tool with a cheaper or faster alternative.
Six-Month CAC Payback
Rallyware's CAC payback period was around six months. Elfond said the company would not spend the entire $50,000 to land a $50,000 account, though for larger accounts the spend came closer, and that most acquisition cost went to sales commissions and the sales team, with very little, almost no, paid spend.
Churn Management and Retention
Elfond said Rallyware was very good at managing churn, with practically no churn at the high end of the customer base, and put revenue churn across the base at definitely less than 2% per month. Asked whether expansion revenue more than made up for that churn, he said it pretty much did.
Venture Debt Versus Equity
Rallyware had used both equity and debt. Elfond said he was a big fan of the Lighter Capital model because he compared its cost with the equity he would otherwise give up. He agreed with Nathan Latka that revenue-based repayment costs more the faster a company grows, a part of the model he said would be very useful to revise, though he added that faster growth also makes the debt less painful to repay. He said borrowing another $300,000 to $400,000 from Lighter Capital would not make a difference for him.
Best Quotes
“We are a pure play enterprise SaaS platform, as you mentioned, performance enablement platform. What does it mean? We see three trends in the future of work. First of all, work is getting very distributed, and... But the current tools are designed for mainly hierarchical organizations, and that's a problem.”
“So we are around 60 people right now.”
“Quota carrying, we have four enterprise sales reps.”
“So we've raised about $2,500,000.”
“So first line of code was in around the end of two thousand twelve. And... But first dollar of revenue, I would say... Like, pilot revenue is... Was in 2014.”
“So we're slightly above 50 enterprise deals.”
“Payback period is is pretty good for us. Like, we're at around... Like, I would say we're at around six months.”
“Probably like closer to $30,000 to $50,000 a month.”
What Happened Next
At the time of this interview in July 2019, Rallyware had 50-plus enterprise customers, was growing at over 100% year over year, and was burning approximately $30,000 to $50,000 per month. George Elfond indicated the company was considering a future raise of around $10,000,000 but was not under pressure to do so. Visit the Rallyware company profile on GetLatka for current figures and any updates since this recording.
View Rallyware’s current profile and metricsFull Transcript
Chapters
- 0:00Introduction to George Elfond and Rallyware
- 0:20What Rallyware Does and Its SaaS Model
- 1:27Pricing and ACV Range
- 2:54Team Size and Engineering Split
- 3:16Sales Reps and Enterprise Sales Motion
- 4:01Total Funding Raised
- 4:51Company Timeline: First Code to First Revenue
- 5:16Current Customer Count
- 5:27Future Fundraising Plans
- 10:11Revenue Growth and MRR Discussion
- 14:09Churn and Net Revenue Retention
- 15:12Cash Burn and Breakeven Culture
- 15:32CAC and Payback Period
- 16:28Famous Five: Books, Tools, and Advice
Introduction to George Elfond and Rallyware
Nathan Latka
00:00Hello, everyone. My guest today is George Elfond. He's the CEO of Rallyware, a performance enabled platform and a renowned global expert in implementing future of work technologies. He was instrumental in helping companies around the world to drive their workforce performance and bring the best in each individual through data driven training and engagement embedded in daily workflows. George, ready to take us to the top?
George Elfond
00:18Excellent. Thank you. Really nice to meet you.
What Rallyware Does and Its SaaS Model
Nathan Latka
00:20You bet. Okay. Tell us about Rallyware. What does the company do, and are you pure play SaaS?
George Elfond
00:25Excellent. Yes. We are a pure play enterprise SaaS platform, as you mentioned, performance enablement platform. What does it mean? We see three trends in the future of work. First of all, work is getting very distributed, and... But the current tools are designed for mainly hierarchical organizations, and that's a problem. Second is data is very important in driving the workforce productivity, and it's not being utilized as much in the HR tech and especially in the learning solutions.
00:56And the third is the millennials. Millennials are increasingly in the workforce right now, and then they demand tools that are effective for their personal and professional growth. And based on that, we, what Rallyware is, we're basically connecting the learning activities with operational and performance data on each of the members of the workforce.
Nathan Latka
01:19OKRs, KPIs, things like that.
George Elfond
01:22Exactly. Exactly. And based on those, we'll provide specific activities for each person in the workforce.
Pricing and ACV Range
Nathan Latka
01:27So when you say enterprise, give me a general sense. The average company is gonna pay you what per year to use your technology?
George Elfond
01:33So there's no such thing exactly as average for us. But like we start... I'll give you a range. We start... And it's pretty wide range. But we'll start at around 50,000 in ACV, and the contracts could go all the way up to about 1,500,000.
Nathan Latka
01:49I I understand it's difficult to give an average because you really do have different cohorts. It's just that you're getting what the show is we don't have time to talk about every cohort. So I mean, if you took total revenue divided by total customers, it's fair to say an average is gonna be closer to a $50,000 ACV or like a million dollar ACV?
George Elfond
02:04It's somewhere in between, but it's probably I would say it's in a couple of hundreds.
Nathan Latka
02:09Couple of 100. Okay, So not 50, but a couple hundreds. And so let's role play for a second. If if I'm signing up right now to use you guys for, let's say, $300,000 ACV, how big is my team probably?
George Elfond
02:20So your team for for $300... thousand, your team would probably be around around 10 to 15,000 people.
Nathan Latka
02:31Okay. So that is your sweet spot. I mean, when you when you look at your leads, your sales motion, all that, you're targeting companies at that range, 10... North of 10,000 employees.
George Elfond
02:39We're targeting more than 10,000. You get value if you're about a thousand or more. If you're less, it's... You still get value, but in many cases, you could do a lot of it with the manual process.
Team Size and Engineering Split
Nathan Latka
02:54What's your team look like today? How many people?
George Elfond
02:57So we are around 60 people right now.
Nathan Latka
02:59And what's the split between engineers and everyone else or quota carrying sales reps?
George Elfond
03:04So we are pretty heavily on engineering. We're about two thirds engineering right now.
Nathan Latka
03:10Okay, so call it 40 people engineering. And then how many are folks are quota carrying?
Sales Reps and Enterprise Sales Motion
George Elfond
03:16Quota carrying, we have four enterprise sales reps.
Nathan Latka
03:19Interesting. I mean, that something you're scaling? Or do you have too many leads for your four enterprise reps already?
George Elfond
03:25We're looking to we're looking to scale that, and what comes with it is obviously the leads and the good sales reps. Yeah. And both are hard to find, especially the the right the right sales reps that are very good at selling into enterprise, and not just into enterprise, but let's have this mentality. Like, we come in with something new. We're not, like, something that is faster or cheaper or or better than what they're using right now.
03:53We're bringing a new thought process into a lot of organizations. So someone who can have this consultative background is very important.
Total Funding Raised
Nathan Latka
04:01How much total have you raised to date, or have you stayed bootstrapped?
George Elfond
04:04So we've raised about $2,500,000.
Nathan Latka
04:08Okay. Why did you have to raise all that? Why couldn't you stay bootstrapped?
George Elfond
04:11So we actually raised it in the in the very beginning just to to get our product and and sales process going, and that took us to the to the breakeven point.
Nathan Latka
04:23So so how much did you spend fully weighted on your MVP, like, before your first dollar of revenue?
George Elfond
04:27So before our first dollar of revenue, we didn't we spent probably like 500,000 or something.
Nathan Latka
04:35Okay. So that's just you had to spend that getting the tech to the point where you could
George Elfond
04:35Getting
04:39to the point where, you know, we could sell and getting... But again, like where we could sell, but sell to the enterprise.
Nathan Latka
04:45What what was that time frame? So when was the first line of code relative to the first dollar revenue?
Company Timeline: First Code to First Revenue
George Elfond
04:51So first line of code was in around the end of two thousand twelve. And... But first dollar of revenue, I would say... Like, pilot revenue is... Was in 2014. We were getting quite quite a lot
Nathan Latka
04:51Yep.
George Elfond
04:51Of free pilots before, and then the true revenue was started generating in 2015, I would say.
Nathan Latka
05:12And then fast forward today, how many customers are you serving?
Current Customer Count
George Elfond
05:16So we're slightly above 50 enterprise deals.
Nathan Latka
05:21Okay. 50 folks. That's great. 50 folks scaling the team. Are you planning to raise anytime soon?
Future Fundraising Plans
George Elfond
05:27So it's it's an open question. Yeah. Raising has its pluses and minuses. And for for me, what's important is to... Is having the specific needs, specific project for that raise, not just raising for the sake of raising so that we get, you know, reason about debt crunch and everywhere, but more about, like, what are the specific important milestones.
Nathan Latka
05:54You've used both equity, which obviously you take significant dilution and debt. You did a debt deal with Lighter Capital for a $175,000 back in March 2016. Which one in your opinion, which one has been more effective for you in terms of growing the company, but keeping as much upside for yourself and your employees as you can?
George Elfond
06:12I'm a big fan of Lighter Capital model, to be honest, for two reasons. First of all, like, as your company grows, you're actually... Your cost of Lighter Capital becomes much smaller.
Nathan Latka
06:24No. No. No. It's it's actually opposite. It it rev... I mean, you'd correct me if I'm wrong, but let me just paint a picture for you. Most Lighter Capital deals, the the revenue... What they'll lend you is something between three and six x your current MRR, and you're paying back anywhere between 3 and 8% of your gross receipts monthly. And the tip... The the payback that they optimize for something between one point three and one point six x
06:46over two to three years. If you grow fast and you're paying on a percentage of revenue, you pay it back faster and your interest... The effective cost actually drastically increases.
George Elfond
06:56Yeah, but the way I'm comparing it is to the equity that I'm giving up.
Nathan Latka
06:56Oh, I see. I see.
07:02But it is, this is one thing that I wish venture debt would change. You shouldn't, it shouldn't be more expensive the faster you grow it. They should... People should figure a way to make it less expensive the faster you grow.
George Elfond
07:13Yeah. But, let's say, I I agree with you, but at the same time, the faster you grow, the actually... The less painful it is to repay it. So, the companies, I would say, the faster they grow, the less they're worried about.
Nathan Latka
07:25But still, a dollar is a dollar. Right? You'd rather put that dollar instead of paying back interest into the machine that you've created, which is making it more and more efficient.
George Elfond
07:33That part is very true. That part of the model would be would be very useful to revise. And I think the second part with the venture debt, at least like in the Lighter Capital itself is the... And I know they've been working on this as increasing the limits that you can borrow.
Nathan Latka
07:49Yeah. What what... They're right now, they cap out, I think, at, like, one x ARR or something like that.
George Elfond
07:54Yeah. But they're also cap it like at about a million.
Nathan Latka
07:57Oh, yeah. Into... In any company. Have you already... Are you are you at full... Like, you're at a million already. You can't go any more from Lighter?
George Elfond
08:04No. We're not. But getting a little bit more does not make sense for us. So, like, if they were to give me a less significant amount, a more significant amount, I would be comparing them to potentially like when I when I go and raise. But raising another $300 to $400k from them would just not make a difference for me.
Nathan Latka
08:25Why not? If it takes... I mean, once you raise with them, I've heard stories where CEOs will money in like forty eight hours. So the trick is, you know, so why don't you take another $300,000, reinvest it, then go take another $700,000, then reinvest it. Then like, you see what I'm saying?
George Elfond
08:40It's a it's a possibility, but it's at some point, like, because reinvesting... Like, taking, like, $300,000 to $400,000, yes, that could allow me, like, get more sales people, but, like, getting really, like, kind of, like, big on marketing and advertising that will probably not do the trick. So kind of the
Nathan Latka
09:02So how how much would you target then? If you wanna go out and raise right now, what would you target?
George Elfond
09:06So we would be looking at something more closer to 10,000,000.
Nathan Latka
09:10Okay. And what valuation would you like aim for? Obviously, you have to negotiate it, but what would you hope for?
George Elfond
09:15It's, you know, like, I'm not... Like, at this point, like, it's pretty standard to do, like, about 20, 25% of the of the company.
Nathan Latka
09:15You'd aim for,
09:26like, a 40 for, like, a $30 to $40,000,000 pre money?
George Elfond
09:30Yeah. Yeah. Something like that. It's basically, at that point, what the key would be is not even the valuation. Valuation is standard. If someone is trying to push you too much into the... On the valuation, it's probably not a good investor for you in the first place because we probably don't understand the game. And the key for me is actually getting, like, when we go ahead and raise more is getting the right investors, people I can
09:53work with. I've gone like... We've we didn't start yesterday, so, like, we've we've been at it for a while. I've seen all sorts of different types of investors, different... Had different conversations, and I've realized... And I've built I've built a business.
Revenue Growth and MRR Discussion
Nathan Latka
10:11Yep. I mean, I think, by the way, George, I wanna I wanna give you credit here too. Right? I mean, you told me there are 50 customers, and if each one is paying a couple 100,000 in terms of average ACV, I mean, that puts you at like 1,200,000 a month right now on revenue. Is that accurate?
George Elfond
10:25Oh, I cannot tell you the exact revenue numbers, but we're looking at very good growth and that's revenue work. We're comfortable with not running and raising money right now.
Nathan Latka
10:38So those, I'm not making up numbers. I'm taking numbers you already gave
George Elfond
10:38No, no, no, that's
Nathan Latka
10:38So I just, I wanna correct one of those if they're wrong. Is the ACV actually lower than $300,000? The average
George Elfond
10:38We
10:50have different cohorts in there.
Nathan Latka
10:52Well, know that's why people measure ARPU stand.
George Elfond
10:55It's not necessarily the average, I cannot give you the exact average.
Nathan Latka
10:59Okay, but I want to be clear when I asked that question, I asked ARPU. ARPU stands for average revenue per customer, right? So if that's not accurate, I I wanna correct it. It's not $300,000. It's less
George Elfond
10:59Yeah.
11:10Yeah. No. I want to make sure... Yeah. I want to make sure that's our sweet spot. It's not necessarily because we have all sorts of different cohorts plus quite a few of the legacy customers. So I want to make sure, like, we're not misinterpreting the numbers.
Nathan Latka
11:22Got it. Let me repeat this back to you because I wanna make sure we get it accurate. You said earlier that minimum ACV is $50,000.
George Elfond
11:22Yeah.
Nathan Latka
11:22Sweet spot, 300. And you have some that are obviously anomalies that are big enterprise deals that are bigger than that.
George Elfond
11:36Yeah. I don't think it's an anomaly. I actually think that's where we were getting as we're mature. Like
Nathan Latka
11:36Well,
11:42you can measure you can measure it. You can measure it. Did 20, do your top 20% of your customers make it more than 80% of your revenue?
George Elfond
11:51At this point, there are top 20 customers there.
Nathan Latka
11:5520%.
George Elfond
11:56Top 20, yes.
Nathan Latka
11:56Top
11:5720. Yeah. So it'd be like, do your top five, 10 customers make up more than 80 of your revenue?
George Elfond
12:05No.
Nathan Latka
12:06Oh, okay. Then maybe they're more distributed than we we talked about.
12:08Look, I I guess what we'll... What I what I will do is say, okay. 50 at your minimum, $50,000 ACV puts you north of $150,000 a month at this point. It's fair to say you're above that.
12:16Correct?
George Elfond
12:17Mhmm. Of course.
Nathan Latka
12:18You said healthy growth. So if you're there north of that today, where were you a year ago? Do you remember?
George Elfond
12:23So a year ago, we're slightly slightly below we're slightly below half where we are right now. Mhmm.
Nathan Latka
12:31Okay. So so you're doing, like, $75,000 or $80,000 about a year ago?
George Elfond
12:35We were doing about a year... Well, I don't wanna get into exact because $150,000 is not is not the accurate number by itself, but we were doing... We were about... We were... We grew about... Slightly above two x over the course of year.
Nathan Latka
12:51Okay. Got it. So you... Wherever you're at today, you are essentially 50% of that
George Elfond
12:51Yeah. Yeah. Yeah.
12:56For our, like, internal reasons, I just cannot disclose the exact number.
Nathan Latka
13:01No. No. It's fine. I... We we have a good range already, which is you're north of $150,000 a month in revenue. It sounds like, you know, I mean, I guess what I'll ask is, does it do... Does it feel like a massive stretch goal to get up to, like, 1,000,000 a month by the end of this year? Or do you think you have to wait one more year to get that?
George Elfond
13:17I think it will be sometime next year. Yeah. It's not it's not gonna be by the end of this year.
Nathan Latka
13:22You mean a million in A month.
George Elfond
13:23A month. Yeah. Yeah. Yeah. Yeah. Yeah. It won't be this year, but it will be sometime next year. Yeah.
Nathan Latka
13:29Good. Well, I mean, like that... And do you think most of that growth will come from adding new customers or getting more revenue from current customers?
George Elfond
13:36I think like our model right now is more... Is getting more into into the doors of more companies. We do have land and expand strategy, but I can't say we've been amazing at it yet. Like, we're pretty... We're very good on customers... On serving the customers. We're very good on managing the churn.
Nathan Latka
13:59Yeah. Hold on. Hold on. Quit, you can quantify that. Right? So I have benchmarks on this, so I don't know if it's actually good or not. In terms of your churn, you know, whatever you wanna give, annual revenue churn, gross basis, what is it?
Churn and Net Revenue Retention
George Elfond
14:09Mhmm. So in terms of the churn, again, like, we look at the cohorts, like, you look at the at the higher end of this, like, it's practically no churn. They're... Like, we don't... Like, the high end
Nathan Latka
14:21It should... It it better be Should be revenue. It better it better be above a 100% net revenue retention. Yeah, sorry, George, just because we don't have time to go down all of your cohorts. I don't mean to keep cutting you off, but the reason people measure revenue churn is specifically so that every customer becomes equal relative to the amount they're paying per month. So if you look at your revenue churn across your entire base over
14:42the past twelve months, about what was it?
George Elfond
14:44So it's definitely less than 2%. It's
Nathan Latka
14:44Per month?
George Elfond
14:44Per month. Yeah.
14:50Yeah.
Nathan Latka
14:51Okay. So 24% annually. And then does your expansion revenue more than make up the 24% whole?
George Elfond
14:56Pretty much. Yeah.
Nathan Latka
14:57Okay. So you're about a 100% net revenue retention?
George Elfond
14:57Yeah.
Nathan Latka
14:57Interesting. Okay. Good. And then look, you know, managing cash is critical. And I always like to get in a founder's head to understand like how aggressive you're being. Are you comfortable burning a bunch of cash right now to drive growth or you're trying to get to breakeven?
Cash Burn and Breakeven Culture
George Elfond
15:12We're actually more on the we're more on the breakeven type of culture. So we are at that at that point where we got to breakeven. We're burning a little bit, but we're
15:22all
Nathan Latka
15:22What's a little? You're talking like $5,000 or $10,000 a month?
George Elfond
15:26Probably like closer to $30,000 to $50,000 a month.
Nathan Latka
15:29Okay.
George Elfond
15:30That's a comfortable zone for us.
CAC and Payback Period
Nathan Latka
15:32That's good. Well, yeah, mean, obviously, with the revenues that, you know, you can buffer that however you want. And then how aggressive are you being to get new customers? So to get a new $50,000 ACV account, will you spend the full $50,000 upfront or no?
George Elfond
15:44It's not the full... To get the 50 k, we will not spend the entire 50 k. We could for... Forgetting, like, larger accounts would do spend something closer, but it's not it's not 50 k, but it's it's pretty comparable to us.
Nathan Latka
16:00My my point is, are you optimizing for a twelve month payback period and where you're at today in terms of your payback period?
George Elfond
16:04We're actually... Payback period is is pretty good for us. Like, we're at around... Like, I would say we're at around six months.
Nathan Latka
16:11Six months. Okay. So on a $50,000 account, you'll spend $25,000?
George Elfond
16:14Mhmm.
Nathan Latka
16:14Yeah. And most of that's on salespeople person commission or paid spend or what?
George Elfond
16:18It's it's mainly on the commissions and sales team and, we do not do... We do very little, almost none paid off the time.
Famous Five: Books, Tools, and Advice
Nathan Latka
16:28Yeah. Very good. Alright. Let's wrap up here with the famous five. Number one, what's your favorite business book?
George Elfond
16:33So, I really like the book I read recently. It's called Thinking in Bets by Annie Duke. It's about decision making.
Nathan Latka
16:41Yep.
16:42Number two, is there a CEO you're following or studying?
George Elfond
16:44I like Mark Benioff for his bold decisions, even though I don't don't always agree with them, but he tends to be more right than I am.
Nathan Latka
16:52If he offered... If if Salesforce offered to buy the company for $10,000,000, do you sell today?
George Elfond
16:58No. But I would I would be delighted that they're interested in us.
Nathan Latka
17:03Number three, what's your favorite online tool for growing your business?
George Elfond
17:07I like to Todoist right now.
Nathan Latka
17:09What Todoist?
George Elfond
17:10Todoist. Yeah.
Nathan Latka
17:11Number four, how many hours of sleep do get every night?
George Elfond
17:15Try to get seven.
Nathan Latka
17:17Okay. And how old are you?
George Elfond
17:19I'm 38.
Nathan Latka
17:2038. In situation, married, single kids?
George Elfond
17:22I'm married with a baby who is 14.
Nathan Latka
17:26Oh, wow. Congrats. Alright. Last last question. What do you wish your 20 year old self knew?
George Elfond
17:30I think, like, take more calculated risks. Don't follow the crowd.
Nathan Latka
17:36Guys, take more risks. Rallyware.com. Again, playing in the space. It's a hot space. We all have heard about it. Again, performance management, especially across distributed workforce is 2,500,000 raised to date. Burning, call it $30,000, $40,000, $50,000 a month driving growth, 40 engineers, four sales folks, 60 people total, 24% gross revenue churn annually. Expansion matches that, those who caught a 100% net revenue retention. Doing north of basically 50 customers paying north of $50,000 ACV. So call it again north
18:03of $250,000 a month right now in revenue doubling year over year. So nice growth rate, hoping to maybe go out and raise it. You know, they don't have to, they're not breakeven, but they might go out and raise, call it 10,000,000 on a 30 or 40 pre in the next call it two, three quarters. In the meantime, George, thanks for taking us to the top.
George Elfond
18:15Thank you very much.