ReferBox revenue, CEO Damilare Ololade, team size, customer count, churn, and more in 2022.

guysreferbox.appy started coding it back in earlier this year 2022 they've got 52 on the waitlist they're launching pricing here in one month hoping to get a thousand bucks an mrr quickly by getting customers to pay 30 bucks a month their idea is to build on top of flutter wave Down in Africa Nigeria specifically this refer comp this refer box app will enable you to get more referrals into your stores to sell more product they're working on building integration right now to flutter wave again as they look to scale hey folks my guest today is dominari olade he is the founder of a company called refer box app which is a referral marketing tool for Africans he's a software developer um and it launched this back when he was he started his journey when he was 20 in terms of the startup World his team won the top 10 teams awards at Africa hacks hackathon in his home country of Nigeria and he's passionate about solving problems with code all right Don malaria are you ready to take us to the top sure let's go all right so the the website well what is the website referbox.com domain yeah that's okay okay refer uh refer box dot app and talk to me about um what your customers look like who are they and give me an example of how they use you yeah so um major customers are startups who want to use you from marketing a delivery they leverage into to acquire um customers and also like grow their customer base but we have in second market segments which are small businesses and I don't know if you want me to run you through how we started no well I mean I'll ask all the questions tell us first what's the what's the average customer paying you per month right now so the funniest thing is that we we're still in um having beta we just um put out a very bitter a few weeks ago but incredibly we have about 52 startups wow on our week list of our private testing with three um startups in Nigeria so your your pre-revenue right now you haven't launched yet but you have five zero you have 50 startups on your waitlist 52. tell me how you got them on your way list how did you build it so I just made a tweets that we just launched and I spoke about the problems currents um startups in Nigeria office when it comes to acquiring customers you need to do ads you need to do influencer marketing and all of this does not really guarantee you the type of customers you want and referral marketing be it's a platform where you need to do less to get more and with that surprisingly we're able to get about 52 people on that week list and these are businesses that have hundreds and even thousands of customers yeah that's amazing so when do you plan to launch your your pricing your paywall yeah we plan on launching by month because we have a startup competition we are planning for in about a few weeks so that's one of the things that has actually been pushing things back yeah so you're launching in one month yes and no more and how much how much money how much money do you want to make in the first month in the first one uh in terms of maybe a thousand dollars and how many customers would that be how many people do you have to get to pay you to make a thousand bucks okay that would be about 30 plus customers actively yes how many active yeah okay so you're gonna charge like 30 bucks a month something like that yes and the interesting part is big big cognizant to people because then they have like bigger user bees and like they require more API requests and all of that right yeah that makes sense for now yeah that makes a lot of sense did you build this yourself or do you have a co-founder yes I have a team um two co-founders yeah how much Equity did you give them yeah you can say it they're not listening yeah like it's it's something we know but maybe not did you guys did you split it evenly 33 each yes yes oh what's going on there YouTube good to see you guys now imagine this you love watching these interviews with SAS Founders but imagine if we took all of the 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if you're bootstrapping that means you have to pay for rent and meals and all that right now you don't have any any revenue from the company so how are you paying your bills yes so I I'm a student and I also work part-time building websites for Brands and businesses so I make money from that buy my um co-founders also work um in different companies where they can use it to Source performance but you know that's how we make money for now so when are you guys going to quit your full-time jobs and go all in on the company Solitaire is where students and I'm in my third year I'll be finishing next day so by then I'm going full in also my co-founders too okay that's awesome when did you write the first line of code for refer box it was February um 22nd this year and it was it just came as an idea and from there we are like um metamorphosed into what it is now the refer box dot app very cool yep 52 on the waitlist launching in one month you want to get 30 customers paying 30 bucks a month for your first thousand bucks in sales uh your pro your bootstrap other and is there anyone else working on this besides the three founders no no just the three of us just the three of you okay and how do you split the roles like who do you do all the engineering so my two co-founded them major Engineers so I do front-end development the UI ux and also I do the business side and my two co-founders are like basic engineering um back-end stuff so we split um the rules since we're kind of really like a very technical product so we're trying to focus more on the um engineering parts that makes sense and why is 30 a month the right price point how did you come up with that so first we did a research on existing um platforms around the world obviously there's not in Africa yet so we did a research on grows off um referral can be raised and we figured that that's like a good enough pricing amount yeah okay well we'll we'll see what happens we're rooting for you anything you want to sneak in here before we wrap up with the famous yeah so there's something really different about repair books that I really love to talk about is the fact that so we started with fairbox as a platform to help small businesses acquire customers and all of that and our major plan is to provide apis on plugins so allow these small businesses to integrate on platforms like for instance Shopify or the Nigerian platform called Florida with store my head of them so on so for you for instance there's a small business when you're flutter with store you can create free-frow marketing um campaign share to your friends and your family and they join and we have a Marketplace app for those people so they can manage their rewards if you're giving them um coupon codes you can manage it from on the app so this is what other platforms are you launched are you launched on the flutter wave app exchange already no we are working on that because Florida is the big company that we're trying to figure step by step yeah but we're rooting we're rooting for you and in the meantime now let's wrap up here with the famous five number one what's your favorite book my favorite book is the mom test the monk that's right yeah I think the mom test is a good one number two is their CEO you're following or studying um Shopify so I watched the Netflix Shopify series and it has been very interesting some following up on that story yeah number three what's your favorite online tool for building refer box online would be full story it's uh where you can see what people are doing on the platform s have insights about that yeah number four how many hours of sleep do you get every night yeah about five well sometimes I was sleeping but actually like mention five hours of sleep all right what's your situation married single kids single single all right and you're a student 30 or how old are you I'm 23 now yeah 23 last questions but something you wish you knew when you were 20. yeah I think it should be um be a jack of Orchard but you must have won surprisingly I'm writing that in my next newsletter because it's something that I've experienced by myself being a generalist I want to do so many things but I've learned that you need to be a jack of all tree even if you are generally for a master of one yeah guys referbox.appy started coding it back in earlier this year in 2022 they've got 52 on the waitlist they're launching pricing here in one month hoping to get a thousand bucks an mrr quickly by getting customers to pay 30 bucks a month their idea is to build on top of flutter wave Down in Africa Nigeria specifically this refer comp this refer box app will enable you to get more referrals into your stores to sell more product they're working on building integration right now to flutter wave again as they look to scale Tamil Larry thank you for taking us to the top thank you very much thank you so much one more thing before you go we have a brand new show every Thursday at 1pm Central it's called 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