Sheetgo Revenue, Valuation & Funding (2024)

Sheetgo generated approximately $840,000 in annual revenue in 2021, equivalent to roughly $70,000 per month, up from approximately $420,000 in 2020, or about $35,000 per month. That trajectory represents approximately 100 percent year-over-year growth, achieved without a dedicated commercial team and driven almost entirely by organic channels.

Sheetgo had more than 1,000 customer logos as of late 2021. Vaartrault confirmed these are logos, not individual seats, meaning each account may include multiple users. The average number of seats per logo falls above 10 and below 100, with Vaartrault noting the company has not yet moved significantly upmarket.

The average contract value for a single-user license is approximately $500 per year. Team accounts spend between $1,000 and $10,000 annually, with volume discounts applied for larger seat counts. Vaartrault noted the company is transitioning from a user-centric to an account-centric commercial model, a shift that began in late 2020.

Customers span a range of use cases. Vaartrault cited budget management, field sales updates, and inventory tracking as common applications. Education is a notable vertical: Sheetgo works with school districts for attendance tracking and grade management, and one district customer uses the platform to maintain profile cards for 130,000 students, allowing teachers and administrators to monitor student progress.

Sheetgo sells annual subscriptions priced per user or per team license. Individual user licenses are priced at approximately $500 per year, while team licenses range from $1,000 to $10,000 annually depending on seat count, with volume discounts available. The contract structure is annual, not monthly.

Gross monthly churn is approximately 3 percent, which Vaartrault described as roughly in line with industry average. Net dollar retention is 100 percent, meaning expansion revenue from existing accounts offsets gross churn entirely. Vaartrault confirmed the company is profitable as of 2021, supported by its lean commercial structure and organic growth channels.

With approximately 1,000 logos, an average of more than 10 seats per logo, and an average contract value of $500 per user annually, the implied revenue base is consistent with the stated $840,000 annual figure, though exact per-seat pricing varies with account size. Profitability was explicitly confirmed by Vaartrault despite the company having raised only approximately $1 million in total external capital. Burn rate, gross margin, LTV, CAC, and payback period were not discussed in the interview.

Sheetgo had 19 employees as of October 2021, all working remotely. The company previously operated on a hybrid model but had moved to fully remote by the time of the interview. Vaartrault noted that approximately two-thirds of the team are engineers, implying roughly 12 to 13 people in engineering roles. The commercial team, covering both marketing and sales, consists of fewer than a handful of people, including two sales representatives.