How SudShare Reached 90,000 Sudsters and Closed a $10M Seed Round with Uber-for-Laundry Model (Interview with Co-Founder Mort Fertel)

Introduction and Background

Nathan Latka

00:00Hey, folks. My guest today is Mort Fertel. He's a serial entrepreneur who started his first business at 18 years old. He has a private equity portfolio that consists of SudShare, two other businesses, and real estate holdings. SudShare is basically Uber for laundry. We're going to jump into it today. Mort, you're ready to take us to the top?

Mort Fertel

00:15>> Yes, let's do it. All right.

Nathan Latka

00:16So how you get in? Is this just a space that's sort of unsexy, no one's thinking about it, and you said there's an opportunity here?

Origin Story: Wife's Laundry Complaint Sparks the Idea

Mort Fertel

00:23>> Sort of. It started in 2017 with one comment my wife made. She was home with five kids buried in laundry, and she's like, This is crazy. I can tap an app and get to the airport, FaceTime someone on the other side of the world, but I'm still doing laundry like my grandmother. And she was right. Technology has made everything so fast and easy, except for this chore that we hate the most and that takes the longest,

Son Builds the App at 16

Mort Fertel

00:45>> laundry. It's actually shocking. There's been no innovation in this space since the washer and dryer almost a century ago. So my son was in the laundry room at the time and he's a typical teenager. He was 16 years old. He's like, look, I'm not helping you with the laundry, mom, but I can solve this problem for you. I'll build you an app. So we thought he was kidding, but we homeschooled our kids and we taught them

Launch in Baltimore in 2018 and Early Growth

Mort Fertel

01:07>> you could do anything and he believed us. And so he looked at what Uber was doing and he went and built this business. And it launched in Baltimore in 2018. And we haven't looked back, it's been growing like crazy ever since. I've been helping them with the business.

How SudShare Measures Growth: GMV and Customer Acquisition

Nathan Latka

01:21So what is growth? How do you measure growth here? Is it pounds of laundry clean per week or what?

Mort Fertel

01:26>> Well, we've been growing at about 10 to 30% a month, every single month for a couple of years now.

Nathan Latka

01:33What I'm asking is how do you measure growth? Is it revenue? Is it pounds of laundry done? Is it number of trips to the laundromat? What is it?

Mort Fertel

01:40>> We have multiple KPIs that we monitor on a monthly basis. Of course, GMV, which is fancy terminology, marketplace terminology for revenue. Also new customer acquisition. Those are two key KPIs that we look at.

Nathan Latka

01:57Interesting. Okay. So are you focused full time on helping your son with SudShare? Are you managing a larger portfolio of companies

Mort Fertel

02:03>> Yes, as when it started a few years ago, it was mostly him because it was mostly

02:10>> creating the technology, building the apps, all the technology in the background. I can't write a line of code. So he was working all that. But after we launched and as we started to grow and the apps really got traction, so then it really became a business and we became, I mean, were always partners and co founders, but I became much more active in the business at that point. I mean, now it's to the point where I

02:32>> spend 99% of my time on SudShare.

Nathan Latka

02:36Fascinating. And how old is your son today?

Mort Fertel

02:38>> He was 16 when he started. He's now 21.

Nathan Latka

02:40How much equity did you were able to get out of him?

Mort Fertel

02:45>> We both had a substantial portion of equity.

Nathan Latka

02:47But did he say, dad, I'm keeping more of it. You're taking less than me.

Mort Fertel

02:52>> No, I always had controlling interest.

Nathan Latka

02:56Okay. So what did you write sort of a check up front to help him sort of have some money to build the thing or what sort of gave you that ability to command more equity?

Mort Fertel

03:05>> Yes, I wrote the check.

Nathan Latka

03:09He's 15, he's 15, right? All right, so 21, is he skipping college or is he all in on SudShare?

Mort Fertel

03:15>> He's no college. In fact, even in high school, he was homeschooled through eighth grade. And then in high school, he went to a boarding school, but he only, it's called a Yeshiva. It's a place of religious study for Jewish people. And normally the curriculum is that half the day they spend with religious studies and the other half in their secular studies. So for him, he opted out of the secular studies and was working on SudShare. Interesting.

03:44>> And then when he graduated high school, he actually never graduated, coincidentally or interestingly, he's a high school dropout. But he didn't go to college. He's the co founder and CTO of SudShare and spends full time on it now.

Nathan Latka

03:59Oh, what's going on there, YouTube? Good to see you guys. Now imagine this, you love watching these interviews with SaaS founders, but imagine if we took all of the valuation data out from over 2,807 interviews I've done manually, saves you a lot of time. Well, we've done this, we've built it into the beautiful interface inside of Founderpath. Check this out. I'll show you how you can access this in a second. But you log in, you connect

04:23your Stripe account, you see your valuation real time, you can see what it changed over the past eighty eight days and even set goals for valuation this year. Now the secret evaluation is there's many different ways to value a SaaS business. So the reason you're gonna see three or four different valuations inside of your Founderpath dashboard, this is all free by the way, is because depending on who's doing the buying of your SaaS company, you're gonna

04:47get a different valuation. A VC is gonna pay a different valuation, Private equity firm is different. If you're gonna do a minority sale, that's different. And if you sell the whole business, that's a different valuation. You can see all those when I hover over here. Right? So the teal is what a VC would pay. Yellow is what private equity and red is if you sold the whole thing outright. Now what's cool about this is this is

05:09not built off random data. Again, you guys hear these interviews on YouTube. All these datas are built from real time valuation data points founder share with us on the show. So traction 1,200,000 seed round 3.7 raise. They sold 22% of their business. Go in here and filter by the event. Maybe you only wanna see companies that have sold the whole business. Well, here are a bunch that have been acquired the valuation and the multiple. Maybe you're

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05:57if you wanna check this tool out, if you wanna jump in and sign up, you can check it out for free to get your valuation at this link. This link, founderpath.com/products/valuations. Or if you go to founderpath.com and hover over products, click on get your valuation here, and go ahead and sign up to give it a whirl. Again, all that valuation data live right inside the platform. I hope to see you there. Alright. Let's jump back into

06:23the interview. That's awesome. So so back in April, the last full month, we're recording here on May 10, how many unique users requested a laundry cleaning in that month?

90,000 Sudsters Nationwide Across 400 Markets

Mort Fertel

06:33>> So I apologize. We don't share that kind of data publicly, but I can tell you that we have over 90,000 Sudsters nationwide.

Nathan Latka

06:47And what does that mean? Convert your language to our audience language. What does Sudster mean?

Mort Fertel

06:51>> Oh, sorry. Sudster, that's what we call the launderers.

Nathan Latka

06:55Okay, so that's a heck of a name too, I just finished watching Ozark. When I hear a launderer, I don't think someone that does laundry, I think something else, but these are people that do the laundry in cities around the globe. Right, so this is a

Mort Fertel

07:06>> two, it's a peer to peer marketplace. So just think Uber for laundry.

Nathan Latka

07:09No. No. I understand that. I'm trying to flush out the marketplace. So there's there's 90 are these all in The US or are they global?

Mort Fertel

07:15>> All in The US right now.

Nathan Latka

07:16Okay. All in The US. Any any city? If I open the app here in Austin, Texas, I can use it?

Mort Fertel

07:21>> Yep. We're in 400 markets nationwide. We're pretty much everywhere except for farmland, Manhattan and San Francisco.

Nathan Latka

07:27Interesting. And okay, that's interesting. So why not Manhattan or San Francisco?

Mort Fertel

07:31>> So if you think about the business model, we need our Sudsters to have a car because they pick up and deliver the laundry as well as do it. And then we need for them to be accessible to the customer. So in Manhattan, not even rich people have cars, know, less people that are, you know, sort of middle income people that are doing laundry for a living. Same thing with Downtown San Francisco. Pretty much every other city

07:58>> nationwide is accessible for our Sudsters, but that's why we're not in Manhattan and San Francisco.

Nathan Latka

08:06And are these 90,000 building a living on your platform full time? Do they all get work every month? Are they sort of in and out as demand peaks or falls?

Mort Fertel

08:14>> So it's as they wish. We have people that do it full time. Our top Sudster makes about $5,000 a month. Okay.

Nathan Latka

08:23What does that convert to? Like, how many loads of laundry is that, I guess?

Mort Fertel

08:29>> Well, it's about, I mean, they get paid 75¢ per pound. So I guess that's what, about 7,000 pounds of laundry.

Nathan Latka

08:387,000 pounds. What's, I don't even know. What's the average round of laundry measure in pounds?

Mort Fertel

08:46>> You mean the average load of laundry?

Nathan Latka

08:48Yeah, sorry, average load of laundry.

Mort Fertel

08:50>> Yeah, so a typical washer dryer load is about seven or eight pounds.

Nathan Latka

08:55Interesting, okay.

Mort Fertel

08:56>> And is it? Mean, she's doing it full time. Now a lot of our Sudsters don't do it full time. A lot of them do it part time.

Nathan Latka

09:02Yep, yep, yep, yep.

Mort Fertel

09:03>> And everything in between. They're really their own boss. They can work whenever they want, take whatever orders they want, let the orders that they don't want pass, that they wanna go on vacation, not work a day. They're in control of their own schedule.

Nathan Latka

09:16Yep. No, no, I think that's great. I guess how many Sudsters have made at least a dollar on the platform? Like have they all done at least one load?

Mort Fertel

09:25>> That's an interesting question. I actually don't know the answer to that question.

Nathan Latka

09:29Isn't that like a key thing in a marketplace? Uber knows how many drivers did at least one ride per month. Shouldn't you know how many of these 90,000 did at least one load in April?

Active Sudsters and Supply vs Demand Dynamics

Mort Fertel

09:37>> Well, know, oh, so you didn't say in April. So I do know how many active Sudsters, yeah. Many active Sudsters we had last month? About 3,000.

Nathan Latka

09:47And so I don't know in your space, that, I don't know if that's 3,000 out of 90,000, is that a high activation rate or low activation rate? Are you happy with that?

Mort Fertel

09:54>> We're happy with it because we're not supply constrained. We have plenty of Sudsters. Unlike most marketplaces, most marketplaces are supply constrained. So Uber needs more drivers, Airbnb needs more hosts, etcetera. We're more demand constrained than supply constrained.

10:11>> So we're very happy with the situation on our Sudster side. We've got plenty of Sudsters and they're doing really well and making enough money and

10:21>> we're trying to really grow the demand side. So,

Nathan Latka

10:24I mean, we shouldn't skip over that success. How did you manage to go to market and sign up 90,000 Sudsters?

How SudShare Solves the Work-From-Home Problem for Unskilled Workers

Mort Fertel

10:31>> So I'll tell you it's because SudShare solves a second problem, which is fascinating. The first problem is obvious, which is people hate to do laundry. But we solve a second problem, which is that unskilled workers, people who don't sit behind a desk for a living, people who work at factories, restaurants, Amazon's fulfillment center, they wanna work from home too, but they can't, they don't have the skills. But what they do have is an underutilized washer and

10:58>> dryer. And so, you combine that with the SudShare app and voila, you have the first ever manual labor work from home gig in the world. And so at a time when Uber, Lyft, DoorDash, Instacart, etcetera, they're spending a gazillion dollars trying to recruit workers and they're losing them. We're spending like nothing and they're coming in droves. Thousands and thousands of Sudsters are onboarding every single month. And it's because they have this unique opportunity they've never had

11:27>> in their life, which is to work from home.

Influencer Marketing and Word-of-Mouth Growth

Nathan Latka

11:32How do you find them though? Right? You still have to find people that have a washer dryer at home. Like do you sector by average household income? I mean, obviously I'm not gonna do laundry at my house because I make money in other ways. So like you still have to find out how to target them, right?

Mort Fertel

11:45>> Yeah, but as soon as you have something like this, people talk, they tell their friends, their family. Mean, we had 13,000 Sudsters on board in November and it's because we had an influencer post about this unique work from home opportunity. And so, you know, when you have something that's really great and unique, especially in an age of social media, people talk about it, they post about it and it's mostly word-of-mouth.

Nathan Latka

12:12Interesting. Okay. Talk to me about the strategy. It sounds like demand side's a little bit trickier here. How do you solve that and how are you solving it today?

Mort Fertel

12:18>> Yeah. So, mean,

12:22>> were growing enormously, like I said, 10 to 30% a month. So it's not like, we're not growing on the demand side. The whole marketplace is growing like crazy, but it's just that the demand side is a little bit slower and we are demand constrained. Right now it is mostly word-of-mouth on the demand side is also, and we do quite a bit of Google ads that drives the platform. We just closed the 10,000,000

Nathan Latka

12:46Can you quantify that more? Like when you say quite a bit of Google ads, are we talking like tens of thousands a month or like a thousand a month or something?

Mort Fertel

12:52>> Tens of thousands a month.

Nathan Latka

12:53Tens of, okay, so significant. More than a 100,000?

Mort Fertel

12:55>> Yeah.

Nathan Latka

12:56Oh, wow. Okay, so significant ad spend.

$10M Seed Round and Paid Ad Spend

Mort Fertel

12:58>> Yeah. Yeah. Okay. We just closed a $10,000,000 seed round and we're gonna be investing a lot of that in a marketing team and in paid media spend. So we're looking to expand to other marketing channels for customer acquisition.

Nathan Latka

13:14What's the team size today? How many folks full time?

Mort Fertel

13:19>> We've got about 25. Most of them are customer service. So if you exclude customer service, there's about eight.

Nathan Latka

13:30And including your son, how many engineers are there?

Team Size: 25 Total, 4 Engineers

Mort Fertel

13:33>> Right now, including my son, there are four.

Nathan Latka

13:38Four. Okay. Got it. So yeah, technical problem, but you've got the tech is there. It's now just about building out the additional parts of the marketplace. What's next? I mean, is there next product in line? Obviously, you have two massive groups of people you can sell other things to, 90,000 folks who have a laundry machine at their house and however many you have that are requesting laundry be done every month.

Mort Fertel

13:57>> So there are lots of other possibilities, but we're not really thinking about that now. What we're really focused on now is much deeper penetration of the marketplace into the laundry space. There's so much opportunity there. It's so gigantic.

Nathan Latka

14:12How big is, I just have no idea, The United States alone, how big is it?

Market Size: $300B Opportunity in US Laundry

Mort Fertel

14:15>> There's 125,000,000 households producing 50 pounds of nonstop laundry every single week. If you do the math at a dollar per pound, which is what we charge, it's a $300,000,000,000 market in The US alone.

Nathan Latka

14:30I see. So you're taking 50 pounds times 120,000,000 households times a dollar per load, which is what I mean, that's like six, that'd be like 6,000,000,000 per month in revenue if you had a 100% market share.

Mort Fertel

14:39>> Yeah, I mean, we don't need a 100% to have a gigantic. So the point is that this is a huge opportunity just in laundry, but you're right. I mean, down the line, there are other possible line extensions.

Take Rate, Pricing Model, and Sudster Earnings

Nathan Latka

14:53Your model is a dollar per pound. That quote you gave me earlier of your biggest Sudster doing 5,000 a year, that's like, or sorry, 5,000 a month. You're effectively just taking, you're keeping only 25% of that, right, for yourself as revenue.

Mort Fertel

15:07>> Right, well, she gets paid 5,000 a month. If you do-

Nathan Latka

15:11So we can multiply times one point.

Mort Fertel

15:12>> Yes, so 5,000 divided by 0.75. So she's doing about 6,600 pounds a month. She's getting 5,000, which is 75% and we're getting 25% of that.

Nathan Latka

15:24Just to be clear, sorry. Oh yeah, because it's a dollar per pound. Yeah, so 6,600 pounds, she's making five, you're getting 1,600 there. How'd you come up with the 25¢ per dollar? Or is that sort of like, we're just gonna guess and figure it out later?

Mort Fertel

15:37>> No, we actually started with what we wanted to pay the Sudsters. So way back when we were starting this, we ourselves started to process laundry and we figured out how much time it would take to pick up, wash, dry, fold, and deliver laundry. And then we calculated that we wanted the Sudsters to earn

16:02>> between $15 and $30 an hour. They don't get paid by the hour to be clear. They get paid by the pound. We wanted them to be earning like $15 to $30 an hour. And so

16:15>> we started with that, like how much did we want the Sudsters to earn? And then we backed into the price for the customer from there.

Nathan Latka

16:24Yep, interesting. Now you mentioned you have 3,000 sort of active Sudsters and last month in April, right? Your biggest one is generating $1,600 in revenue for the company. So your max revenue per month would be 1,600 times 3,000 Sudsters or about $4,800,000, which is obviously again, a great business per month. You're not there yet, obviously that's your biggest Sudster, but how do you get up to that? How do you break 4,851,000 in revenue per month?

Mort Fertel

16:51>> It's marketing and deeper market penetration. Mean,

Nathan Latka

16:56really- So it's just more ad spend, is that it? Just more fuel on the fire?

Mort Fertel

16:59>> It's more ad spend and more time. I mean, we're growing organically 10 to 30% a month.

Nathan Latka

17:07What do you mean organically though? You just said you're spending hundreds of thousands on Facebook and Google ads per month. That's not organic.

Mort Fertel

17:13>> Right. Yeah, some of it's Google from ad spend and a lot of it's organic.

Competitive Landscape: Rinse, Loopy, and First-Mover Advantage

Nathan Latka

17:19Yeah. I guess the reason I'm asking this is what I'm trying to decipher here is what the mode is. Right? If someone else listens to this podcast or there's others that do this sort of marketplace, what's your special sauce or what would you say your special sauce is?

Mort Fertel

17:32>> So

17:34>> I can't point to any one thing, but this opportunity has been there for many years. If you look at the history of the space, there's a lot of carnage. And the reason for that is because operationally, this is not simple. And we had to solve many problems in order for this to work and for this to be scalable as we're scaling it. And

18:04>> so I would say that the real moat is, you know, an operational excellence. And also, of course, at this point we have the first mover advantage. I mean, we're way, way, way ahead of pretty much everybody else in the space,

18:19>> you know, with penetration in every market nationwide. So it would be pretty difficult for somebody. It would take them years to catch up.

Nathan Latka

18:29I mean, there are a bunch of these for loopy laundry, spot POS. I mean, I'm just reading ad results when I searched laundry cleaning app, Hemp wrap. I mean, why do you see a first mover advantage? I mean, we've done interviews with folks that have launched something like this before 2018. It's really who can market best and who can uniquely get both sides of the marketplace filled out.

Mort Fertel

18:50>> Yeah, so just, I mean, if you look into Loopy and Dre and Hamper and these other companies, they're nowhere. I mean, they've been doing this for years like we have, and they're in a handful of markets.

Nathan Latka

19:05Would you ever look at a keep raising additional capital, keep driving revenue to roll up strategy these folks to accelerate your own growth?

Mort Fertel

19:12>> Not of interest right now. I don't think they really have much to offer. They're very, very, very small. They're very small and have very, very little traction.

Nathan Latka

19:21What do you think HampRab does in terms of revenue?

Mort Fertel

19:26>> I don't know.

Nathan Latka

19:27You're PE guys. I'm going, I'm sure you've run all the math on this.

Mort Fertel

19:31>> I I I don't know. I mean, it's a private company. There's there's no way for me to know. I I know that they're in, like, eight markets or something, and their penetration in those markets is very minimal.

Nathan Latka

19:41So Yeah. It's it's What what about what about What about like Rinse, right? I mean, obviously they're sort of number one in the app store for these sorts of search terms.

Mort Fertel

19:50>> Yeah, so that's a different business model. Rinse is in about 17 markets and they're a substantial company, but they're bogged down in the dry cleaning business. And they also have a very CapEx intensive business model, which is limited. I mean, they raised like $20.25000000 a decade ago. And they're still only in like 17 markets. And again, I think it's for two reasons. One, it's very CapEx intensive. It'll be nearly impossible for them to really scale nationally

20:25>> like we have.

Nathan Latka

20:26Just educate me more. I don't know what makes that capital intensive.

Mort Fertel

20:31>> They have their own plants.

Nathan Latka

20:34Ah, wow. Okay, got it.

Mort Fertel

20:36>> It's not a peer to peer marketplace model.

Nathan Latka

20:39Yep, interesting. Okay. Very interesting.

Mort Fertel

20:42>> Then the bigger thing is they're also bogged down in the dry cleaning business, which is a completely different business. The company that wins this space is the company that's gonna focus and be great at laundry. It's a totally different business.

Nathan Latka

20:55Interesting. Now, did you guys raise the pre seed round as well or is 10,000,000 the first external capital in?

Mort Fertel

21:00>> First external capital.

Nathan Latka

21:02First external. Okay. Got it. So 10,000,000 raised here, 25 folks on the team, four engineers. Where's most of that money gonna get spent outside of paid ads?

Mort Fertel

21:11>> Building the marketing and tech team.

Nathan Latka

21:13Okay. So you hire more engine I mean, marketing obviously would be more ad spend, but tech team, more engineers?

Mort Fertel

21:19>> The tech team is more engineers, but marketing is not just more ad spend. It's really building the marketing team.

Nathan Latka

21:24Okay. So so what might that role look like? Are you gonna have people with, like, quota in terms of onboarding new Sudsters or is this someone managing paid ad spend? What do those roles look like?

Mort Fertel

21:32>> Head of performance marketing, director of retention marketing, VP of marketing.

Nathan Latka

21:37Yep. Very cool. Then how do you mention obvious I mean, how do you measure marketplace churn, right? So me, a homeowner requests someone does, a Sudster does my laundry in April, then I don't do it in May, right? Do you look at that as churn or how you measure activation?

Mort Fertel

21:52>> Yeah, we definitely do track attrition and

21:59>> yeah, we track attrition. When you say how it's, you know, just using our data.

Nathan Latka

22:06Okay, I understand that, but what would you consider a good attrition rate or market standard?

Mort Fertel

22:13>> 5%.

Nathan Latka

22:15Okay. So if a thousand homeowners require a Sudster to their laundry last month and that decreases to whatever nine fifty this month, you're okay with that amount of attrition.

Mort Fertel

22:25>> Yeah. I mean, much most SaaS companies,

22:30>> matter what you do, a 5% churn is pretty sort of a natural churn. It's considered a strong churn rate.

Nathan Latka

22:38In the SaaS space, 5% churn per month would not be acceptable. You would get killed on your valuation. The marketplace that might be different.

22:495% monthly churn in SaaS would mean you're turning over 60% of your user base annually. That's unacceptable. You wouldn't be able to raise any capital. Your growth would stall very, very quickly. Marketplace, though, don't know marketplace metrics like you do. 5% could be totally fine in the marketplace world.

Future Plans: International Expansion and Commercial Laundry

Mort Fertel

23:03>> Yeah, it would be.

Nathan Latka

23:05Yeah. Do you have expansion opportunities? Are you capped at 50 pounds per month per household?

Mort Fertel

23:16>> Well, we can't do more laundry than people produce.

23:23>> We plan to expand internationally in 2023. So that's an opportunity for growth. We also want to get more into commercial laundry, doing laundry for restaurants, spas, auto repair shops that have, you know, like rags and stuff.

23:45>> We do a little bit of that business now and I think we think there's more opportunity there for that.

Nathan Latka

23:49Very good. All right, Mort, anything else I should ask about that I skipped over? No. All right, let's wrap up here with the famous five. Number one, your favorite book.

Mort Fertel

23:58>> Seven Habits of Highly Effective People.

Nathan Latka

24:00Number two, is there a CEO you're following or studying?

Mort Fertel

24:04>> No, I don't have time for following people. I'm not into social media.

Nathan Latka

24:08And number three, what's your favorite online tool for building SudShare?

Mort Fertel

24:12>> For what SudShare?

Nathan Latka

24:14For building SudShare, like an online tool you guys

Mort Fertel

24:17>> we like Slack and we use it a lot.

24:19>> Alright.

Nathan Latka

24:20Number four, how many hours of sleep do you get every night?

Mort Fertel

24:22>> At least eight.

Nathan Latka

24:24Alright. And Mort situation, we know you have one kiddo, but married, single, how many kids?

Mort Fertel

24:28>> Five kids.

Nathan Latka

24:29Five. Oh my god. Married with five kids. And how old are you?

Mort Fertel

24:31>> Including triplets.

Nathan Latka

24:33Holy mackerel. That's a surprise. That's incredible.

Mort Fertel

24:37>> All right.

Nathan Latka

24:37And how old are you, Mort?

Mort Fertel

24:38>> I'm 57.

Nathan Latka

24:39Last question. Something you wish you knew when you were 20.

Mort Fertel

24:42>> Something I wish what?

Nathan Latka

24:44Something you wish you knew when you were 20.

Mort Fertel

24:47>> Oh, the value and importance of relationships.

Nathan Latka

24:51Guys, he's consistent. Seven Habits of Highly Effective People, value relationships. I sense a theme. Sudshare.com launched by his son back when he was 15 in 2018. Son now 20, skipped last part of high school, skipped college. He's now helping run the business as well. 10,000,000 seed round just raised, but more importantly, they're giving access to over, call it 30,000, 90,000 folks that own washer, dryer at their home and ability to make money from home. The ultimate

25:15work from home gig. 3,000 of those 90,000 are actively doing laundry last month in April. Their largest, they call them Sudster, did about 6,666 pounds of laundry last month, earning about $5,000 for him or herself. The company keeps about 25% of that as they look to scale with their three, over again, 3,000 Sudsters on the platform since scaling quickly. Mort, thanks for taking us to top.

Mort Fertel

25:38>> Thank you.

Nathan Latka

25:40One more thing before you go. We have a brand new show every Thursday at 1PM Central. It's called Shark Tank for SaaS. We call it deal or bust. One founder comes on, three hungry buyers. They try and do a deal live and the founder shares back end dashboards, their expenses, their revenue, ARPU CAC, LTV, you name it, they share it and the buyers try and make a deal live. It is fun to watch every Thursday 1PM

26:05Central. Additionally, remember these recorded Founder interviews go live. We release them here on YouTube every day at 2PM Central. To make sure you don't miss any of that, make sure you click the subscribe button below here on YouTube, the big red button and then click the little bell notification to make sure you get notifications when we do go live. I wouldn't want you to miss breaking news in the SaaS world, whether it's an acquisition, a big

26:28fundraise, a big sale, a big profitability statement or something else. I don't want you to miss it. Additionally, if you want to take this conversation deeper and further, we have by far the largest private Slack community for B2B SaaS founders. You want to get in there. We've probably talked about your tool if you're running a company or your firm if you're investing. You can go in there and quickly search and see what people are saying. Sign

26:49up for that at nathanlatka.com/slack. In the meantime, I'm hanging out with you here on YouTube. I'll be in the comments for the next thirty minutes. Feel free to let me know what you thought about this episode. If you enjoyed it, click the thumbs up. We get a lot of haters that are mad at how aggressive I am on these shows, I do it so that we can all learn. We have to counter those people. We got

27:09to push them away. Click the thumbs up below to counter them and know that I appreciate your guys' support. Alright, I'll be in the comments. See you.