How TABS Suite CEO Unnat Bak grew TABS Suite to $768.6K revenue and 70 customers in 2024.

what is going on youtube you know we are just two weeks away from founder 500 in austin texas on september 1st and 2nd there's over 500 b2b sas founders all coming together you don't want to miss it ticket prices increase every three days i have it on automatic accelerator every three days and we're almost sold out you can see there's about nine left when you go to the event bright link about nine left and it's updating real time so check it out today it's founderpath.com and then in the upper left you can hover over our product drop down and click the event stream i'll also put in the description here of the youtube video i'd love to see you there hey folks my guest today's unattack he's a four times non-technical sas founder who's amassed an incredible amount of experience in building investing and growth hacking early stage sas ventures got his fingers into the model angel investing advising startups and mentoring founders through unique reverse angel method he's on the board of many companies and most recently he's built tabscore.com diligence as a service and he's got some big news to share we're not you ready to take to the top sure all right let's not bury the lead what's the news all right so uh pre-ipo corporation uh is a firm that is doing private and secondary market securities and uh you know as they were expanding and raising their round they found it pertinent to acquire a technology suite which was tab suite so adding our proprietary ai and ml you know intelligence as a service on these late stage companies but also as they focus down into mid cap and growth stage being able to perform the diligent suite functions uh you know and just enhance the tech suite of their offering overall yep yep i love that well look we are um we're obviously super excited for you tell us more about um tab score so pre pre-ipo right so what kinds of stuff were you working on or sorry not pre-ipo but like pre the acquisition to the company called free ipo right so who what would someone have paid you for you know four months ago yeah i mean we had everything from uh everyone from angel investors single angel investors all the way up to angel funds all the way up to micro vcs big vcs we even had sba lenders government organizations and their core crux was utilizing tab suite to essentially conduct an evaluation on an early stage or a growth stage company and what that means really is you know not like the traditional scraping style tools that just providing you know hey this company has 10 followers they're not a good company that's what we wanted to avoid so tab suite allowed uh these investors to perform quantitative analysis on the qualitative aspects of the business so being able to assign quantitative metrics to founder experience or you know where they are in the life cycle whether they're b2b or b2c and whether they've explored those paths being able to put quantitative metrics for that but then also able to spit out these dynamic reports uh in lieu of investment memos to not replace the diligence process but just augment the amount of information being provided to the team in a fraction of the time and cost and so was that if people wanted that diligence was it one offer do you guys have a sas model it's a sas model um similar to how it's uh it's how some of the companies like zapier are doing like a zaps or 20 000 zaps so the same way we did tabs tokens so different types of assessments quote-unquote assessments could be created in terms of the user going on the investor going on and creating like hey we want to learn about financial fundraising product market fit we want a data room but we don't care about xyz so it created a custom token cost for that assessment they could actually turn that into a button and then put that on their website or an email drip and then using zapier set triggers to send that off at any point during their process so as a sas model ranged anywhere from 500 bucks a month all the way up to sometimes 75k a year or more what would you say so 500 bucks a month to what would that be for uh six thousand dollars a month that's a big range what would you like the average customer is paying like a grand a month something like that yeah i would probably say we we had a lot of like 500 to a thousand dollar and then what they would do is go in and then if they utilized all their tokens they would just purchase a la carte or just automatically bumped up to another tier and when did you guys write the first line of code for tab score so sweet when did you launch uh we launched official so first i was doing the schema diagramming while i was on the last legs of the previous business as it all works with serial entrepreneurs but then the first kind of deployed launch was january 2020. when did you start the schema though uh october uh 2019. so it took a couple months it was a very crude you know we look back on it actually we have a funny like uh progression model of how the first one we had to buy uh it's actually sitting oh you can't see from there but it's sitting um over there it's a computer that we just had to run the excel macro that would put provide the report and it would take an hour and we couldn't breathe near it because it would crash 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 valuation data out from over 2807 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 founder path check this out i'll show you how you can access this in a second but you log in you connect your stripe account you see your valuation real time you can see what it changed over the past 88 days and even set goals for valuation this year now the secret evaluation is there's many different ways to value a sas business so the reason you're going to see three or four different valuations inside of your frowner path dashboard this is all free by the way is because depending on who's doing the buying of your sas company you're going to get a different valuation a vc is going to pay a different valuation private equity firm is different if you're going to 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 not built off random data again you guys hear these interviews on youtube all these datas are built from real-time valuation data points founders share with us on the show so traction 1.2 million seed round 3.7 raised they sold 22 to their business go in here and filter by the event maybe you only want to 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 going out right now and you're raising your seed round well go in here and look at all this recent seed deals that went down what they raised what valuation they raised at and what percent that they sold there's never been a larger data set of sas valuations than what you can get now inside of founderpath and we're thrilled to bring it to you all right we're going to go back to the youtube video here in a second but if you want to check this tool out if you want to jump in and sign up you can check it out for free to get your valuation at this link this link founderpath.com forward slash products forward slash evaluations or if you go to founderpath.com and hover over products click on get your evaluation 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 all right let's jump back into the interview okay so so that you get going in 2019 and how long did it take you to get your first customer uh our first customer was march of 2020 so it took right after actually during covid one of the investors was like i'm not able to conduct diligence uh you know i know i turned down the tool earlier can i utilize it as a trial and you know we gave him one uh and it was super manual on the underside and we're like this is not sustainable that's where we started to build out the ml tool uh but he was yeah it was one of the first customers was a thousand dollars processed as a check handed over a restaurant table that's amazing all right and so how many customers did you scale to before the acquisition um so whenever even potential users or investors asked us that question the the way that we turned that around was we have some that you know ran incubator accelerator programs for thousands of assessments we had some that use it on a per deal basis so in terms of users or customers that wasn't the best metric to look at it by i would say that we had over 1 million lines of iterated code written by the ml and ai system that's how much the platform was used even today the sba company that uses it or the sba lender from the state of colorado we still have passively after they've turned off all their funnels are still dripping through three or four a day that's just that one person yeah sorry but i mean look i understand the metric you're giving me but my audience is going to hear that and roll their eyes so let me try and help you like save a little...