How Yeply CEO Antti Känsälä grew Yeply to $10.6M revenue and 10K customers in 2024.

hey folks my guest today is auntie kansa he has over 15 years of experience in startups from engineering to ceo a father and a keen outdoors person by heart he's always on a question prove the impossible and get done quickly he's now building yeply which is bike maintenance in your neighborhood auntie you're ready to take us to the top yes sir now assume you're using software for this you're not running around a thousand neighborhoods fixing bikes are you no no no no that was like way back in 2016 where we're starting our mission to change an industry we knew that we had to have a very strong tech backbone to be able to do this so tell me about the tell me about the marketplace right so obviously people understand a homeowner breaks a bike they need to pay to get their bike fixed what about the other side how do you get the bike fixers on the platform uh they're all we employ them all so it's all in-house uh it's not your typical platform business so what we do we have the platform but we also what we want to do is we want to change a complete industry we want to change the bike industry we're going to create a user experience that's something that they have not experienced ever before and if we keep it in-house then we're able to do that change the minute we let go of that we let go of the last the physical aspect of creating that so how many customers how many are in house uh there's about 70 people mechanics currently in housing yeah just bike fixers or the whole company uh buy pictures there's about 60 of them wow okay all companies okay probably somewhere close to 80 at the moment got it so but 72 okay 70 75 on the team total um tell me more about sort of how you make money uh obviously again my bike is broken and what geographies are you covering uh currently we're operating in europe so we started off in finland was probably the dumbest place to do bike maintenance but it's a very good place to pilot stuff uh then we're operating how uh in germany having nationwide coverage there the netherlands uh and then austria at the moment looking to open up the uk market still this year okay and how does i guess how do the economics work so how many bike fixes did you do last month uh it's about probably closer to 10 000 i would say last month so what we operate we started off as a pure consumer brand pure consumer uh company and then basically we have been adding uh b2b side to it along the way so if you look at this cucumbers where first time in the history of mankind these vast amounts of e-bikes were used for business critical applications and then the importance of keeping those bikes running uh becomes and then when we look at these bikes the data that we're able to gather from these bikes that used to be mechanical appliances and then turning into connected electronic devices so we're seeing a real change in the whole industry uh and what's going to happen and if we look at it today your first question was where do we make money what's the business there currently it's bikes we fix bikes we maintain bikes we keep those bikes running that's right before we before we talk about the future let's dive i want to dive deep on that first so what's the average bike fix how much does it cost we do our average revenue per customer is about 100 euros 110 euros depending on the market okay so 140 us dollar something like that yeah something like that i mean can i take 10 000 bike fixes times 140 bucks you did about 1.4 million in revenue last month uh we do that's on the consumer side we do that how about 110 140 and then if you look at these leads then of course the per bike revenue is a much lower amount as we're seeing them more often in bigger amounts so what's the per bike like i guess what was revenue last month total across 10 000 bike fixes uh that's probably somewhere around three to four hundred thousand last month oh what's going on there youtube good to see you guys now imagine this you love watching these interviews 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the flatbed they have got 100 scooters back there and it's like they're charging them or something is that you guys in germany no what we do is basically our operational model it's a bit different we're operating like a classical ice cream truck so we go into a neighborhood and then we get people in that neighborhood to come to our truck and that's where we get the efficiencies the scalability of the model oh it's a moving thing it's not a physical store no it's not a physical store it's moving on basically one instance of it is a van another instance of it can be a trailer then we have these pop-up units so depending on if we're going to a company to maintain their employee bikes it might be a different kind of a unit if you're going to a basement it's a different kind of a unit going to a train station it's a different kind of unit understood how many so do you have to buy all these vans and trucks and flatbeds they're sitting on your balance sheet as assets right now uh at least so not sitting at classics least okay that must be a very that must be your second biggest cost per month uh yeah that's probably the second biggest cost of the month uh the the actual unit service units but then if we compare it to a traditional bike shop where you are looking at uh the the cost of your uh venue sure sure how many how many service units are you leasing currently uh currently it's probably somewhere around 25 um at the moment so it's so it's not a one to one you have 70 employees but it's not a one-to-one ratio then no no no because we if we look at like when we are fully optimized we should be having those service units running in three sips and then every single shift from one to nine so it's running basically morning shifts evenings it's night shifts and every single shift can have one to three yeplers as we call them how do you get coverage across all of europe with just 25 leased units and 70 full-time employees for if we look at the the fleets uh we are traveling so we have our bases in the biggest cities and then when we have fleet clients in other cities we're doing traveling so it's not the most efficient and that's what we're actually doing now is adding more and more physical presence to new cities optimizing our operations very interesting and if you're doing about 400 400 000 a month today in revenue what were you doing one year ago do you remember uh...