How Pest Share Reached $10M ARR and 300,000 Doors Under Management in 2025 (Interview with Co-Founder Justin Clemens)

Revenue Range and Door Count Math

Nathan Latka

00:00We take that $300,000 door count times the $5 a month to $29 a month. That puts you somewhere between 1,500,000 a month in revenue and 3,000,000 a month in revenue. Is that directionally correct?

Justin Clemens

00:09>> That yeah. That's about right.

First Million Dollar Year

Nathan Latka

00:10What year was your first million dollar year? Do you remember?

Justin Clemens

00:12>> Our first million dollar year, I wanna say it was in 2022.

2025 ARR and Growth Rate

Nathan Latka

00:17You're targeting 18,000,000 AR by the end of this year. What growth rate would that represent? Where did you finish in December 2025?

Justin Clemens

00:22>> Just over 10,000,000 in 2025. We've doubled pretty much every year since inception.

Nathan Latka

00:27We know that you grew from 1,000,000 in 2022 to 5,000,000 in 2024 to 10,000,000 2025, targeting 20,000,000, you know, ish at the end of this year, 2,000 logos, 300,000 door install base. So where did you guys trade at? Were we talking like a 100,000,000 evaluation or under that?

Justin Clemens

00:42>> Yeah. Said a $100,000,000 evaluation.

Justin Clemens Introduction

Nathan Latka

00:44Okay. Justin is a d one college football athlete, turned entrepreneur and cofounder of pestshare. He cofounded the company to transform property management with technology that turns these costly pet problems into profitable solutions. Justin, you ready to take us to the top?

Justin Clemens

00:57>> How are doing? Appreciate it.

Nathan Latka

00:58It's good to be do you make more money being a college athlete on nil or on pest control AI software?

Justin Clemens

01:03>> You know, I I I wish they had those deals back when I was playing. I feel like that old guy saying back in my day. You know? But, you know, I guess I wish they had those deals back when we were playing, but I don't know if I was gonna be ever good enough to be able to secure deal there too. So, but it was a good time.

Nathan Latka

01:20Did you play?

Justin Clemens

01:21>> I was a strong safety.

Nathan Latka

01:22Nice. Alright. Strong safety to pest control. Tell us what you're selling here. What's the company do?

What Pest Share Does

Justin Clemens

01:26>> Yeah. So we're a kind of first ever on demand pest control platform that's designed to give residents the tools directly in their hands to request pest control services. Really, it's meant to alleviate a lot of the friction between, you know, the the property manager and the resident and really kind of negative experience that exists there. You know, not only, you know, who's responsible for paying for pest control, but also, you know, what how does the, you

01:54>> know, operational execution, you know, live kinda within our platforms in that experience today? And it's a very fragmented, very broken system. Right now, you know, kind of the antiquated, you know, traditional pest control model just doesn't necessarily help facilitate that through and through from request of of pest patrol infestation to the execution of the service. And so it's a very kind of broken broken system, and we are kind of linking that together. We still believe that

02:21>> professional pest control is the best remediation effort, but, in order for us to able to do that, we have to have a layer of deep technology that's integrated within their systems. And so that's that's ultimately what we're building with platform today.

Nathan Latka

02:34What's the go to market motion here? Does the property manager when someone new leases from their property, do they send them a link to say, hey, download the pestshare app. If you have ants on your kitchen counter, take a picture. We'll get it solved in our twenty four hours. Or how do people get the thing installed to take pictures of the ants in their garden?

Go-to-Market Motion and Software Integration

Justin Clemens

02:49>> That's a great question. Really, the our effort is to make it as seamless and as easy as possible. So really, as soon as we onboard a new client, our integration within their property management software systems where they're actually, you know, managing their doors, managing their residence experience, we want to integrate ultimately in with that. And that creates a number of, you know, benefits there, value drops where the property as a client ultimately has the visibility to

03:18>> see, okay, what are residents experiencing pest control wise or pest station wise? What are the request rates? What types of pests are we dealing with? So there's reporting mechanisms that are kind of built in there. And that on a resident facing side, it's as simple as a few clicks of a button. And ultimately, they are integrated, utilizing through the property management system working throughout our triage and kind of agentic workflows to be able to help them

03:47>> not only identify the the pest that is that they're having issues with, because a lot of times the lay person doesn't know, am I dealing with a bedbug or a carpet beetle or or whatnot. So we have within our pest IQ system, ultimately the the ability for us to to triage that be able understand exactly what's happening. And then working throughout that system, we kind of go from request to work order maintenance and then to final

04:12>> execution, all kind of within the the existing systems.

Nathan Latka

04:15So it's We're raising

04:1728,000,000 series a, so I assume you have some scale. But what's the right question for me to ask to understand how you're growing? Is it number of individual apartment complexes you're installed in? Is it number of pictures that residents are taking on a monthly basis? Like, what's the growth metric you care about?

Justin Clemens

04:30>> So we're entering a growth phase ultimately. We just launched our series a just last year, and our growth is really by a couple of different things. Track mainly our door counts. Our door counts are really more based off of our logo counts. And those are kind of portfolios. So each logo then translates to X number of doors within their portfolio, both first party and third party property management companies. And so we track a lot of our

04:58>> growth based off that, you know, our GRR and our retention rates, you know, to make sure we're actually driving the impact to those end users, both resident, property manager. So those are a lot of our mechanisms, if I could even just call out a couple of them.

Nathan Latka

05:13And so what would logo count be today?

Logo Count and Doors Under Management

Justin Clemens

05:15>> I think we're at roughly about close to 2,000. And then on doors under management, ultimately where I think we're we're we just breached over about 300,000.

Nathan Latka

05:25Man. That's I mean, must feel pretty excited about those numbers. That's impressive.

Justin Clemens

05:29>> We're ecstatic, and and it's been a long road up to this point. Getting it into overdrive at this point.

Billing Model and Revenue Translation

Nathan Latka

05:35Alright. So 2,000 logos which are like the property managers and then 300,000 you call it doors under management or dumb. Maybe we have a different acronym. Doors under management. Translate this though to revenue for me. Who are you billing? Is are you billing the logo based off the door count, or how do you charge?

Justin Clemens

05:51>> So our core customer is the property manager. We have the benefit of adding a few different value props based off of the segment. We secure a deal with prop management client, and then they they will either choose to extend that benefit or the resident will pay for the service or they will pay for it directly themselves. But our transaction generally is through the property management.

Nathan Latka

06:12Okay. And what maybe the right question is to ask is on average per door, what are you billing on a monthly basis? Is it, know, like $10 a door, a dollar a door, you know, 1,000 a door? How do you think about that?

Pricing Per Door and Coverage Tiers

Justin Clemens

06:22>> Yeah. Great question. So by door, ultimately, it ranges from anywhere from $5 plans all the way up to a $29 plan. And really the way that it works is it's very much very similar to kind of a warranty basis, and so we have a coverage based system. So we'll have certain pest types. A lot of those pest types are gonna be the most intrusive pest types. So, like, your cockroaches, your bed bugs, you know, mice, fleas,

06:48>> ticks. But, ultimately, a lot of that is what when it enters the space, it's what decreases kind of that resident experience. So for us to be able to have quick solution for the resident and then quick delivery of service, ultimately, helps improve the resident's quality of living during their residency. And so it again, ranging from 5 to 20 9 kind of embedded into the lease if it's a fee based program versus a landlord based program. So

Nathan Latka

07:13Guys, remember, am not just a YouTuber. I'm investing into my third fund. We've deployed 250,000,000 into 550 software companies so far, again, at founderpath.com. If you're interested in capital, I would love to cut you a check because I know you're investing in your education. You watch my show. Sign up at founderpath.com and when you get the onboarding email I reply and I see all those just reply and say Nathan I found you through YouTube and I'll

07:36make sure to prioritize you. I would love to cut you a check. Check out founderpath.com. So that makes sense to me. Let me ask you a question though. You have this weird thing in place where like if you're successful, theoretically, a door should cancel you because there are no rats running around the apartment anymore. Why would someone keep paying a monthly fee to get rid of rats and mice? Like, eventually after the six months I'd go

07:56these pest control people aren't doing their job, you keep coming back screw this app.

Why Residents Keep Paying Without Seeing Pests

Justin Clemens

07:59>> Yeah, no, that's that's actually a great question. Honestly, the common misconceptions is that if I'm not seeing anything, then I have any pest control issues. Really, actually, it's the inverse. It's your not having any issues because you have pest control. So it's kind of the in spite of or is it because of.

Nathan Latka

08:18So you you have to sell the vitamin. You're this is a classic vitamin versus pill. You have to sell the vitamin and basically say if you stop taking your vitamin B, the rats are gonna show up tomorrow because you stop all the preventative care.

Justin Clemens

08:27>> Exactly right.

Nathan Latka

08:28And Justin, just to look at your growth, mean this is a great story. I love it, it's so refreshing. It's not another sort of AI, you know, go to market tool. I mean, is very deep in the weeds. You've been doing this, I believe, for seven years since 2019. Right?

Justin Clemens

08:38>> Right. Yeah.

Nathan Latka

08:39Only one job on his LinkedIn profile, which we love. That's commitment. But if we take Justin, put you on the spot a little bit here,

08:45apologize for this, but we love revenue numbers. If we take that $300,000 door count times the $5 a month to $29 a month, that puts you somewhere between 1,500,000 a month in revenue and 3,000,000 a month in revenue. Is that directionally correct?

Justin Clemens

08:56>> Yeah. That's about right. We'll end about this year, probably around $1,718,000,000.

Nathan Latka

09:01And just to be clear, should have asked this. Well, actually, let me do the revenue story first. If you're targeting 18,000,000 AR by the end of this year, what growth rate would that represent? Where did you finish in December 2025?

Justin Clemens

09:10>> That would be we finished in 2025, just over 5,000,000.

Nathan Latka

09:14Sorry. Okay.

09:15Over

Justin Clemens

09:16>> just over 10,000,000 in 2025. We've doubled pretty much every year since inception. Early days, we did a little bit more. Since 2024, we've doubled every every single year, and we're looking to do the same thing this year.

Nathan Latka

09:28What year was your first million dollar year? Do you remember?

Justin Clemens

09:31>> Our first million dollar year, I wanna say it was in 2022. Don't quote me on that, but I wanna say it was relatively early on that we we did, just over a million.

Nathan Latka

09:41So yeah. So educate us. We now have the full picture. Right? We understand your story, your background, you're committed. We know that you grew from 1,000,000 in 2022 to 5,000,000 in 2024 to 10,000,000 2025, targeting 20,000,000, you know, ish at the end of this year, 2,000 logos, 300,000 door install base. You did a 20,000,000 series a last year in 2025. Everyone is wondering what the funding market is like right now down from 2021 highs. Are you

10:04comfortable sharing some of valuation range you were in when you closed that round?

Justin Clemens

10:07>> When we went into the valuations raising in our series a, we have kind of this lag of revenue that comes through at the onset of an onboarding. And so as we embed, let's say, our terms or the product into the lease, what we ultimately have is we have a a small let's say, I call it white space between, you know, the the onboarding and then full activation of every door within that platform. Because it's embedded into

Contracted ARR vs Live ARR and the Series A Story

Justin Clemens

10:33>> the lease, we have to wait for, renewals and leases to come through and cycle through. So it takes us a bit time to be able to get full implementation. And so what we have is we have a top line contracted revenue number, and then we have a live ARR. And that ultimately converted, let's say, from this kinda cloud of car all the way down to what essentially lands as live ARR. So within that white space, our

11:00>> customer success, you know, department ultimately is we're very responsible for translating and converting that car to live ARR within, you know, that reasonable times, you know, time frame. And a lot of that is determinant by, you know, the the leasing cycle. So and not every property management company has the same leasing schedule. So it's very customer dependent on what the how those leases renew and and at point in time they renew during the year.

Nathan Latka

11:30Yeah. There are some interesting posts and acts recently actually about just how founders should talk about their revenue. I love how you just did it, right? The difference between if you're in marketplace and GMV versus bookings and CAR contracted AR versus actually live AR versus MRR. There's some nice refresher here on that. So just to be clear, again, you did series a. You gave us all that sort of buildup, but then you didn't share where you

11:51ended up. Help us understand how

Justin Clemens

11:52>> it was. Yeah. So naturally kinda going into this space when you're raising the contracted revenue is, you know, unvalidated both. And so a lot of there's a lot of skepticism around that contract or or GMV ultimately. And so I think one of the biggest things was our biggest effort was to prove the validity of that conviction. And in doing so, naturally, when you start paying a lot of a lot of that money, it's based off of

12:18>> the ARR multiples as opposed to on contracted rep. So our efforts leading up to that point, and I this is probably one of the most important things when you're going into fundraising, that being able to give yourself enough time before you actually start fundraising, build that talk track, to build the proof in the pudding ultimately to say, here's our contracted revenue. This is ultimately how we're converting. This is our confidence in the conversion and in that

12:45>> top line what we we are going to convert, let's say, that nebulous there. And so in doing so, there is some natural discounting that will happen on that car, but we're we were able to kind of piece together that line to where we knew that the stickiness of our product within the embedded lease was essentially a way for it to claw back up to Yeah. That makes

13:08>> total sense to me. Yeah.

Nathan Latka

13:09That makes complete sense to me. So where where did you guys trade at? Were we talking like a 100,000,000 evaluation or under that?

$100M Valuation and Integrity Growth Partners

Justin Clemens

13:15>> Yeah. We said a $100,000,000 evaluation. You're right on the nose there.

Nathan Latka

13:18So I guessed right. Yep. It always ends up on those numbers.

Justin Clemens

13:21>> Now Yeah.

Nathan Latka

13:22One of the questions I wanna ask you, you didn't raise from, like, someone that everyone knows, which is not a bad thing. Sometimes niche niche investors can be very value add. I believe you raised from Integrity Growth Partners Yep. Based out of LA. Right? Why'd you go with them? Have they been a good partner? Was it all primary, or was there a secondary component here?

Justin Clemens

13:37>> Yes. Most of it was was primary. I think we did a like, a very small portion of secondary, but, most of it, well, I'm gonna say 25 was primary. And so we run a a pretty tight funnel when it comes to, you know, our our when we're starting to actually even consider raising. But the about IGP is that they made the effort really early on, and they were one of the frontiers from the get go just

14:02>> because the biggest decision makers for us is who we partner partner with, not necessarily just the money that comes through. And so, we we kind of ultimately believe that not all money is created equal, and so it's really important for us to make sure that that the the people that partner with those that are that are essentially cutting that check are the right ones to be around the table and discussing issues where you know, in good

14:29>> times, in bad times. Are they gonna be helpful in in, you know, difficult times? Are they going to be accelerators in good times? And so IGP was absolutely a a perfect match for us in that regard. And I would say one of the

Nathan Latka

14:42Give me an example of how they've gone deep. Just I don't mean to cut you off.

Justin Clemens

14:45>> Yeah.

Nathan Latka

14:46But I just they they are really well known for being hyper concentrated. They just recently closed, I think, a $220,000,000 fund. Before that, all of their funds summed up like 200,000,000 and they took very concentrated bets. These weren't like $3,015,000,000 dollar checks. It was like six checks for way more. Mean they only have three, six, nine including you on

15:04their website which tells me they get really active when they invest in a company. How have they done that with you?

Justin Clemens

15:08>> They do. And I'd say that kind of scared a lot of founders too, but it actually was was something that we we were also looking for ways that our partners can also contribute to what we lack. Actually, the IGP guys, you know, the ones that we stack with is is Doyle, Grant, and Jake. They're they're the three primaries that that are working with us. But they really dove into the this, the numbers, the metrics, you know,

15:36>> what were contributors to it and what were the effects afterwards. And they still continue to do that today and they've been fantastic partners because they actually come from

Nathan Latka

15:46a What was the first thing they sort of pushed you to think about changing? Was it about price point? Was it how you implement the pest services when someone asks for mice removal? What was it?

How IGP Pushed P&L and COGS Discipline

Justin Clemens

15:55>> I would actually say that the

16:00>> biggest thing that they kind of first started to work through was creating a sustainable and repeatable, you know, model ultimately. And, what I mean by that is tracking the right things and understanding in the right way what our p and l looked like. And so especially that came into our gross margins, you know, our COGS. How do we how do we, you know, on the balance sheet or on the on the, p and l our COGS?

16:28>> Looking at kind of each of the the minute, you know, line items within that that are contributing to our gross margin. How does that ultimately translate to scale? So a lot of that kinda was a lot of back office work that they had worked with us. And because they came from that PE background, a lot of their their their background is from that PE space, and they're they're vectoring into more of that venture growth type of

16:52>> funding, which is why they're extremely selective with the companies that they also partner with.

16:59>> They They provide a lot of those resources on the back end to really kinda bolt up and and create, visibility into things that might we might otherwise overlook or as founders were focused on, you know, what's next. There's and, like, hold up. Let's take get this because this could ultimately contribute to, you know, you know, a slowdown or ramp up or whatnot. And so let's let's dive into this, that, and the other. And so they've they've

17:26>> been a fantastic partner being able to understand, you know, the nuances of the business.

Nathan Latka

17:30Justin, there's a lot of founders that think, oh, I can't get any money out of my company until I'm doing a 100,000,000 of revenue or IPO one day. I love it when founders have the courage to ask for a secondary, especially when you've bootstrapped, you know, in your first round doing 28,000,000, 3,000,000 secondary, but a lot of founders just don't have either they don't have the courage to ask for it because they think it's gonna kill

17:49their round or they just don't know how to ask for it. But I think once a founder is taken care of financially, personally, you're able to take much larger risks in the business and you grow faster. Just I guess comment on that. How'd you do it?

Founder Secondary and Risk-Taking

Justin Clemens

18:00>> Yeah. Actually, I would agree with you on the risk side of it too. And and there's a certain comfort level. And I and I think that this is probably where the bridge between venture and and ITPA is kind of more of that PE side is is, you know, we actually feel like that and this stems all the way across the organization. And we believe that if our our employees, you know, ourselves included, are comfortable, and we

18:27>> don't have to worry about all those other things, you know, where's, you know, where asking a cut from? Where's the next or how am I gonna pay for health insurance, etcetera? Then we're gonna be much more dedicated and and able to actually focus and concentrate concentrate on the business as opposed to worrying about all these other things. And so being able to kind of, work into that with them, and I would say IGP

Prior Fundraising History and Capital Efficiency

Nathan Latka

18:51And how do you have the courage to ask for it? There's a lot of founders listening right now saying, yeah, I wanna do that too. I want a 3,000,000 secondary. I don't know how to ask for it though without killing my round. How'd you do it?

Justin Clemens

18:59>> Actually, it was spurred by IGP. We were trying to find room ultimately with the investors that pre our investors and and then a new money coming in. And so we were

Nathan Latka

19:10Wait. Sorry. How much had you raised before the 28,000,000? I thought you were bootstrapped.

Justin Clemens

19:13>> We were bootstrapped until 2020 when we took our first check. So we've done a C, we did like a C two bridge and we did a series A.

Nathan Latka

19:25What, how much total did you raise in the C two bridge?

Justin Clemens

19:28>> We did 4,000,000 in the bridge and then 1,000,000 in the seed.

Nathan Latka

19:33Okay. So it's not like you raised some like 50,000,000 or something. You were very capital efficient. You raised one under one x your ARR prior to the 28,000,000 series a.

Justin Clemens

19:40>> Right. Yeah. Very cool. We did the bridge ultimately for us to be able to to prepare ourselves and again, that store find that track to kind of the to be able to show trends in or crossing that series a round.

Nathan Latka

19:53Well, guys, there we have it. You know, when you've built something great and you're capital efficient, there is there's no shame in making sure you take care of yourselves. Take a first bite at the apple and then scale after that. Those of you joining, we're live here with pestshare. Justin, incredible story. If folks wanna follow your story online after this, where can they find you?

Justin Clemens

20:06>> I mean, you can find me on LinkedIn. Not super active on LinkedIn, but I'm always happy to to, you know, help out in one way if you have any questions. Always willing to do that, but, you're gonna find us Justin at shoot me an email. You can find us all around there. There's a about the company page and whatnot.

Nathan Latka

20:23Guys, Justin Clemens, former d one college football athlete, turned co of pestshare launched in 2019, raised about 5,000,000 between 2019 and 2022. They ultimately hit their first million of revenue that year as well scaled in 2024 to $5,000,000 of ARR. And in 2025 closed 28,000,000 series a at a 100,000,000 valuation as they broke 10,000,000 of ARR that year ultimately scaling out here in 2026 targeting 18,000,000 by the end of the year. They do this by servicing

20:50over 2,000 they call them logos but they're property managers. Those property managers cover over 300,000 doors. Those doors are residents maybe like you if you're leasing an and you guys either you pay directly or the property manager pays between $5 and $29 per door to enable pestshare to make sure there are no mice, ants or other things running through your bedroom. So on that note, Justin, congrats on your growth and thanks for taking us to the

21:13top. Thank you. Appreciate You won't believe this CEO's revenue. Click here to watch the next episode right now.