Happy Sunday - I know a lot of you are spending time with your family, so I wanted to share an update from your ProfitWell family. Plus, it’s a bit of our style to bury this type of news on a Sunday.
We just raised $25M in funding to accelerate our growth and make the journey a bit more comfortable.
Raising $25M to accelerate our growth
As a lot of you know, we’ve been completely bootstrapped up until this point, which comes with a lot of benefits, but also an incredible amount of hardship. We were happy with this hardship, but after working insane hours and making little personal money, we wanted to make the journey a bit more comfortable (for context, up until this point I’ve still made less than 6-figures at a $10M a year company with 50 team members). Plus, we wanted the money to accelerate the following:
We bought a competitor, which we’ll announce in the next couple of weeks
We wanted to expand our integrations quickly and deeply with our new API
Essentially, right partners, right deal terms, right time.
Graphs mean cash: The Future of ProfitWell Metrics
Additionally, we decided in conjunction with our partners that we now need to stop giving away ProfitWell for free.
I know that’ll come as a shock, but they helped us realize that our competitors were selling similar products that in some way were the same and other ways not as good for thousands of dollars per month, and since we were rapidly expanding to offer end to end metrics, we just felt it was time to make this change.
Plus, they showed us that the model of giving away insights and opportunity detection for free and only charging for when we actually move the needle for your business (Price Intelligently, Retain, etc.) was misguided. People are more than willing to pay to take a bunch of data and turn it into a bunch of graphs, so we should hop on that willingness to pay.
After all - graphs mean cash.
Ok...I can’t anymore. APRIL FOOLS. Here’s the truth.
We didn’t raise any money, although we’ve recently been offered deal terms from a few different firms, so we thought we’d have a little fun on the holiday.
You will never, ever have to pay for subscription metrics.
We firmly believe that ProfitWell metrics should always be free, should be the best in the market, and should be tailor made for you to quickly find what’s right and wrong in your subscription business.
We will continue to help you discover what’s wrong, aid you in fixing those problems, and if you ever need our help, we’ll offer up products that charge you as close to based on performance as possible.
We’re coming out with some wonderful updates in the next month
Engagement metrics are currently in beta, but will be opened up to the entire community soon. If you want in on the beta within ProfitWell, reach out to email@example.com and he’ll hook you up.
APIs don’t get enough credit, but they’re extremely powerful and useful. Version 2 of our API is out, but we’ll be publicly launching this in the next couple of weeks to provide anyone who isn’t using one of our integrations the ability to get free subscription metrics, as well. The new API is beautiful and seamless, so get ready.
We have an internal project called Project Recur that we’re launching in the next couple of weeks that will give you more actionable, entertaining, and useful content than you’ve ever had in the subscription economy.
We’re not ready to tell you too much about this one quite yet, but let’s just we’re going to be launching something that moves ProfitWell from just an analytics product to more of a Business Intelligence product. You may not know the difference (it’s nuanced and not that important), but we’ll be rocking with more power than a souped-up Tesla roadster in the next month or so. If you can’t wait, email me at firstname.lastname@example.org and I’ll let you in on the secret.
We did buy a competitor. Announcing in the next couple of weeks.
We also did buy a competitor who really came around to our mission, vision, and view of the world. After a lot of conversation and plenty of alignment exercises we’ll be announcing this, as well. We’re so excited to join forces.
Well, that’s all for now. Thanks for playing along. We purposefully didn’t tell our whole company, as well, so the jokes on them, too. I’m excited to see how many folks don’t make it past the first few paragraphs. :)
If you ever have any questions or need any help, feel free to email me at email@example.com. If you want to get on our company update list, email that address, as well. Have a great week!
By Patrick Campbell
Founder & CEO of ProfitWell, the software for helping subscription companies with their monetization and retention strategies, as well as providing free turnkey subscription financial metrics for over 20,000 companies. Prior to ProfitWell Patrick led Strategic Initiatives for Boston-based Gemvara and was an Economist at Google and the US Intelligence community.