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SaaS Interviews with CEOs, Startups, Founders

1110 Why His $1.2m ARR SaaS Company Shut Down

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Ceo, Entrepreneurs, Founders, Software, Business, Entrepreneurship, Saas, Startups

4.6683 Ratings

🗓️ 8 August 2018

⏱️ 21 minutes

🧾️ Download transcript

Summary

Hank is an internet marketer who has built both B2B and B2C companies. He grew his marketing service Vytmn to $105k/mo in revenue in a little over a year's time, only to be killed by changes to Twitter's platform. His next company – growth agency Execute.LA - was acquired by Hawke Media January 2018. Hank is now VP Business Development at CoinCircle, a SaaS platform for ICOs and token sales.

Transcript

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0:00.0

Go hard in your 20s.

0:01.0

You have all your, during your pre, we'll call it your pre-responsibility decade.

0:04.7

Go hard.

0:05.1

And anyways, he launched vitamin, Groot to about $1.2 million in ARR back in May 2016.

0:09.5

Twitter changed their algorithm, specifically their threshold for basically automation or API calls, I imagine.

0:14.8

And it basically killed their business.

0:16.1

He shut it down, even though they'd raised $650 grand and had about nine employees.

0:19.9

They shut that down. He launched

0:21.1

an agency that did well, grew up to about a million bucks, then sold that to another LA firm. Now,

0:25.3

VP business development at Coin Circle will watch them closely. They're helping with ICOs,

0:30.0

their most recent one, most successful one, Unicorn Gold, $31 million raised.

0:34.8

This is the top entrepreneurs podcast where founders share how they started their

0:40.2

companies and got filthy rich or crash and burn. Each episode features revenue numbers,

0:49.0

customer counts, and other insider information that creates business news headlines.

0:55.0

We went from a couple hundred thousand dollars to 2.7 million.

0:58.0

I had no money when I started the company.

1:00.0

It was $160 million, which is the size of any IPOs.

1:04.0

We're a bit strapped.

1:05.0

We have like 22,000 customers.

1:08.0

With over 5 million downloads in a very short amount of time, major outlets like Inc are calling

1:14.8

us the fastest growing business show on iTunes.

1:18.0

I'm your host, Nathan Latka, and here's today's episode.

...

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