4.6 • 683 Ratings
🗓️ 2 December 2018
⏱️ 23 minutes
🧾️ Download transcript
Luke's the co-founder and VP Sales at GrowSumo, a Y Combinator and venture-backed company. Before GrowSumo Luke helped his dad build a blues theatre attached to the back of his house, and was active in nonprofit communities
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0:00.0 | You just got to go in, get it out there, rock and roll, starting back at his dad's place, |
0:04.3 | working with NGOs realizing, wow, the real market here is, you know, we're selling NGOs |
0:10.1 | through consultants to NGOs. |
0:11.7 | And so they built up this concept, Grossuma, which basically helps people like QuickBooks |
0:15.9 | and other big folks manage all over their resellers. |
0:18.7 | They have a base fee that they charge to their 200 customers |
0:21.3 | plus performance fee. The performance fee is obviously growing faster. The base fee helps them |
0:25.4 | cover costs. They've raised north of a million bucks, but not any, you know, big significant amount |
0:29.7 | of capital, growing 25% month over month in terms of growth rate, less than 2% logo churn per |
0:34.3 | month with their team of 20 folks based there in Toronto, lunched in 2015. |
0:38.8 | This is the top entrepreneurs podcast where founders share how they started their companies |
0:44.8 | and got filthy rich or crash and burn. Each episode features revenue numbers, customer |
0:53.5 | counts, and other insider information that creates business news headlines. |
0:59.5 | We went from a couple hundred thousand dollars to $2.7 million. |
1:02.7 | I had no money when I started the company. |
1:04.7 | It was $160 million, which is the size of any IPOs. |
1:08.1 | We're a bit strapped. |
1:08.9 | We have like 22,000 customers. |
1:12.9 | With over 5 million downloads in a very short amount of time, major outlets like Inc are |
1:18.7 | calling us the fastest growing business show on iTunes. |
1:22.1 | I'm your host, Nathan Latka, and here's today's episode. |
1:26.8 | Hello, everyone. My guest today is Luke Swannock. He's the co-founder and VP of sales at a company called |
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