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SaaS Interviews with CEOs, Startups, Founders

Suzy.com did $65m Revenue Last Year. 18% was services so how did he keep 75% gross margin?

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

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

4.6683 Ratings

🗓️ 30 January 2024

⏱️ 19 minutes

🧾️ Download transcript

Summary

Matt Britton sold his agency for $50m in 2010 then launched Suzy.com in 2011. The original version, Crowdtap, was a mobile app where consumers could test new enterprise products like candy bars, detergents, and other items. The firm struggled and then doubled down on Enterprises paying for user research through its software, hitting $10m Revenue in 2018. Last year the firm did $65m in revenue and burned $12m. Britton says “We’ll hit $82m revenue this year and plan to burn $9m with a track to $100m ARR by mid 2025.” Will he get there?

Transcript

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0:00.0

You are listening to conversations with Nathan Latka, where I sit down and interview the top SaaS founders, like Eric Wan from Zoom.

0:13.5

If you'd like to subscribe, go to getlatka.com. We've published thousands of these interviews, and if you want to sort through them quickly by revenue or churn, cack, valuation, or other metrics, the easiest way to do that is to go to gitlatka.com and use our filtering tool.

0:30.0

It's like a big Excel sheet for all of these podcast interviews. Check it out right now at gitlatka.com.

0:44.1

Guys, suzy.com launched, call it around 2011 after Matt sold his agency for 50 million. Crowd tap, launch in 2011.

0:45.4

Crowd tap, sorry, crowd tap.

0:47.2

After Matt sold his agency for 50 million in 2010, crowd tap, and then eventually the Susie

0:52.0

business crossed 10 million bucks of run rate and around the

0:55.1

2018 mark 25 million in around 2020 last year finished with about 65 million bucks of revenue

1:01.1

burning on a run rate revenue on a run rate basis about 12 million a month but have plenty of buffer

1:05.0

raised over a year over a year over a year but this year will burn under 10 million bucks as they

1:10.2

look to scale in the

1:11.6

enterprise CPG space. So they're helping CPG brands do things like get user feedback directly,

1:16.7

you know, build their new package designs, understand heat maps on store floors, right? And things like

1:21.0

that. They've got over 400 or called around 400 customers, hoping to break 82 million bucks

1:25.2

of revenue this year. So they can break 100 million. Next year, we'll see what happens next. Hey, folks, my guest today is Matt Britton. He's a renowned

1:31.1

expert on the impact of tomorrow's customer on the leading brands of today. Since 2016,

1:35.8

in her Matt's leadership, Susie has garnered over 100 million in venture capital from prominent

1:39.5

investors, such as Foundry Group and others. Before making his mark with Susie, he established MRI,

1:45.7

digital and social media marketing agencies. So again, a key trend with the most successful

1:49.4

software companies today. They always start as agencies. We're going to dive into Matt's full

1:52.1

story today. Matt, you ready to take us to the top? Let's do it. All right. Well, first off,

1:56.2

appreciate you always making time for me. You've come on the show, I think, now four or five times going all the way back to, gosh, it must have been 2018, I think. So where's the business today? If you had to describe

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