We launched Allspark, Near’s SaaS product in January 2017.
When we set out on our journey, we looked at global companies who built excellent SaaS products and grew in record time. Slack, Yammer, Intercom and Box have been our role models, and a big thank you to them for setting key milestones in enterprise SaaS, and redrawing the growth graph for the industry.
After 10 months of launch, this is how our growth graph looks today when we crossed the $10M+ ARR mark. We are thrilled and humbled on finding ourselves among such an amazing group of companies, and on hitting this milestone in a new record time.
Allspark helps enterprises understand physical world behaviour of consumers by harnessing ambient data from smart environments.
After moving from beta to launch in 12 countries this January, we set on a mission to stay intensely focused on our customers.
Here are some of the key metrics as we scaled from 0 to $10M+ ARR in 10 months:
- Onboarded enterprise customers from all regions i.e. 12 countries by the 9th month.
- All Annual Contract Values (ACV) signed were north of six figures.
- 22% Net MRR growth – that according to Jason M. Lemkin is an outlier.
- 87 days deal-cycle on an average - compared to the traditional 90 to 180 days deal-cycle with large enterprise customers.
- 26% conversions from Qualified Leads - 3x higher than expected.
- 15% of product revenue from a new market (USA) in 4 months - thanks to quick adoption by category leaders.
I can’t stress how humbled we are by the fantastic customer response to our launch. Reaching this milestone with an international team of sixty-eight reinforces our belief in the power of lean, effective teams. We know this is just a start and we will strive to follow the trail laid out by the pioneers.
In the coming months, we will share additional growth metrics and also some major lessons we learnt along the way which would be helpful for others embarking on a similar journey. Thanks to everyone who has helped us in this journey, including our team members, customers and partners.