As a student and young professional, you’re bound to make mistakes as you navigate academia and the professional world. But, with the help of those who have walked your path before and experienced success, you can reach your destination with a few less bumps in the road.
PeopleGrove was designed to help students and alumni succeed before, during, and after college through connections and community. Their software provides personalized support at scale and sets students and alumni up for success in enrollment, school, career, and as alumni by leveraging the institution’s greatest asset: its community.
How much is PeopleGrove doing in ARR?
PeopleGrove is a pure-play SaaS business that charges universities on an annual upfront basis with the average customer signing on for a 3 year term. Typical contracts start at $15k per year and scale into the six figure ranges based on the number of modules deployed and size of campus. On average, customers pay PeopleGrove $20k annually today, according to CEO Adam Saven.
With 170 colleges using their platform, PeopleGrove is close to crossing $4M in ARR right now, Saven explained. The company has experienced rapid growth in the last 12 months and is up from just $1M in ARR one year ago.
What is PeopleGrove’s churn?
Customer retention has been a strong point for PeopleGrove thus far as the company has exhibited 96% logo retention in the last year. Additionally, through a strong land-and-expand model, the Silicon Valley-based business has hit 120% net revenue retention annually.
All customer acquisition to this point has come through the company’s sales team. With full annual payment upfront, PeopleGrove receives payback immediately on a cash basis and in roughly 6 months on a deferred revenue basis.
How much has PeopleGrove raised?
By closing a seed round of $1.8M in July of 2017, PeopleGrove increased their total funding amount to $2.5M. The company has driven impressive growth since bringing in the additional capital while still retaining virtually all of the cash in the bank.
Going forward, PeopleGrove is not interested in raising additional capital and is instead focused on improving customer success, expanding their sales team, and developing new product features. When asked about potential acquisition talks, Saven declined to comment.
PeopleGrove’s team of 32 full-time employees is based in San Francisco and India.