In 2019, there are more opportunities than ever to understand your audience, customers, and consumers. With social media other various engaging content platforms, there are seemingly endless opportunities to acquire more intelligence around who is interfacing with your products.
Faraday was built to help brands analyze all of this data and understand what their consumers will do next. Their end-to-end machine learning platform was designed to help companies optimize every step of their customer’s lifecycle.
How much is Faraday doing in MRR?
Faraday is a pure-play SaaS business that charges on a monthly subscription basis, with their average customer signing an annual contract. Pricing scales with volume and usage and the average customer pays them around $12,500 per month today.
According to CEO Andy Rossmeissl, the company has grown to serve 60 total customers and is in striking distance of $6M in ARR at this point in time.
What is Faraday’s customer acquisition cost (CAC)?
When it comes to customer retention, Faraday places emphasis on vetting their customers upfront and checking in periodically to ensure they are utilizing the product fully. While specific churn metrics were not disclosed, Rossmeissl expressed that the company is exhibiting healthy acquisition economics today.
At this point in time, Faraday is spending less than $100k to land a new deal and is receiving payback in less than 12 months. Most of this spend is allocated to their data science team for on-boarding new customers.
How much has Faraday raised?
Launched in 2012, Faraday has been taking on outside capital since the early days of operation. To date the company has grown to scale with $7.1M in total venture capital raised.
Faraday’s team of 25 full-time employees is based in Vermont.