For businesses today, conducting training is more important than ever. With remote teams and a fast-changing landscape, companies need to get their employees up to speed fast and effectively.
ConveYour was designed to destroy boring traditional corporate training with microlearning. Their platform helps businesses solve their engagement problems, boost employee performance, and simplify production by driving 75-100% course completion rates and garnering incredible feedback from teams.
How much is ConveYour doing in ARR?
ConveYour is a SaaS business that generates 95% of their revenue from software sales and the remaining 5% from professional services. The company charges its customers between $100 and $1k per month with the average client paying them $700 monthly.
Launched in 2009, ConveYour’s current product was born out of a variety of pivots and serves 100 total customers at this point in time. According to CEO Stephen Rhyne, the company is doing $840k in ARR right now and is up from $500k in ARR 12 months ago, with a majority of their growth attributed to a move upmarket.
What is ConveYour’s churn?
ConveYour has traditionally experienced issues with churn, logging 15% net revenue churn per month just 3 years ago. Thanks to a move upmarket and emphasis on customer success, the company has reduced net revenue churn to 7% per month.
Using LinkedIn and webinars, ConveYour has been able to acquire customers efficiently at scale. Today, the company spends less than $700 to land a new paid user and receives payback in less than one month. With this model, they assume a lifetime value (LTV) of $20k over 29 months.
How much has ConveYour raised?
ConveYour has grown to scale solely by bootstrapping thus far. The company has used other profitable products within their parent company to fund this venture and the founding team is not interested in raising additional capital at this point in time.
ConveYour’s team of 5 full-time employees is distributed through North America and Europe.