As your business scales, space comes at a premium. Desks, conference rooms, and meeting spaces are valuable commodities to a growing team looking to make the best use of working hours. Making sure employees can find places to collaborate and be productive is extremely important for maintaining morale.
Condeco was created to help businesses work, meet, and collaborate more efficiently. Their meeting room and desk booking systems make it easy to integrate software, hardware, and physical space in order to create seamless booking experiences and reduce friction.
How much is Condeco doing in MRR?
Condeco is primarily a SaaS company, but also generates revenue through professional services and hardware sales. The company charges its customers based on the number of rooms and desks managed on their platform with pricing ranging from a few hundred dollars per year to tens of thousands of dollars per month. On average, customers pay Condeco $3k each month.
With 1,200 total customers, CEO Paul Statham confirmed that the company is doing approximately $4M in total MRR right now with $2.5M in monthly recurring revenue coming solely from their SaaS product. The company is currently growing 30% year over year overall and 40% year over year within their SaaS business alone.
What is Condeco’s churn?
According to Statham, Condeco’s churn does not differ between cohorts who purchase solely software and those who also buy their hardware to compliment it. The company is exhibiting 95% logo retention annually and has hit 122% net revenue retention yearly.
In terms of customer acquisition, Condeco expects payback within 8 months and is spending roughly $24k to land a new enterprise customer.
How much has Condeco raised?
Founded in 2000 as a software development agency, the company pivoted to become a full-fledged software company back in 2005. For the first 16 years of operation, Condeco impressively bootstrapped to $12M in ARR before raising $30M in outside capital from a European fund.
Since raising in June 2016, the company has grown revenue nearly 3x and has tripled their client base. Going forward, their team of 400 full-time employees, headquartered in London, has their sights set on continuing to grow their SaaS business.