As your business scales, ensuring your employees are happy and engaged is paramount to long-term success. If your workforce comes into the office energized every day, great products and services are a natural by-product.
WeSpire is a platform built to create and scale employee engagement for unified, measurable delivery of positive impact initiatives. Their software, driven by proven behavioral science, encourages the entire workforce to make a positive impact at work and in their communities.
How much is WeSpire doing in ARR?
WeSpire is a pure-play SaaS business that charges enterprises on a per seat basis annually. Companies pay $12 per employee yearly with the average contract generating $100k in revenue for the business each year.
According to CEO Susan Hunt Stevens, the WeSpire serves 35 total customers today and is north of $3.5M in ARR right now. The business has nearly doubled revenue year over year and is up from approximately $1.7M in ARR twelve months ago.
What is WeSpire’s churn?
Growth for WeSpire has come from both landing new customers and driving expansion revenue within their existing cohorts through upsells and additional seats. The company exhibits 6% gross revenue churn and 125% net revenue retention annually at this point in time.
In their enterprise model, a high level of touch is required to secure a new contract. Today, WeSpire pays around $50k to land a new deal, receiving payback in approximately 6 months.
How much has WeSpire raised?
Launched in 2011, WeSpire has grown to scale with $10M in total funding, with the latest round coming in the form of their $6M Series A in 2015. Going forward, Hunt Stevens is in the process of raising a bridge round before raising a Series B in the near future.
WeSpire’s team of 20 full-time employees is based in Boston and remotely distributed throughout the Northeast.