In today’s world, we are more connected than ever. With the breadth of the internet and overall connectivity at our fingertips, there are seemingly infinite opportunities to spread the word about our products and services.
Near Me is a customizable marketplace solution powering the sharing economy. Global brands and entrepreneurs now have a turnkey platform supported with go-to market strategy and expert advice for creating peer-to-peer marketplaces. Marketplace owners are empowered to augment the sharing ecosystem with their own branded sites that allow users to share, trade, swap, resell or rent anything.
Near Me is a pure-play SaaS business that charges its customers on a monthly subscription basis in addition, along with a one-time setup fee. Overall, customers pay them around $1k each month with roughly 30% of their revenue coming from on-boarding fees and customizations.
According to CEO Adam Broadway, the company now serves 150 total customers and is doing $2M in ARR. Overall, the company has grown their SaaS offering substantially in the last year and is up from $40k in MRR twelve months ago.
What is Near Me’s churn?
Early on, Near Me struggled with customer retention, losing more than 40% of its customers each year. Today, the company has dialed in their churn and is at 5% logo churn annually by honing in on their product-market fit. In terms of net revenue retention, the company is north of 120% right now.
When it comes to customer acquisition, Near Me has yet to experiment thoroughly with paid advertising channels and does not measure fully-weight CAC across their marketing and sales teams.
How much has Near Me raised?
Launched in 2014, Near Me has bootstrapped since day one and is operating at break even today. Going forward, the company is considering bringing on strategic investors, but has not made any concrete decisions on raising capital.
Near Me’s team of 25 full-time employees is based in San Francisco, St. Louis, Sydney and across Europe.