Outfunnel, a startup that has built software to help companies “bridge the gap between marketing and sales functions,” has quietly raised €1.1 million in funding.
The pre-seed round was led by Paua Ventures and byFounders, with participation from Lemonade Stand, Omnisend and various angel investors. The latter includes Bolt co-founders Markus and Martin Villig, Matterport CMO Robin Daniels, Pipedrive co-founder Ragnar Sass and long-time Skype exec Sten Tamkivi, amongst others.
Formed in 2017, Outfunnel’s founders are marketing veteran Andrus Purde (previously of Skype and Pipedrive), Andris Reinman (creator of open-source email projects like Nodemailer and WildDuck) and Markus Leming. The startup has developed what it dubs a “revenue marketing automation tool” that is designed to enable sales and marketing functions to work together to drive revenue.
“SMBs still struggle to unite sales and marketing data,” Purde tells me. “Money and time is wasted setting up workflows, connecting databases with digital duct tape and manually pulling reports… This [also] means that everyone misses opportunities, as well as revenue goals.”
Furthermore, salespeople have no context for sales conversations and don’t know which leads are ready to buy, and leadership doesn’t easily have “big picture” visibility into the effectiveness of campaigns. “Last but not least, all of us receive lots of ‘spam’ instead of relevant messages,” he says.
To solve this, Outfunnel’s secret sauce sees it integrate deeply with CRMs (currently Pipedrive, Copper and HubSpot CRM, with more to follow) coupled with various features such as automated emails in sync with CRM data, reporting and precise targeting. The startup has already won over more than 400 paying customers, with North America being its biggest market, followed by larger European countries and Australia.
“Our typical customer is a small to medium-sized business that needs both sales and marketing and where sales cycles are longer, not transactional,” adds Purde. “That’s roughly 25% of all SMBs according to our estimations e.g. businesses selling professional services, consulting, real estate, healthcare… That said, we have some better-known scale-ups as customers, too, such as Bolt.”
A) Do they get 10K shares? 10K out of 110K shares only equates to 9.1% of the company.
B)Or do they get 11,100 shares? Which works out closer to 10%?
And if it's B, is there an equation to figure out the exact number of shares they should receive?
Off the top of my head I can think of Uber (drivers and passengers) and Beepi (used cars buyers and sellers), what are some that you can think of? In the case of Beepi for example, if you want to sell your car, they send someone out to inspect it, take photos, and — if it isn’t too old, and if it doesn’t have too many miles on it, and if it’s the right brand, and if it passes a rigorous inspection — list it on the site. A buyer can then come along, look at the photos, read the inspection report, and lay claim to the car. By doing this it solved the classic asymmetry information problem that has a place with used cars. Solving an information asymmetry problem is a very interesting value proposition and for sure a lot of other companies do it in other areas. What some cases you can think of?
In recent years, Israelis have openly been guests at some of the UAE’s most public gatherings. Ten years ago, Gold had to appear by video link at a Abu Dhabi conference. But last year, Medved, the investor, spoke from the dais at the SALT investment conference sponsored by the UAE’s sovereign wealth fund.
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I'm sure this question gets asked a lot but I think mine may be slightly different here. I am building a startup in the beauty space and have been looking for a technical co founder for a few months now. I have connected with someone who has a super strong profile, the right skills, complimentary skills, working chemistry and similar vision. We work well together and are now excited to get started on the MVP.
We discussed equity split – neither of us are experts but we've both dabbled in entrepreneurship. My family has a few entrepreneurs in it and they have advised me on a 50/50 split for these reasons:
- Previously bad experiences with people being unequally motivated on anything that was not a 50/50 or even split, founders leaving, my family member regrets not having a fair split because it just caused problems in the end (successful startup)
- Their view (and I also feel this way) slicing pie method or equity calculated by hours worked is a distraction in the beginning, since equity is really worth nothing for a very long time. Family member's view is that the person needs to be "all in", and if 50/50 is agreed then that signals they are in it for the long run rather than relying on cushioning themselves if they change their mind
The co founder is not an expert either (his own words) but feels that slicing pie sounds fair to him because
- In his words, "we don't know what will happen" etc with the product, so its good to work on a tracked hours basis
- He did says something somewhat concerning which was after "we don't know what will happen"… "the MVP may not work or in a years time there may be this perfect opportunity" [for him] – concerns me as obviously I'm looking for someone who is all in too
- Overall it just makes sense to him because it is so granular and modular, and it works well when we decide to bring in others
Would love to hear your thoughts on this
I have an engineer who wants to build "backend" analytics. He says that Google Analytics only does frontend.
To me, this feels like a rabbit hole that can turn into a pitfall. I basically want a 2nd opinion.
How do you all go about finding SaaS tools to accomplish the right task for your business, and how do you choose between them? Is there some sort of discovery website for useful SaaS tools?
Any help would be appreciated. Thanks