Sramana Mitra: Why did you raise money? What was the thinking behind raising money? Manish Sood: The thinking behind raising money was that we had validated the opportunity and had substantial revenue was being generated, how do we accelerate? We are still dealing with enterprise customers. Some of these sales cycles can be long. At the
Sramana Mitra: You have a lot of customers. You said you have customers in 50 countries. Does that mean that you also have customers in accounts that could become much larger because you already had started penetrating these accounts? You have small footprints in those accounts that can be grown to much larger value accounts.
Sramana Mitra: What are the use cases? What are the drivers to want to subscribe to something like this? In my life, for instance, if I need to check somebody out, I go to LinkedIn and look at their profiles. Josh Levy: If I have to pick the hardest problem for BeenVerified, it’s that we
Sramana Mitra: That’s your experience. We work with a very large number of entrepreneurs. Not everybody comes from a company where they’ve already seen a problem unsolved and then they go after that. You had a lot of your validation and probing done while you were already at Siperian and Informatica. You built upon that
Sramana Mitra: The total you’ve raised is $10 million and from the same investors? Ofer Yourvexel: Yes. Sramana Mitra: Where are you now in terms of ramp and scale? What have you built it up to? Ofer Yourvexel: Acutally, I’m in a transition point. Because of my background of coming from large companies, we built
Sramana Mitra: In 2007 when you started with this concept, did you raise money? Did you bootstrap? How did you get the business off the ground? Josh Levy: We bootstrapped it for a couple of months. My co-founder and I were working out at his house in his living room. Right around the time when
Sramana Mitra: Tell me more about the pricing. How did you price this? Ofer Yourvexel: It was trial and error it the beginning. We started with one price and we simply said, “We’ll look at how much ERPs cost.” We looked at prices of roducts like ours that were not cloud-based. We made the price significantly higher
Sramana Mitra: Did you pick a vertical to go after or were you doing it more horizontally at this point? Manish Sood: We did narrow down on the life sciences vertical because we had seen some adoption from a SaaS perspective. But we were also approaching customers outside that vertical to understand where the potential opportunities might exist.