We've raised a A$4.15M early-seed round to rapidly accelerate the growth of every subscription business in the world.
It's an all too familiar story, "100m households don't pay for Netflix due to account sharing" or "55% of people trial hop". The rapid growth of subscription businesses has made account sharing, trial hopping, leaky sales funnels and mounting costs of customer acquisition common for an increasing number of businesses. I'm excited that thanks to a new round of funding, we are accelerating our mission to bring businesses around the world more happy paying customers by converting more trials, turning one customer into many and more.
"The easiest users to convert are the ones who already love your product, and signing them on can contribute significantly to a company's bottom line," said Mike Volpi, Partner at Index Ventures. "At a time when companies are taking a critical look at their spend, Upollo offers simple customer acquisition and retention tools that provide key business insights, solving a very complex problem with innovative technology."
The round was led by Index Ventures and joined by other top VCs and an all star cast of angels from Stripe, Notion, Cohere, Google & Canva. I am unbelievably excited to work with and have the support from such a stellar group of investors and am grateful for the ongoing support of our customers and team.
Boosting businesses through converting, retaining, expanding and understanding
I started Upollo with the goal of rapidly accelerating the growth of every subscription business in the world. From my work growing products at Google and Canva, I had seen so many opportunities to convert, retain, expand and understand users. I had also seen how much knowledge and resources goes into taking advantage of those opportunities, and for many businesses, that puts those opportunities out of reach.
Upollo is designed to bring those opportunities for growth to all businesses in a few lines of code rather than teams and teams of engineers, data scientists and growth experts.
We knew we couldn't solve such a large space right away, so we started by focusing on converting two groups of users who love the product they are using, but just aren't paying for it: account sharers and trial hoppers. This is a $50B+/year opportunity which impacts businesses from entertainment to education to B2B SaaS. Our belief was these users would be some of the stickiest users if they just got a nudge in the right direction at the right time.
This simple insight paired with some quite complex systems has enabled us to help businesses convert people who are sharing their accounts with friends in 3+ countries and users who have done a new trial each week for 8 weeks.
Those conversions drive real growth, adding 4%+ ARR (annual recurring revenue) within 60 days, with customers adding up to $22,000 USD of ARR in a single day.
These converted customers are sticky too, retaining at a rate on par or often higher than users we haven't assisted in converting.
Building for the next billion in added revenue
This round helps us accelerate our growth so we can accelerate our customers. I could not be more proud of the team we have built with staff engineers from Google, data scientists who have fought abuse at Uber and team members who have created and sold their own startups.
We have such a big problem space ahead of us, but we are guided by our north star of how much we help our customers grow and I'm incredibly excited to make it easier to grow in more ways. If you're ready to grow your business, you can get growing for free.
Want to help us get there? We're looking for marketers, sales people, designers and engineers. If you are interested in joining or know someone who would be a perfect fit, let us know at firstname.lastname@example.org.