UPDATE: Happy Fox Achieves $10M in Annual Recurring Revenue, With No Outside Funding
A startup that developed customer support software has achieved $10 million in annual recurring revenue, a metric for SaaS or subscription businesses with term subscriptions.
And, Happy Fox did it with no outside funding at all, which founder and CEO Shalin Jain takes great pride in.
It took the company seven years for the startup, with HQ in Irvine, to go from $100,000 to $10 million.
Here are some other stats:
– Growth is 70% year-over-year in the last three years
– The number of employees increased from 10 to 85.
– sales & marketing represents less than 10% of company demographics
– In 2019, it spent less than 6% of revenue on advertising
– It’s stayed profitable throughout all its growth.
HappyFox integrates with email accounts and websites with the goal of collating all support requests. Its software also provides tracking.