Hey - Marc here.

Happy Saturday morning, motivated B2B SaaS Founders!

Here's at least one tip to keep in mind as you grow your B2B SaaS company:

Today's issue takes about 5 minutes to read.

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In today's issue, I share some key takeaways from a recent interview between Nathan Latka, the host of Daily Interviews with SaaS Founders, and Jacob Appel, the co-founder and CEO of Binderr. They discussed why he spent $2m to build a better QuickBooks.

Jacob owned the franchise rights of Bolt in Tunisia, Cyprus, and Malta. He also co-created Time to Eat, which was considered Malta’s first e-commerce success, and, currently, with his team, establishing Binderr as a leading player in the global CorpTech space.

About Binderr

Jacob's journey includes an eight-figure exit from Bolt in 2023, leading him to focus on Binderr, a venture aimed at streamlining Corporate Service Providers (CSPs) workflows. He initially owned Bolt franchise rights, and the acquisition of their business was facilitated by a predefined buyout clause in their contract.

Jacob's commitment to Binderr began three and a half years ago when he started writing the initial lines of code while managing the Bolt franchises. Binderr's core mission is to assist CSPs in streamlining their processes. They recently launched the platform and secured their first paying customer in March.

Binderr's pricing model is transaction-based, encompassing fees for actions like company incorporation and director appointments, coupled with a small subscription fee per client managed. The company currently serves six paying customers, focusing primarily on accountants and lawyers in Malta, where CSPs are regulated.

Jacob initiated Binderr as a solo founder but later brought on two co-founders as the company shifted its focus. He maintains a majority stake due to significant self-financing, while his co-founders collectively own about 15%. Additional investment came from partners in their previous business.

PS On average, customers pay approximately 500 euros per month.

Advice to Other Founders

It's okay to change course when you sense a better opportunity.

If you find your current venture isn't truly yours or doesn't align with your vision, pivot with conviction. Be agile, adapt, and transform your idea into something remarkable. Remember, the road to success may have a few unexpected turns, but it's your ability to pivot that can lead you to that eight-figure exit.

Don't be afraid to put your money where your mouth is.

Jacob's willingness to invest over $2 million of his own money into Binderr speaks volumes about confidence in his vision. The right amount of self-investment can show potential investors and partners that you're all in. Confidence is contagious, and when you're willing to take the financial leap, others might follow suit. Just remember to balance this with sound financial planning.

Don't wait for the 'perfect' time.

Jacob's regret of not starting his entrepreneurial journey earlier is a valuable lesson. The best moment to begin is often right now. Your entrepreneurial endeavors, like fine wine, can benefit from time. Starting early allows you to learn, iterate, and potentially achieve your goals faster.

So, don't let the 'what-ifs' of your twenties haunt you in your thirties or forties. Take that leap of faith today, and who knows, you might just be the next Jacob with an inspiring story to tell.

TL;DR

Binderr currently generates $500 per month from each of its six customers, resulting in $3k in monthly recurring revenue. Jacob has personally invested over $2m in the company, primarily to support a team of 18 full-time employees. Despite burning $100k per month, he remains unwavering in his vision for Binderr.

Jacob's initial capital came from his first exit, and he's now channeling that investment into Binderr. The platform's mission is to empower accountants, lawyers, and CSPs in Malta by automating their services and enabling faster and more efficient customer support. The company plans to expand its customer base, grow the team, and scale up its revenue.

PS Here is a link to the full interview if you are interested in listening to the full episode: He's Spent $2m to Build a Better Quickbooks, Can he hit $1m ARR by Dec?

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See you again next week.

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