How we hit $1M ARR in 7 Months 🚀
We recently achieved a significant milestone, reaching $1M ARR in just 7 months. At the same time, we've maintained a steady 50% MoM growth for 9 consecutive months (Sep 2022 - present).
We launched on 29th July 2022. It took us 178 days to get to $1m ARR, and 217 days to get to the ramen-profitable state.
We've learned so much from the IndieHackers and #buildinpublic community. As a giveback, I wrote an article on how we did it🔗 https://www.heygen.com/article/0-1m-arr-in-7-months
As a small thank you, we can use this thread for AMA. If you need any feedback, have questions about more details, or just want to get to know each other, comment here. Me and my co-founder Wayne will be here all day.
---Joshua, CEO of heygen.com
Trending on Indie Hackers
Wow. But no mention of the fundraising process? I looked up on crunchbase and it says the company has received $9M in funding. Reading this blog post I got the impression it was bootstrapped.
How the heck you can reach $1m ARR and still not be ramen-profitable?!
Came to the comments to ask the same question.
Awesome! That's was a fast one! HeyGen is really good product. Can you please share why you reach 1M ARR and still not making any money? That's strange for SaaS company.
1M ARR isn't not that much I think :| they got their salary I guess :|
Unless they're paying themselves 400k each then that's highly unlikely.
The technology looks pretty cool but I watched a few videos and for me at least, it did not pass the uncanny valley. I think the voice is a bit monotonic and the avatars have unnatural lighting on them. Hope this is good feedback for you!
Would love to know if you consider Loom as your competitor.
Looks great!
How did you get first 30 customers? Thanks
That's huge
Why the name change from Movio to HeyGen? And could you explain the process for that decision?
Hey, it's incredible how you validated your idea through Fiverr. May I know how you started targeting those users/similar users outside of Fiverr because in Fiverr people usually place one off gigs.
This is super impressive I must say. If you ever need a UX/UI expert, hit me up. I'm the founder of jimdesigns.co
Thank you for sharing, very useful :)
Your product looks awesome and it's the need of every business. I love the comparison picture you have added on your post where you have compared the video tools with the Generative AI. Now, it's the reality. I have seen people trying to create their videos by themselves. I have shared this url with my team to check it. Wish you best of luck for your future success.
We have a product Churnfree that helps membership businesses reduce their high customer churn rate. You can check it out, and we hope it will also benefit your business.
Wow, these numbers are huge! Congrats guys!
How difficult was technical part of product?
Congrats on hitting the 83334 holy grail! 🎉
I suppose your team raised the seed round only after getting traction?
What's next for HeyGen? :D
WOW! That's a big number and a great product!
Congrats! It took off like a rocket ship. Great product idea and great timing with all the news around AI.
Congrats! Where did you first start putting information out? Or did it grown naturally from friends and family?
@vioishere Congratulations on your success.
Thank you for sharing your valuable insight on this topic. I appreciate your perspective and expertise. I have a question for you: How did you go about identifying your real users and how did you touch base with them?
wow congratulations! very well executed. Can you elaborate more about the dashboards you created in metabase? how are you managing the business data from other sources like stripe etc. ? 200 dashboards looks like too much of effort for analytics at early stage :-) .
Wow that's detailed.
thanks jammmer! hope you like it!