12 months ago we turned on our paywall and made our first ever SaaS $1!
For any entrepreneur, this is a moment that they will never forget. Tim and I could not control our excitement!
Exactly 12 months after our first payment, we have managed to cross the seemingly impossible task of hitting $83,333 MRR / $1M ARR!
The Indindie Hackers (and local Indie London / Indie Beers) communities have been a massive help to us over the last few years in so many ways, we would not be here without it!
Finally, we have written a blog post on everything we learnt growing VEED from $0 to $1M ARR in 12 months with revenue numbers, traffic, product and growth strategies
I will be in the comments all day if you have any questions!
2000 paid users in 9 months!
We really can't believe quickly VEED.IO has grown. To say that we have imposter syndrome is an understatement.
We first started working on VEED as a side project back in late 2017. Back then we wanted to make a video editor that was simple and easy to use.
Below is an early design of what we originally planned to build.
We went full time on VEED about 12 months ago and started charging for the product in early June last year. Since then the product has evolved a lot into what Is now, a fully-fledged video editor (almost) yet this is not as simple a taking IMovie and putting it online, there are a lot of small details and tooling build for our users use cases and needs.
Our product development has been guided by speaking to lots of our users ever day. We do this through a combination of optional onboarding calls, customers service and also being available at any time of the day to hop on a hangouts call and help solve a users problem.
(Tim talking to Roland from Germany)
I imagine for the outside observer it looks like we did everything right and that it was a smooth journey. But I just want to let you know it was f***ing hard with many MANY mistakes along the way.
Finally, there is no way would we have been able to achieve this without such a talented and dedicated team that we have to built over the last year 🙏
We are approaching another big milestone soon and we will be publishing a proper breakdown of what we did and how we got here in the following few days on our blog
In just 4 months and 14 days since we have started charging for our product and about 13 months since our online video editor went live, we have hit an important milestone...
WE HAVE HIT RAMEN PROFITABILITY !!!! WOOP
As of mid October 2019 passed $5000 in monthly recurring revenue, VEED now pays for two full-time founders (myself and Tim) and two part-time developers (Mate and Veljko... Love you guys)
We have hustled pretty f****** hard to get here and learned a LOT along the way. There were a couple of moments where we thought it was all over, like the time we ran out of money and had to get contract work, or the time when we were kicked out of our office.
Oh and time our first two developers quit working for us on the same day. But through all these drastic highs and lows, we have continued to move forward and grow.
Ramen profitability is a huge milestone and also marks the start of the next big phase of our startup journey. As we are moving towards finding product-market fit and starting to scale our product to thousands of monthly paid users.
I have created a complete breakdown of the journey in a blog post titled "The journey to ramen profitability" If you are an early-stage founder, this might be worth checking out.
Thanks Yall, Sabba
We all want to grow our product to reach millions of users to improve the lives of many, but a very common problem that a lot of startup founders have is that they don't have enough experience growing a startup.
When Tim and I started VEED like many others, we felt competent at building and designing a product, but had no experience of growing a product and no budget to do so.
Now we have thousands of monthly users, growing 40% month over month and almost reached profitability, the holy grail of a self-funded startup. We often get asked for advice on growth and we like helping others so we normally say yes, but after many hour-long calls we decided to put this post together. In this post, I am going to show you how we grew to 50,000 MAU in just 6 months without spending a single penny.
Read more on the VEED BLOG
The idea for VEED came from being frustrated working with complex and time-consuming editing software. We needed a simple online editor