Pendo Shares Board Deck Slides, Breaks $200m Revenue, Lessons with Co-Founder Eric Boduch

Eric Boduch, Co-Founder of Pendo, shares the company’s journey from its early days in 2014 to breaking the $200 million ARR mark. Pendo, known for its product analytics and user onboarding tools, has grown steadily, with its revenue more than doubling from $100 million to $200 million by 2021. Eric discusses the company's marketing strategies, including successful webinars, branding initiatives like the signature color pink, and building a robust product marketing team that helped Pendo differentiate from competitors like WalkMe.

Eric also opens up about the company’s fundraising journey, which includes raising hundreds of millions of dollars and reaching a valuation of $2.6 billion. He touches on key lessons in scaling, from acquiring their first customer to refining sales processes and aligning marketing with product growth. Now focused on his venture studio, Eric reflects on how Pendo’s success can serve as a model for other SaaS companies navigating growth and competitive landscapes.
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Timestamps:
0:00 - Introduction and welcoming Eric Boduch
0:35 - Pendo's first dollar of revenue in 2014-2015
0:58 - Pendo breaks $200 million in revenue as of 2021
2:00 - Co-founders and early equity split: 20-30%
2:50 - Early investment: raised half a million dollars
3:00 - Pendo's first check: $597
4:10 - Revenue growth: from $13.4 million in 2017
5:00 - 1,272 leads from a webinar, $5 per lead
6:00 - $6,500 spent on webinars for 1,272 leads
7:00 - 13 converted opportunities from webinars
9:00 - Expansion from $13.4 million ARR to $28 million
9:50 - Pendo in 2022: $100-$200 million revenue
11:00 - Leaving Pendo to start 24 and Up venture studio
12:10 - Early ROI of $32 pipeline for every dollar spent
13:10 - Harder to drive pipeline as marketing costs rise
15:45 - Competing with WalkMe through product marketing
18:00 - Pendo’s total fundraising: around $300 million
18:15 - Pendo’s last public valuation: $2.6 billion
19:00 - IPO as the main exit strategy for Pendo
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By the numbers.
See charts and graphs here: https://getlatka.com/companies/pendo

Founded in 2013.
$200m in revenue in 2024.
$300m Total amount raised.
20-30% - Early co-founder equity split
$99/month - Early product pricing
$28m ARR - Expanded revenue after 2017
$200m - Pendo’s revenue as of 2021
$32 pipeline - ROI per dollar spent on marketing
811 employees.
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