Software · Isfahan · 2016
Novin Software Co.
Software two hundred factories run on, without one full-time salesperson
- Valuation
- IRR 180,000,000,000
- Price per share
- IRR 8,500,000
- Minimum investment
- IRR 127,500,000
- Equity offered
- 12.25%
11.7% subscribed · 2 investors · 2,650 shares remaining
History
Novin Software was founded in 2016 by two software engineers with backgrounds in manufacturing. Its first product, a simple inventory control system for a factory they knew, has become a full production management platform.
Performance
- Active customers
- 200+
- Annual churn
- under 5%
- Share of revenue recurring
- 80%
- Team size
- 28 people
More than eighty per cent of revenue is recurring subscription, and churn has stayed under five per cent for three years — an unusual figure in this market.
Hidden Value
Customer growth has come almost entirely through referrals from existing factories, with no marketing budget at all — meaning customer acquisition cost has been effectively zero, a number recorded explicitly in no financial report.
Growth Path
The first priority is hiring a small enterprise sales team to convert existing referrals into signed contracts; the second is adding the financial reporting module three large customers have asked for.
Considerations
Reliance on the two founders for key technical decisions is a concentration risk that should ease as the engineering team grows.