Update: I got this partially wrong, and I’m honestly quite sorry about it. Due to me misreading an email, I said that Breezy grew its MRR 100 percent since December. The company has in fact grown its revenues 100 percent monthly since December, a key difference. I’ve added a word to the title, and changed the post modestly to reflect the correction.
Breezy HR, formerly Nimble HR, released a new iPhone app today, along with a video-calling feature for its core recruiting product.
TechCrunch last covered Breezy when it was called Nimble, and had raised a $250,000 seed round. The Florida-based company at the time told TechCrunch that it intended to raise a new round of capital — surprise — this summer. Presumably, the startup is wrapping a product release cycle heading into its investor tour.
For a deeper dive into how the company’s product works, head here.
I spoke with Darren Bounds*, co-founder and CEO of the company, about how quickly Breezy is growing. According to Bounds, the company has grown its monthly recurring revenue (MRR) and “subscribed customers” 100 percent monthly since December, or around a half-year.
Bounds declined to be specific, but did say he expects the company to grow “a couple orders of magnitude” over the next two years.
Breezy’s iPhone app matters to the firm in Bounds’ eyes, because “[m]obile is an important part of the recruiting lifecycle,” and that the application will provide “hiring teams and candidates a real-time touch point for their most common and time expensive tasks.” The company’s addition of video chatting to its core service matters according to Bounds because “face-to-face connection[s]” are key to help determine “soft skills and culture fit.”
The startup is currently focused on small and midsize companies that have between 50 and 300 employees. It will be interesting to see if Breezy goes after larger firms after it scales its team. Bounds did note in an email that the company intends to be lean on its hiring scale, something that I haven’t heard much in recent months from other companies.
Breezy working in the talent space has oodles of competition, large and small, both selling products directly competing with its recruitment tool, and in related hiring areas. As such, it’s a minnow among giants. That’s an advantage (faster iteration, and product choices) and a downside (cash has its own momentum).
As TechCrunch reported previously, Breezy’s product is inexpensive:
Nimble charges just under $80 per customer per month, putting its yearly ARR, presuming no churn either positive or negative, at around $1,000 per client. That should give Nimble enough LTV to its obvious CAC to hire a sales team inside of the next 12 month[.]
With new products now out, it’s up to Breezy to accelerate its growth and, it seems, raise some more capital.