What they do. Samsara “allows businesses that depend on physical operations to harness IoT data to develop actionable business insights and improve their operations. Using our Connected Operations Cloud, customers can visualize their physical operations in real-time. Our ability to capture, aggregate and analyze IoT data is our key differentiator.”
Really long contracts. “long contract lengths, which typically span three to five years. We bill monthly, quarterly, annually, or in advance, depending on the specifics of each contract.”
The ideal customer pays over $5k annually. “As of October 30, 2021, we had more than 13,000 customers representing over $5,000 in ARR, or Core Customers, and approximately 93% of our ARR came from Core Customers, in part due to our increasing focus on this customer set.”
Multi-product leads to expansion. “Our key focus is multi-application adoption. Customers may land with large-scale, multi-application contracts, or land with one application within one division and expand their adoption over time. Regardless of how our customers land, we focus on expanding their usage of Connected Operations Cloud and encourage full-scale rollouts across their geographies and divisions. We measure expansion within our existing customer base by dollar-based net retention rate, which was over 115% as of October 30, 2021. As of October 30, 2021, the dollar-based net retention rate for customers representing over $100,000 in ARR was over 125%, and approximately 44% of our ARR came from customers representing over $100,000 in ARR. As of October 30, 2021, approximately 52% of our over 25,000 customers used two or more Applications.”
Integrations and product innovation matter. “Our ecosystem includes over 125 third-party integrations in the Samsara App Marketplace, a portal through which customers can connect our Applications to external applications. We have a culture of innovation, which is evidenced by our release of more than 200 features in the past fiscal year.”
Customer feedback drives the roadmap. “By leveraging our customer-centric innovation flywheel, we are able to continuously build new Applications and release new features for our customers based on their direct feedback.”
$25mm Series A and nearly $1bln of equity. Welp, that’s one way to do it.
Visit us at blossomstreetventures.com and email us directly at sammy@blossomstreetventures.com