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How LMS365 Grew From $18M to $30M ARR With 14 Geographic Sales Hubs

Rasmus Holst explains the bootstrapped path to $18M ARR, the $20M Series A, the Weekly10 acquisition and a sales model of 14 geographic hubs.

Rasmus Holst · LMS365

Published April 16, 2024
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What you’ll learn

Rasmus Holst, CEO of LMS365, explains how the Microsoft-focused learning platform grew from about $18M to about $30M in ARR in a year. He covers the bootstrapped path and $20M Series A, the Weekly10 acquisition, net revenue retention of 108, and the 14 geographic sales hubs.

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Upfront payments fund bootstrapping

“When you sell to Microsoft customers, they're used to paying upfront. So that made us bootstrapped all the way up to $18,000,000.”
Watch at 07:46

Turning down secondary-heavy term sheets

“We turned down a number of of $50,000,000 term sheets with a lot of secondaries in there, but then it was like, hey. We don't want that valuation.”
Watch at 12:23

Customer success team lifts NRR

“it's actually the fruit of an investment we did two years ago, which was to start building a customer success team. We didn't have any.”
Watch at 13:35

Attainable quotas across 14 hubs

“Our quota philosophy is attainable. So that's probably more Nordic than it is American. And that meant that we we run 14 hubs, which is essentially SDRs and business managers as a hub. And of the 14 hubs that we run, 13 of them made quota or above last year.”
Watch at 15:01

The 2016 rebuild decision

“And they give him 50,000 Danish kroner, so $7,000. He spent $70,000 rebuilding it. And if it wasn't for that decision, the company would never be here today.”
Watch at 19:05

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About the speaker

Rasmus Holst

CEO · LMS365

Company revenue
$30M

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