00:10:25 · Sebastian Johnson
[00:10:25] S0: Think it's really interesting your point about the very... The highly regulated markets. Like, when... Often when you look at the most successful companies that have been built out of Europe, they're often companies that could only have been built in Europe because of some structural reasons. Right? Like, it's Revolut and it was currency exchange and because there's so many countries in Europe, even, like, eleven Labs with their dubbing. And it is... You know, it often feels like the the generational companies and even, like, Deel, which is sort of American but very European roots, you know, remote working is much bigger across Europe where you have so many countries. It's really interesting that there's there's this thing where the structural things occurring in Europe actually often play advantage to the companies that are building from there. True. Yeah. Yes.
00:11:06 · Gustav Bang, Sebastian Johnson
[00:11:06] S1: I mean, I I remember how we framed Complir. Investors is like we call us the Vanta for physical products. Right? Yeah. And we always were like, why why did Vanta show up in The US and not in The EU? Right? Because you have some compliance that you wanna live up to. But I think what's shaping our field right now is that we also wanna become the compliance layer for global commerce basically, right? And global commerce, like we started with European customers, but they sold globally. So we had to think globally from very early on. And that means like, no matter whether you're Vanta or Complir or anyone doing compliance, Fintech compliance, whatever it is, like, it's kind of a global problem by definition when you're doing compliance. [00:11:50] S0: That's so... Yeah. That's like... Yeah. Interesting. You have to... From day one, it has to be... Have to you have to have have something that works everywhere. [00:12:00] S1: Yeah. Exactly. For us, it was not only everywhere in terms of geography. It was also, you know, now we just say consumer goods, but it's like, there's a huge difference between a cosmetic product and a toy and a food product. Like, so when we initially started, people were like, shouldn't you just be doing cosmetics? Like, that's a huge market in itself. We were like, no way. Like, for us, like a retailer selling a product, they should be able to sell any product. And compliance is... So this is a very wide play. You could say a horizontal play that is only also realistic now to do because of the speed of iteration, all that stuff.
00:12:00 · Gustav Bang, Sebastian Johnson
[00:12:00] S1: Yeah. Exactly. For us, it was not only everywhere in terms of geography. It was also, you know, now we just say consumer goods, but it's like, there's a huge difference between a cosmetic product and a toy and a food product. Like, so when we initially started, people were like, shouldn't you just be doing cosmetics? Like, that's a huge market in itself. We were like, no way. Like, for us, like a retailer selling a product, they should be able to sell any product. And compliance is... So this is a very wide play. You could say a horizontal play that is only also realistic now to do because of the speed of iteration, all that stuff. [00:12:34] S0: And tell me now, you've raised this money. You know, I think you said your team was at 18 people. What are you gonna be spending that money on? Kind of what are you gonna be doing over the next six, eight, twelve months to get you to that next stage of your journey?
00:12:34 · Sebastian Johnson, Gustav Bang
[00:12:34] S0: And tell me now, you've raised this money. You know, I think you said your team was at 18 people. What are you gonna be spending that money on? Kind of what are you gonna be doing over the next six, eight, twelve months to get you to that next stage of your journey? [00:12:45] S1: Yep. Like, so we got seven engineers and two specialists right now. And that's like... I mean, it feels like we're 50 engineers, right? Because it's going really quickly. Yeah. So we don't feel the urge to kind of expand on the engineering capacity in the short term. But then we're like now opening up in The UK and Germany, so we're hiring head off roles for those countries and paying enough to kind of like commit to those markets as well. Like, I think that's a common mistake for Danish founders especially a bit, but like, in general, just like not committing enough to expansion. And so that's gonna be like the short term six to twelve months place, just like really grab the best of the best logos in all of Europe and get a solid foundation to build up on. But yeah, I mean, who knows? Like, we kind of in YC, also there was a lot of talk about like how do you shape a company in the area of AI, right? Like, you don't necessarily need to hire 40 people just because you can. So we have... We're gonna be very strategic about, like, which people we choose to bring in. But, yeah, if there's anyone out there listening and thinking this is crazy cool company to join, then feel free to reach out.
00:12:45 · Gustav Bang, Sebastian Johnson
[00:12:45] S1: Yep. Like, so we got seven engineers and two specialists right now. And that's like... I mean, it feels like we're 50 engineers, right? Because it's going really quickly. Yeah. So we don't feel the urge to kind of expand on the engineering capacity in the short term. But then we're like now opening up in The UK and Germany, so we're hiring head off roles for those countries and paying enough to kind of like commit to those markets as well. Like, I think that's a common mistake for Danish founders especially a bit, but like, in general, just like not committing enough to expansion. And so that's gonna be like the short term six to twelve months place, just like really grab the best of the best logos in all of Europe and get a solid foundation to build up on. But yeah, I mean, who knows? Like, we kind of in YC, also there was a lot of talk about like how do you shape a company in the area of AI, right? Like, you don't necessarily need to hire 40 people just because you can. So we have... We're gonna be very strategic about, like, which people we choose to bring in. But, yeah, if there's anyone out there listening and thinking this is crazy cool company to join, then feel free to reach out. [00:13:58] S0: Yeah, love it. And is it something in your mind that you want to achieve? Right? Is there a certain milestone? Is there a customer number that you want to get to that you think, okay, this is where we need to be in six, twelve months to get to where I want us to be?
00:13:58 · Sebastian Johnson, Gustav Bang
[00:13:58] S0: Yeah, love it. And is it something in your mind that you want to achieve? Right? Is there a certain milestone? Is there a customer number that you want to get to that you think, okay, this is where we need to be in six, twelve months to get to where I want us to be? [00:14:13] S1: I mean, we're pretty aggressive about the growth. Like, we would like to raise a series A maybe in only six to twelve months time. We've been growing 40% month over month in the last six months have actually pivoted. So right out of YC, we basically just like went into revenue no matter what kind of customer it was, and now we just only do enterprise. So we basically threw out €2,000,000 of pipeline, increased the pipeline again, times two, and now we only got like 100 k plus contracts coming on. So that's been one of the goals for us is like, you can build a really great business with like 10, 20, 30 ks B2B contracts, but if you do, like, pure enterprise play in the beginning, like we did in Legora, like, it's just so much more scalable, and it almost takes the same amount of effort when there's a 10x change in the revenue. So we have an ACV now. It's grown from 27 k to 55 k, and that we would like to be at around, like, a 100 k by the time we raise the Series A. [00:15:13] S0: That's amazing. Did did you... Has there been any noticeable difference, you know, in the way that you sell the product to enterprises versus SMBs? Are there longer timelines? Are you having to be more involved? Answering different types of questions? Are they slightly more risk averse?