Keep pulling the thread on Tom and Greg.
The fitness company Ladder is approaching $100 million in annual recurring revenue.
Ladder built a proprietary AI customer support tool, Maeve AI, which now handles 90% of incoming support tickets for its 300,000+ members with less than one full-time employee.
Ladder plans to launch an Android application within the current year.
The fitness company Ladder is now a cash-generating and self-sustaining business.
Ladder has over 300,000 paying members, a significant increase from 9,000 members at the beginning of 2023.
In late 2019, Ladder underwent a significant leadership restructuring that included naming Greg as the new CEO to reset the business.
An early MVP test for Ladder's new group-based model quickly acquired approximately 100 users paying $100 per month and showed a renewal rate of over 90%.
Ladder identified TikTok as a key growth channel due to high user attention and low competition from brands, creating a market arbitrage opportunity.
Ladder's initial organic growth experiment on TikTok grew a new coach account from zero to 250,000 followers in approximately 45 days.
Ladder is the number one grossing fitness app in the App Store and ranks among the top 100 grossing of all U.S. apps.
Ladder secured a financing deal with General Catalyst's customer value fund, which finances the company's customer acquisition costs monthly, improving cash flow and reducing the need for traditional equity fundraising.
Ladder's long-term vision is to build the system of record for fitness and health.