Baremetrics became famous not just for SaaS analytics, but for founder Josh Pigford’s radical transparency—publicly sharing revenue, churn, and the eventual sale for millions.
The Product (Founded September 2013)
Problem solved: Stripe dashboard shows payments, not SaaS metrics
Baremetrics provided:
- MRR (Monthly Recurring Revenue)
- ARR (Annual Recurring Revenue)
- Churn rate
- LTV (Lifetime Value)
- Trial conversion rates
- Cohort analysis
- Dunning (failed payment recovery)
Integration: One-click Stripe connection
Pricing: $50-500/month based on MRR
The Open Startup Movement
January 2015: Josh published live dashboard showing Baremetrics’ own revenue
Public metrics:
- Real-time MRR
- Customer count
- Churn rate
- Revenue per customer
Why?: Transparency builds trust, differentiates from competitors, attracts customers
Others joined: Buffer, Ghost, ConvertKit, Nomad List followed with public dashboards
The Journey
Growth (2013-2018):
- 2014: $3K MRR
- 2015: $20K MRR (after open startup launch)
- 2016: $60K MRR
- 2018: $100K MRR
Struggles:
- Competed with ProfitWell (free alternative)
- Stripe released native analytics
- Churn from competition
Experiments:
- Baremetrics Flare (Stripe alerts)
- Cancellation Insights (why customers cancel)
- Recover (automated dunning)
The Sale (November 2020)
Sold to Xenon Partners for ~$4 million
Details:
- 7 years building
- ~$1M ARR at sale
- Josh stayed on briefly, then left
- Acquired for tech/customer base
Public reaction: Respected exit (not unicorn, but life-changing for founder)
The Lessons
Open startup pros:
- Marketing boost (curiosity drives signups)
- Accountability (harder to quit when public)
- Community support
- Thought leadership
Open startup cons:
- Competitors see weaknesses
- Pressure during downturns
- Customers worry about stability
- Privacy concerns (employees, partners)
The Competition
ProfitWell (now Paddle): Free metrics + paid subscription optimization
ChartMogul: Similar features, more integrations
Stripe native analytics: Good enough for many
Baremetrics advantage: First mover, brand, integrations beyond Stripe (Braintree, Recurly, etc.)
Cultural Impact
Normalized transparency: Open metrics, open salaries, open roadmaps spread
Indie hacker inspiration: Showed you can build $1M ARR SaaS solo/small team
Exit validation: $4M not $400M, but still success
Realistic growth: 7 years to $1M ARR = typical SaaS grind
Post-Acquisition (2021-2023)
Xenon continued product: Still operating, slower updates
Josh’s next: Built/sold other projects, now working on new ventures
Legacy intact: Baremetrics still used by 1,000s of SaaS companies
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