2007
Veeva Systems was started in February 2007 and raised its Emergence Capital round around March 2008, according to Peter Gassner.
“we started in 2007 in February, and we raised in about 2008, maybe March or so.”
Topic
Veeva Systems
11 facts from 1 episode, in date order. These are what speakers said on the shows, each linked to the moment it was said. They aren't independently verified.
2008
Veeva Systems raised about $3 million from angel investors and $4 million from Emergence Capital before going public, according to Peter Gassner.
“So angel investors, I think that was $3 million. And Emergent's was $4 million.”
2010
Veeva Systems began work on its second product, a content management service, with its first hire for it in the fall of 2010.
“And then we made our first hire in the fall of 2010. And that's when we started going.”
2010
Peter Gassner chose Veeva's second product to be unrelated to its first, with a different buyer, product and code line, so that it would not become a mere add-on.
“Sold into the same company, but different buyer, different product, different code line, different everything.”
Undated
Peter Gassner said Veeva Systems had about $2 billion in revenue and roughly 30% profit at the time of the recording.
“We're doing about $2 billion, about 30% profit or so.”
Undated
Veeva Systems' first multimillion-dollar annual deals came from the pharmaceutical company Pfizer, according to Peter Gassner.
“the first multimillion dollar annual deals were a big customer, Pfizer.”
Undated
Salesforce.com told Veeva Systems during the Pfizer competition that Veeva would never win the deal, but Veeva won it, according to Peter Gassner.
“There was a partner at the time, actually, Salesforce.com actually at the time said, oh, you know, send a note that Veeva will never win this deal.”
Undated
Peter Gassner said Veeva Systems used the Pfizer invoice to fund product development, which he compared to a $3 million round without dilution.
“I thought, oh, we've just raised a $3 million round of capital here. It didn't cost us any dilution, right?”
Undated
Peter Gassner avoided multi-year contracts at Veeva Systems because he wanted to optimize annual value per customer and have the company earn the business each year.
“I didn't want us sort of getting lazy. I wanted us to earn the business every year.”
Undated
Veeva Systems has a couple of thousand customers, of which about a hundred are very large life sciences companies, according to the host.
“you've a couple thousand customers of which there's a hundred or so that are really big customers.”
Undated
Veeva Systems became a public benefit corporation, which Peter Gassner described as a formal step reflecting how it already operated.
“You were the first public company to convert to a B corporation? To a public benefit corporation.”
Episodes