How FAMA Technologies Doubled Revenue Run Rate

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Increasing LTV/CAC Ratio by 80x Lead to Doubling Revenue Run Rate: How Did FAMA Technologies Do It?

Ben Mones is the Founder and CEO of Fama Technologies Inc., a Tech Coast Angels portfolio company revolutionizing the hiring process.

Mones has transformed Fama into a hyper-growth operation with a lean business model. In today’s ‘How Did You Do It?’, we sat down with Mones, to learn how he was able to transform Fama into such a lean operation.

Ben, What is Fama Technologies?

The signs of potential workplace misconduct have fundamentally evolved from five or ten years ago. Today, it presents itself in all sorts of different ways, whether it's on social media, Google, or offline news.

Quite simply, Fama is a software company that helps companies identify workplace misconduct through its online screening solutions. We help companies hire great people.

What does Fama do for customers?

We serve over 2,000 clients in over 25 countries. For each of them, we provide the tools and technology to gather informative data while remaining compliant and protecting a person’s privacy. Our software reduces turnover by over 50%, helping companies save on recruitment costs, improve team morale and productivity, and build a more stable and sustainable workforce.

In addition to helping companies hire better, we have recently expanded our use cases to pre-investment screening for investors. We help VCs, asset managers, and hedge funds ensure they are backing great founders and management teams with the leadership and value set to take the company forward.

You made a big decision in 2021, what were the results?

In 2021, we made a big decision to focus on the go-to-market strategies that were the most productive for our business. In just a year, we doubled the revenue run rate. In 2022, our company-wide revenue retention rate was 155%, and our LTV (lifetime value) to CAC (customer acquisition cost) ratio was 80x.

How did Fama achieve these metrics?

In order to do this, we sunset our previous go-to-market strategy and reduced our sales and marketing organization down to near zero. Stripping away what we thought were core components of the business helped us identify exactly what we needed to be successful. Although a difficult decision, it was necessary to allow us to build a...

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