← All shelves
Every teardown
The whole library — filter by size, sort by revenue. Every business we have taken apart.
233 teardowns · $10M+Every teardownFortressesEasy to copy. Won anyway.Built on rented landNumbers straight from a filingDoesn't scale. On purpose.Still here after 15 yearsOne-time money
OnlyFans
Marketplace
Took 20% of content Big Tech would not process.
$1.41B
Estimate · FY24 net rev · $7.2B GMV
One niche, one owner, constant payment risk.
★ The edge: Adult creators are unbankable elsewhere. OnlyFans built the payment rails nobody else would run, and kept the fans.
Open →
Mercari
Marketplace
Japan's used-goods app. 23M users. It takes 10%.
¥192,633M
Filed · $1.2B · FY2025 revenue, filed
GMV growth has stalled in a maturing Japan.
★ The edge: Holds no inventory. 23M users list and buy; Mercari keeps 10% per sale, then adds payments and ads on top.
Open →
Vinted
Marketplace
Europe's clothes resale. Buyers pay, sellers don't.
€1.1B
Stated · $1.2B · 2025 revenue, +38% YoY
Most revenue is one fee buyers love to hate.
★ The edge: Taxes buyers, not sellers. Free listing grows supply, supply grows demand — liquidity fee-charging rivals can't match.
Open →
China Literature
Community
Readers pay by the chapter. Tencent films the hits.
$1.13B
Stated · FY24 group revenue (0772)
Free, ad-funded rivals erode the paywall.
★ The edge: It pioneered pay-per-chapter reading in 2003, then kept the rights and became China's biggest web-fiction IP owner.
Open →
Avalara
SaaS
Sales tax on autopilot for 13,000+ US jurisdictions.
$1B+
Stated · 2023, founder-stated
Stripe Tax bundles the core calc cheaply.
★ The edge: IPO'd days before the 2018 Wayfair ruling forced millions of online sellers into multi-state sales-tax filing.
Open →
Zerodha
Marketplace
India's biggest stock broker, built on zero ad spend
$1B
Stated · FY24 rev, 55%+ margin
Most revenue is retail F&O; SEBI now curbs it.
★ The edge: A flat fee per order plus free equity delivery undercut percentage brokers; options volume at scale yields 55% margins.
Open →
Shutterstock
Marketplace
He shot 30,000 photos to seed an empty marketplace.
$935M
Filed · revenue (FY2024)
AI image generators undercut paid stock.
★ The edge: Buyers pay flat monthly subscriptions; contributors get a royalty. Shutterstock keeps the spread on stock it never shot.
Open →
Workiva
SaaS
A mandate forced XBRL filings. They owned the tool.
$884.6M
Filed · FY2025 revenue · public
⚠ Scale: heavy sales
GAAP-loss years
GAAP-loss years
★ The edge: The SEC didn't allow XBRL filings — it required them, making every public company a forced buyer.
Open →
Vertex
SaaS
Every US sales-tax rate, current since 1978.
$748.4M
Stated · FY2025 revenue, +12% YoY
Growth slowing; SMB edge lost to Avalara.
★ The edge: Tax rates change constantly across 195+ countries; Vertex has kept a 1B+ rule database current since 1978.
Open →
Xometry
Marketplace
Upload a part, get a price in seconds. It takes a cut.
$686.6M
Filed · FY2025 revenue (XMTR)
Thin 34.7% cut; still a net loss.
★ The edge: AI trained on millions of orders prices any custom part in seconds; rivals still quote by email.
Open →
SafeSend
SaaS
They ignored the tax return. They sold the last mile.
$600M
Filed · all-cash exit price, 2025
Sits downstream of engines it doesn't own.
★ The edge: Eight years selling paperless tools inside tax firms told them exactly which 30 minutes to automate in 2016.
Open →
Doximity
Community
Over 80% of US doctors are members. Pharma pays.
$570.4M
Filed · FY2025 revenue, up 20%
Leans on pharma marketing budgets
★ The edge: Founder Jeff Tangney built Epocrates first, so he already had physician trust and knew pharma pays to reach doctors
Open →
Faire
Marketplace
Free returns and Net 60 turned wary shops into buyers.
$500M+
Estimate · annualized revenue, 2025
Shops and brands can reorder off-platform.
★ The edge: The fee is visible; the moat is the balance sheet — Faire fronts cash and covers returns, so a shop risks nothing.
Open →
NinjaOne
SaaS
The RMM MSPs switch to when they quit Kaseya.
$500M ARR
Stated · ARR, FY25 (up about 70%)
Microsoft could bundle this into Intune.
★ The edge: Rivals' angriest customers are the pipeline: MSPs leaving Kaseya and ConnectWise land on NinjaOne.
Open →
BizReach
Marketplace
Japan had no way to poach talent. BizReach built one.
¥68.6B/yr
Filed · $460M · BizReach net sales, FY25/7
One country, one white-collar hiring cycle.
★ The edge: Both sides pay — seekers to be scouted, firms to scout — at 90%-plus gross margins, in a market agencies used to own.
Open →
Follow Up Boss
SaaS
The CRM every real-estate team runs their leads through.
$400M+
Stated · Zillow buyout, 2023
Owned by Zillow now — is it still neutral?
★ The edge: The neutral hub: it ingests leads from Zillow and its rivals alike, so every team needs it.
Open →
Karooooo (Cartrack)
SaaS
Vehicle tracking that prints where US giants won't go
$335M ARR
Estimate · ARR run-rate (Q1 FY27)
Hardware install caps SaaS-style margins.
★ The edge: Owns the device, software, install network and data, and runs it profitably, so it undercuts VC-funded rivals.
Open →
Poshmark
Marketplace
She sells her closet; Poshmark keeps 20% of every sale.
$326M
Filed · FY2021 net revenue
Never profitable; heavy marketing spend.
★ The edge: Feeds, follows and Posh Parties turn one-time resale into a social habit; buyer retention topped 104%.
Open →
Idealista
Marketplace
Spain's #1 property portal. Agents pay, buyers browse.
€300M+
Stated · $325M · 2024 revenue, +16% YoY
Liquidity is local; each market restarts.
★ The edge: It out-executed same-era rival Fotocasa on listing quality and trust — now valued about 20x higher.
Open →
HealthStream
SaaS
Rules force the training. It bills for it every year.
$304.1M
Filed · FY2025 revenue (10-K)
Growth is slow: about 4% a year.
★ The edge: Accreditors, OSHA and CMS require the training; HealthStream is where US hospitals buy and log it.
Open →
Sansan
Data
Japan runs on business cards. Sansan digitized them.
$280M
Stated · ARR, May 2025 (¥41.5B)
The card ritual fades as work goes remote.
★ The edge: Rivals trust OCR; Sansan runs every card through human operators too — 99.9% accuracy is the data moat.
Open →
ThredUp
Marketplace
Free closets in, 80% gross margins out.
$260.0M
Filed · 2024 revenue (net)
Still net-loss-making after 15 years.
★ The edge: Distribution centers that photograph, price and ship 230M+ one-off used items — logistics P2P rivals refuse to build.
Open →
Envato
Marketplace
The bootstrapped stock-asset market that paid out $1.3B
$245M
Stated · 2024 sale price, announced
Its subscription now cannibalizes its authors
★ The edge: Launched the marketplace, then built Tuts+ — the web's biggest design-tutorial network — to feed it buyers.
Open →
Weave
SaaS
The dentist's office phone, now a public NYSE SaaS.
$239M
Filed · FY2025 net revenue
Never profitable; retention under 100%.
★ The edge: The most boring wedge won: replace the dentist's phone, tie each call to the patient chart, impossible to rip out.
Open →
Timee
Marketplace
Spot shifts, no resume, no interview, paid same day.
$230M
Stated · FY2025 revenue (up 28% YoY)
Clients can hire workers direct, fee-free.
★ The edge: Every shift is a direct hire, not temp dispatch — no staffing license, no interview, worker paid same day.
Open →
Craneware
SaaS
Sells 4 in 10 US hospitals their billing-rule software.
$205.7m
Filed · revenue, yr to Jun 2025
Finite TAM; about 40% already installed.
★ The edge: They wrote the first automated hospital chargemaster in 1999; US billing rules keep about 40% of hospitals renewing.
Open →
Toptal
Marketplace
The top 3% of freelance talent, sold at a premium.
$200M+/yr
Estimate · Revenue, self-reported '21
Big markup underpays talent; they can defect.
★ The edge: Instead of maximizing supply like Upwork, Toptal rejects 97% of applicants and sells scarcity at a premium.
Open →
Auction Technology Group
Marketplace
$3.3bn of goods sold. ATG keeps $190m.
$190.2m
Filed · FY25 revenue, audited
GMV tracks cyclical art and surplus spend.
★ The edge: Owns the bidding rails thousands of auction houses depend on, and the bidder demand they can't aggregate alone.
Open →
Weedmaps
Marketplace
The ad platform for an industry Google won't touch.
$184.5M
Filed · FY2024 revenue (10-K)
Revenue has fallen two years straight.
★ The edge: Cannabis sellers are banned from Google, Meta and Yelp ads, so Weedmaps became the one place buyers and sellers meet.
Open →
IndiaMART
Marketplace
India's B2B directory where only sellers pay
$165M
Stated · FY25 rev · listed (BSE)
Paying base flat; growth from price hikes.
★ The edge: Only sellers pay: 217K of 7M+ suppliers fund the whole marketplace while 200M+ buyers browse free.
Open →
CS Disco
SaaS
No lawsuit skips discovery. That is DISCO's market.
$156.8M
Estimate · FY2025 revenue, up 8%
Revenue swings with the litigation cycle.
★ The edge: Discovery is court-mandated. Every lawsuit and regulatory probe must review documents on someone's software.
Open →
Pushpay
SaaS
Digital tithing for US megachurches, built in NZ.
US$202.8M
Filed · FY22 revenue, up 13%
US churches only — a finite, capped market.
★ The edge: Owns the church software and the payment rails, so it earns a margin on every dollar of US$7.6B given yearly.
Open →
BASE
Marketplace
Free to open a shop. BASE takes a cut when you sell.
¥20.7B
Filed · $138M · FY25 net sales (TSE)
Tiny sellers churn; GMV per shop stays low.
★ The edge: Free to start pulled in millions of tiny sellers Rakuten priced out; BASE earns a cut of every sale.
Open →
Hemnet
Marketplace
Sweden's default home portal. Sellers foot the bill.
SEK 1,394.6M
Filed · 2024 net sales · +39% YoY
One country, one housing cycle.
★ The edge: Brokers built it in 1998 and fed it every listing. Private equity later bought control and made the sellers pay.
Open →
Dedao (iGet)
Community
China's paid-knowledge app of curated expert courses.
$130M
Stated · 2021 revenue · prospectus
Its moat is a celebrity, not a network.
★ The edge: Sells curation, not content: expert books condensed into audio courses for busy, status-anxious professionals.
Open →
Just Dial
Marketplace
India found local shops by phone before it had Google.
Rs 1,141.9 cr
Estimate · about $130M · FY25 revenue from ops
Google Maps is eating local discovery.
★ The edge: A decade of door-to-door sales onboarded 50M+ Indian businesses before broadband arrived — a base no crawler can copy.
Open →
Runpod
Dev
Ex-crypto miners rent GPUs to AI devs by the second.
$120M ARR
Stated · run-rate rev, Jan 2026
Reselling commodity GPUs; margins stay thin.
★ The edge: Felt GPU cloud UX was 'hot garbage,' repurposed their crypto rigs, and undercut the hyperscalers on price and UX.
Open →
Catawiki
Marketplace
Curated auctions where experts vet every lot
€105M
Stated · 2024 revenue (about $114M)
Experts scale linearly; margins stay thin.
★ The edge: Paid experts vet every lot, so buyers trust it enough to pay a 21.5% combined take in a market full of fakes.
Open →
Chrono24
Marketplace
Global marketplace for pre-owned luxury watches.
€103.2M
Stated · FY2021 group accounts
Dealers could bypass; GMV swings with prices.
★ The edge: Free built-in escrow lets strangers wire $50K for a used watch across 150 countries without fear of fakes.
Open →
Usercentrics
SaaS
The cookie banner became a $117M business.
€100M
Stated · ARR, about $117M, 2025
Its tailwind and its risk are both Google.
★ The edge: GDPR forces a consent banner on every EU site; Google now requires a certified one. Usercentrics is certified.
Open →
Wallapop
Marketplace
Free to list. Wallapop bills the shipping, not the sale.
€101M
Estimate · $110M · FY2024 revenue (+13% YoY)
Still loss-making; Vinted took fashion.
★ The edge: 19M monthly users and 180M listings make it the default place Spaniards sell used goods; rivals can't seed liquidity.
Open →
StartEngine
Marketplace
Crowdfunding marketplace. Crowdfunding is 12% of revenue.
$109.6M
Filed · FY2025 revenue (10-K)
79% of revenue sits in one product line.
★ The edge: Eleven years of startup raises built a 1.79M-investor list. Selling that list pre-IPO stakes now pays 79% of revenue.
Open →
Bengo4.com
Community
A lawyer's Q&A site now sells Japan's top e-signature.
¥16.3B
Filed · about $109M · FY3/2026 net sales (filed)
One country, one law. It travels nowhere.
★ The edge: Motoe is a lawyer. CloudSign was the first witness-type e-signature Japan's Ministry of Justice recognized.
Open →
Aha!
SaaS
Roadmap software. No VC, no sales team, $100M+ ARR.
$100M+
Stated · ARR (2022, stated)
No sales team caps enterprise expansion.
★ The edge: Bootstrapped to $100M+ ARR: owns product-management content, so inbound sells it — no salespeople, no office, no VC.
Open →
Chess.com
Community
A $55K domain became a $100M+ chess business, no VC.
$100M+
Estimate · annual revenue (2024)
Demand swings with chess-culture fads.
★ The edge: The generic domain chess.com is where new players land by default. Rivals buy the attention it gets free.
Open →
Huntress
SaaS
Ex-NSA hackers who only sell through the MSP.
$100M ARR
Stated · company timeline, 2024
MSPs own the client, not Huntress.
★ The edge: Every MSP that resells it becomes a salesperson Huntress never hired, and brings its whole client book at once.
Open →
Jane App
SaaS
The operating system for allied-health clinics
$100M ARR
Stated · founder-stated, 2024
Crowded lane: SimplePractice, Cliniko, more
★ The edge: The founder was a clinic owner — Jane fit real allied-health workflows generic rivals only guessed at.
Open →
Qualia
SaaS
They lived in a title agent's basement to learn the job.
$100M+ ARR
Stated · self-reported on podcast
Volume falls when mortgage rates rise.
★ The edge: The shared closing room lenders, agents and title firms all log into - leaving means moving the whole deal.
Open →
SafetyCulture
SaaS
Turned the mandatory safety audit into an app.
$100M+
Stated · annual revenue, 2021
Low moat vs generic form/checklist apps
★ The edge: Ten years filming workplace injuries as a PI gave Anear buyer access and hazard know-how no app-first rival had.
Open →
Spellbook
SaaS
The AI contract copilot that lives inside Word.
$100M ARR
Stated · live run-rate, 2026 target
Harvey has far more capital and BigLaw.
★ The edge: Shipped the first GenAI drafting tool for lawyers in 2022, native to Microsoft Word, sold self-serve by the seat.
Open →
ThreatLocker
SaaS
Antivirus blocks known bad. This denies the rest.
$100M
Estimate · revenue, CEO-stated 2025
Approvals pile up; allowlisting is heavy.
★ The edge: Default deny: nothing runs unless the MSP approved it, so new ransomware arrives with no policy letting it execute.
Open →
Veriff
SaaS
Fraud laws force ID checks. Veriff runs them for a fee.
Over $100M
Stated · revenue, profitable 2025
Per-check pricing invites undercutting.
★ The edge: AML law mandates the demand, not marketing. 400M video checks train an accuracy edge rivals can't copy fast.
Open →
WebPT
SaaS
A PT built the software her whole field learned from.
$100M+
Estimate · revenue, press-stated
One vertical; a UX-led rival is taking share.
★ The edge: An insider PT made WebPT the rehab profession's teacher (blog + Ascend summit), so clinics arrived before any ad ran.
Open →
Twinkl
SaaS
Sells teachers the worksheets they made at 10pm.
£78.6M
Filed · about $98M · turnover, FY to Apr 2024
Free AI can draft a worksheet in seconds.
★ The edge: It industrialised unpaid evening work: salaried teachers turn every curriculum change into ready-made resources.
Open →
PowerOffice
SaaS
Accountants do the selling. It bills per invoice.
NOK 925M
Filed · about $96M · FY2025 revenue, filed
Norway only; Visma now owns it.
★ The edge: Accounting firms put clients on it, so partners do the selling — and every invoice meters the bill.
Open →
Infomedia
Data
Carmakers endorse it, their dealers pay for it.
A$146.5M
Filed · FY25 revenue · pre-buyout
Tied entirely to the automotive industry.
★ The edge: Microcat is the maker-endorsed parts catalog dealers update monthly and rely on across 186 countries.
Open →
Signicat
SaaS
The single plug into every eID banks must use.
NOK 1B+
Stated · about $95M · 2023 turnover (company)
It resells national eIDs it doesn't own.
★ The edge: Europe's eID schemes are fragmented and national; Signicat integrated 35+ into one API regulated firms onboard through.
Open →
Swappa
Marketplace
The used-electronics market without the scams
$92M
Stated · seller proceeds (GMV)
Scale Low capped
★ The edge: Free to list, so supply floods in; buyer and seller each pay about 3% on a sale for what used tech lacks: trust.
Open →
1stDibs
Marketplace
Where designers buy five-figure furniture online.
$89.6M
Filed · 2025 net revenue
Rare, cyclical buys cap repeat and growth.
★ The edge: Invite-only curation plus authentication let strangers trust five-figure buys that open marketplaces can't safely host.
Open →
Bark.com
Marketplace
Local-service marketplace where pros buy leads
£70M
Stated · $88M · FY2022 turnover · filed
Earns whether the pro wins the job or not
★ The edge: Pros pay upfront for lead credits, so Bark earns before any job happens or any deal closes off-platform.
Open →
Sumsub
SaaS
The ID check every regulated app is forced to buy.
$85.6M
Estimate · ARR, 2024 (private est.)
Crowded market; per-check prices falling.
★ The edge: A crypto client asked for KYC; they dropped photoshop-detection and went all-in on AML checks before incumbents cared.
Open →
FreeTaxUSA
SaaS
Filing is the law. They gave away the federal part.
82M+
Stated · tax returns filed with IRS
One season; Direct File died, politics shift.
★ The edge: Bootstrapped 2001; low cost lets federal stay free forever. 82M+ returns = trust rivals buy with ads.
Open →
AppSumo
Marketplace
Sells software lifetime deals to a 1.5M-buyer list.
$80M
Stated · 2023 revenue
One-time cash, no recurring revenue.
★ The edge: The product is distribution, not deals: a 1.5M-buyer list makers hand 70-80% of a Select deal to reach.
Open →
Pagero
SaaS
E-invoicing network riding a wave of tax mandates.
$75M
Stated · 2023 net sales · $800M exit
⚠ Control: rules shift
loss-making land-grab
loss-making land-grab
★ The edge: They pre-built compliance across dozens of countries, so every new e-invoice mandate lands as ready-made demand.
Open →
VisasQ
Marketplace
Japan's marketplace for one-hour expert calls.
¥9,974M
Filed · $64M · revenue, FY ended Feb '26
Demand swings with deal & consulting cycles.
★ The edge: Global ENS firms sold pricey retainers to megafunds in English. VisasQ made expert calls self-serve, in Japanese.
Open →
Coconala
Marketplace
Japan's skills flea market — design to fortunes.
$62M
Filed · FY25 rev, +43% (TSE-listed)
Core GMV up 4.6%; growth leans on staffing.
★ The edge: Sells what Fiverr won't — anonymous fortune-telling and worry-chats are flagship categories, not novelties.
Open →
HaloPSA
SaaS
Bootstrapped PSA that MSPs quit Kaseya for.
$62M
Filed · FY25 turnover (filed)
Growth rode rivals' PE-driven price hikes.
★ The edge: Two IT-support guys built their own ticket tool, never took VC, and undercut PE-owned rivals on price and depth.
Open →
JobNimbus
SaaS
Sold a $1.2B firm, then went all-in on roofers.
$60M
Estimate · revenue, 2024
Roofing software is crowded and funded.
★ The edge: A roofer won't abandon the app that runs his jobs, his crew, and his customers' payments.
Open →
GeoComply
SaaS
US law makes every online bet prove your location.
$56M
Estimate · est. revenue (Latka, 2025)
Tied to gambling law it does not control.
★ The edge: US betting law requires a geolocation check on every bet, and GeoComply runs it for nearly every major operator.
Open →
BharatMatrimony
Marketplace
India's paid matchmaker, one caste at a time
$55M
Filed · FY25 rev, NSE-listed
Young urban India is leaving for dating apps
★ The edge: Paid matchmaking: brides and grooms subscribe to contact verified matches, split across 300+ caste and language sites.
Open →
Komoot
SaaS
Europe's outdoor map, grown to 45M users, then sold.
$54M
Estimate · 2024 revenue, reported
Goodwill, not lock-in, was the only moat.
★ The edge: User-contributed 'Highlights' make its trail routing beat any pure-map rival — a 15-year community data moat.
Open →
MapmyIndia
Data
India's map data, built on foot before Google arrived.
₹474 cr
Stated · $54M · FY26 rev. from ops · stated
Growth stalled: 2.3% in FY26.
★ The edge: Thirty years of proprietary India map data — 6.29M km of roads, 17.8M places — licensed to firms that build the apps.
Open →
ComplyAdvantage
Data
Banks must screen for dirty money. They sell the check.
£42M
Estimate · about $53M · Turnover est. (GlobalDB)
Deep-pocketed incumbents own the big banks.
★ The edge: AML law forces every bank and fintech to screen customers; ComplyAdvantage owns the risk database they check against.
Open →
Supermetrics
SaaS
Marketing data pulled into the sheet you already use.
€50M+ ARR
Estimate · about $52M · 2022, bootstrapped origin
Google can build the connectors natively.
★ The edge: First to connect Google's API to a spreadsheet, then let Google's own add-on store sell it. No sales team.
Open →
accessiBe
SaaS
One line of code, sold as instant ADA compliance.
$51.3M
Estimate · 2024 revenue (est.)
entry Low
clones
clones
★ The edge: Sold to 100,000+ SMBs too scared of an ADA suit to buy a real audit — one script tag, about $490/yr.
Open →
Chairish
Marketplace
TripIt's founders turned old couches into $51M.
$51.2M
Estimate · revenue, FY2024 (unaudited)
Near-zero EBITDA; heavy, slow logistics.
★ The edge: Holds no inventory. Revenue stacks four ways: commission, seller subscriptions, marketing fees and shipping.
Open →
GunBroker
Marketplace
The gun auction site that sells nothing itself
$51.1M
Filed · FY26 revenue (marketplace)
Revenue still sits below its FY22 peak.
★ The edge: Every online gun sale must end at a licensed dealer. GunBroker wired 32,000 of them in and bills the sale.
Open →
Didomi
SaaS
GDPR made the cookie banner mandatory. Didomi runs it.
$50M ARR
Estimate · est. ARR (Latka, 2026)
Google sets the rules, not Didomi.
★ The edge: In the EU you can't run ads without a certified consent banner, so a CMP is a forced install, not a nice-to-have.
Open →
Doxy.me
SaaS
Gave away HIPAA-compliant video. Kept 30% of telehealth.
$50M+
Estimate · yearly, est. (2021 press)
Free compliant video is copyable by giants.
★ The edge: Put the costly part - HIPAA compliance and a signed BAA - in the free tier, so any provider starts in one click.
Open →
Preply
Marketplace
The marketplace for 1-on-1 language tutors.
$50M
Estimate · 2021 rev, +50%/yr (est)
Tutors resent the 100% first-lesson grab.
★ The edge: Takes 100% of a tutor's first lesson, then a commission that falls from 33% to 18% the more they teach.
Open →
Useme
Marketplace
Freelancers with no company, invoicing legally.
$50M/yr
Estimate · flow-through, not margin
Thin take: 4.99% of a pass-through flow.
★ The edge: Useme becomes the legal seller of the work, so someone with no registered business can still issue a real invoice.
Open →
Ignition
SaaS
Proposals that collect the payment on signing.
$46.7M
Estimate · est. ARR · 8,500 firms
Xero or QuickBooks could bundle this in.
★ The edge: Guy Pearson was a chartered accountant sick of chasing his own clients to pay. He built Ignition for his firm first.
Open →
Kit
SaaS
Bootstrapped email for creators. About $45M/yr, no VC.
$45M/yr
Estimate · annual revenue (2024)
NDR under 100%; growth cooled to mid-teens.
★ The edge: Niched to pro creators as Mailchimp went broad; free done-for-you migrations pulled users off rivals and kept them.
Open →
Ninety
SaaS
Won the EOS community before writing a line of code.
Nearly $44M ARR
Stated · founder-stated (2026)
EOS owns the trademark and its own app.
★ The edge: The EOS coaches are his sales force; 18,500 companies deep, the community moat compounds with every new cohort.
Open →
Admicom
SaaS
The ERP he sold to Visma, rebuilt for Finnish builders
€37.7M
Filed · about $43M · 2025 revenue, Nasdaq filed
Grows 6% a year. One industry, one country.
★ The edge: Sells only to Finnish construction and building-services firms — then keeps their books and payroll too.
Open →
BUYMA
Marketplace
A crowd abroad shops luxury for you — guaranteed real.
¥6.3B
Filed · about $41M · Net revenue, FY Jan 2026
Discretionary luxury; weak yen bites GMV.
★ The edge: No inventory, no imports: 244k personal shoppers abroad are the supply, and BUYMA underwrites every sale as authentic.
Open →
Flightradar24
Data
The crowd built the network. 36 staff sell the view.
SEK 418.8M
Filed · about $41M · FY24 revenue (filed)
The signal is public. It owns no data.
★ The edge: ADS-B is a free radio signal any hobbyist can catch. FR24 spent 18 years turning scattered listeners into one network.
Open →
AudioEye
SaaS
ADA-lawsuit insurance, delivered as a script tag.
$40.3M
Stated · FY2025 revenue, +15% YoY
Its demand engine (lawsuits) can turn on it.
★ The edge: Courts manufacture the demand: thousands of ADA web suits a year scare SMBs into buying compliance they can't judge.
Open →
OzBargain
Ad
Australia's deal hive — the crowd posts, ads pay.
40M+
Stated · page views/month
Scale mid AU-only ceiling
★ The edge: The crowd writes every deal for free; OzBargain just owns the hive and rents attention to advertisers.
Open →
BigChange
SaaS
One app runs the plumber's vans, jobs and invoices.
£30M+ ($38M)/yr
Stated · recurring revenue (2023)
Took £75M ($95M) PE, sold to Simpro.
★ The edge: Rivals sold scheduling or tracking; Port had sold a telematics SaaS, so BigChange shipped both in one app.
Open →
Yoti
SaaS
The law says prove your age - Yoti sells the proof.
£29M
Stated · FY2025, CEO-stated (+62%)
The market lives or dies by the regulator.
★ The edge: No ID upload, nothing stored - just a selfie, deleted instantly. It solved the privacy fear that killed the 2019 law.
Open →
Devolutions
SaaS
A free tool for one IT pro; paid PAM for the whole team.
C$50M/yr
Estimate · $36M · 2025 ARR, bootstrapped
Moving upmarket into CyberArk's turf.
★ The edge: The free solo edition seeds 800k desktops worldwide; teams then pay for shared credentials, servers and PAM.
Open →
Flodesk
SaaS
The email tool that refused to tax your list growth
$36M ARR
Stated · ARR, founder interview 2026
Flat-rate promise retired Dec 2025
★ The edge: Every email a customer sends carries a Flodesk footer, so the product advertises itself to exactly the right list.
Open →
Freelancer.com
Marketplace
He didn't build the marketplace. He bought his rivals.
A$55.3M
Filed · FY25 revenue, audited
Freelance revenue grew 0.7% in FY25.
★ The edge: Takes a cut from both sides, 10% from the worker and 3% from the client, then sells upgrades on top.
Open →
BatchService
Data
Bootstrapped to $35M on data, then rules changed
$35M
Stated · revenue at 2022 peak
Core demand tracks a market it can't control.
★ The edge: Investors themselves, they built cheap skip-tracing and lead tools other investors wanted, and undercut the incumbents.
Open →
Cookpad
Community
Millions of free recipes. Pay to find the best.
¥5.3B
Filed · $35M · FY2025 sales (TSE-filed)
Premium members keep leaving; revenue halved.
★ The edge: 6M+ user recipes, 100M+ monthly users, 25 years of habit — a UGC library rivals can't clone.
Open →
QuestionPro
SaaS
Bootstrapped a survey tool to $35M by buying rivals
$35M run rate
Stated · revenue run rate (2023)
Commoditized market, heavy price pressure.
★ The edge: Profitable 21 years, never raised. Grows by buying small survey companies at about 2x revenue.
Open →
Airtasker
Marketplace
The odd-jobs marketplace that traded shares for airtime.
A$52.6M
Filed · FY25 revenue, about US$34M
New markets restart the liquidity problem.
★ The edge: A marketplace's real bottleneck is demand-side awareness — Airtasker bought it with equity instead of burning cash.
Open →
PlaytestCloud
Marketplace
UserTesting, but only for games.
$34M
Estimate · revenue (Latka est., 2025)
warn Scale mid
human cost each test
human cost each test
★ The edge: It only tests games — so its 1.5M-player panel earns trust generic UX tools can't win for a launch.
Open →
Wantedly
Marketplace
Hiring by mission, not resume — flat monthly fee.
$33M/yr
Filed · Op. revenue, FY25 (listed)
Japan-only; casual-visit hiring is local.
★ The edge: A flat monthly subscription where agencies take 30-35% of first-year salary — cheap enough for cash-poor startups.
Open →
Atera
SaaS
Flat fee per tech, unlimited devices. MSPs switched.
$32.7M
Estimate · est. ARR (Latka, 2024)
Per-seat pricing caps revenue per account.
★ The edge: Rivals bill per endpoint; cost grows with a client's devices. Atera bills per technician - margin holds as you scale.
Open →
LCPtracker
SaaS
Free for contractors. The agency the law forces pays.
$31M ARR
Estimate · 2024, from $1M in 11
US-only law; grows one slow agency at a time.
★ The edge: Gave the app free to contractors and billed the agency - the party the law forces to collect payroll weekly.
Open →
OpenWork
Data
Japan's Glassdoor: 21M reviews, sold to recruiters.
¥4,653M
Estimate · $31M · FY2025 op. revenue, +31%
Japanese-only; hard to scale abroad.
★ The edge: Free reviews are bait; the real product is 8M job-seekers, sold to employers as pay-on-hire scouting.
Open →
Everflow
SaaS
Track every affiliate, partner and payout in one place.
$30M+
Stated · ARR · $0 VC · 2025
⚠ Entry mid
crowded, copyable category
crowded, copyable category
★ The edge: insiders rebuilt affiliate tracking, then poached rivals' locked-in clients with painless migration — no VC.
Open →
GreenPal
Marketplace
Uber for lawns, built by an ex-lawn-care mogul.
$30M+
Stated · GMV, not net revenue
Thin cut on a low-ticket, seasonal chore.
★ The edge: Spent 3 years nailing one city's liquidity before scaling — density that VC copycats never earned.
Open →
StreamYard
SaaS
The browser live studio that sold for $250M
$30M ARR
Stated · bootstrapped, at 2021 sale
Rides platforms it does not control
★ The edge: A live studio that runs in a browser tab and does not crash. It sold ease over features, and stayed profitable doing it.
Open →
TaxDome
SaaS
One login replaces a firm's six accounting tools.
$30M
Stated · ARR, CRO-stated 2024
Crowded space; every rival is better funded.
★ The edge: No equity investors, all-in-one: one flat seat price covers the CRM, docs, e-sign and billing rivals sell separately.
Open →
Tebex
Marketplace
Let game servers sell in-game perks — for a 5% cut.
$29M
Estimate · sale to Overwolf (2022)
⚠ Control Low
rides games it can't own
rides games it can't own
★ The edge: he lived the pain as a server kid, then became the default payment rail before rivals showed up.
Open →
Metrc
SaaS
The system 20+ states force on cannabis sellers.
$28.4M/yr
Stated · CA contract only, 1 of 23
Every dollar rides on renewable state deals.
★ The edge: A state mandates Metrc; every licensed cannabis operator must then pay in to stay legal. The regulator is the moat.
Open →
lempire
SaaS
Bootstrapped cold email to $28M ARR on $1,000 of cash.
$28M ARR
Estimate · 2024, founder-stated
Cold email lives or dies by deliverability.
★ The edge: Profitable from day one; the founder's content brings in most signups, so CAC stays low and 40% drops to profit.
Open →
FishingBooker
Marketplace
Airbnb for fishing charters, bootstrapped in Serbia.
$27.9M
Estimate · annual revenue (est.)
Captains resent fees, nudge 'book direct'.
★ The edge: Free to list, so captains flooded in. FishingBooker takes 10-30% only when a trip books. No VC, profitable in 4 mo.
Open →
note inc.
Community
Japan's ad-free platform for paid writing.
¥4.14B
Stated · $27M · FY25 net sales, +25% YoY
Thin take, Japan-only, thin profit.
★ The edge: Built by a hit book editor: no ads, about a 17% take, creator-first design — so writers bring their own fans.
Open →
Spectora
SaaS
Home inspector software, bootstrapped $0 to $27M
$27M ARR
Stated · 2024-25 · bootstrapped
Scale low
finite US inspector TAM
finite US inspector TAM
★ The edge: Won a boring niche by living in its Facebook groups for years, then bundling 5 tools into one app.
Open →
OddsJam
Data
Bloomberg Terminal for sports bettors.
$26M
Stated · 2024 revenue (at exit)
Lives or dies with legal US betting.
★ The edge: Two Stanford quants sold bettors the exact odds engine they used to beat the books themselves.
Open →
BIS Safety Software
SaaS
Boring safety software. 99% of customers never leave.
$25M CAD/yr
Stated · founder-stated ARR, 2025
Labor-heavy; one vertical, mostly Canada.
★ The edge: Leaving BIS means re-certifying your whole crew — so under 1% churn. Half of new customers come by referral, not ads.
Open →
Clear (ClearTax)
SaaS
India made GST filing the law. Clear became the rails.
$25M
Stated · FY24 rev, +93% YoY
Govt's free portal can commoditize filing.
★ The edge: When a govt forces millions to file taxes digitally, whoever ships the easiest compliant rails becomes default plumbing.
Open →
Innergy
SaaS
He owned a millwork shop, then built its ERP.
$25M
Stated · 2025 revenue (stated)
Finite market — only so many millwork shops.
★ The edge: 18 years running a real millwork shop taught him every bid-to-install workflow no outside SaaS team can fake.
Open →
Mangomint
SaaS
Salon software that bought the blog its buyers read.
$25M ARR
Estimate · ARR, doubling YoY (2026)
One vertical; growth caps at salon-count.
★ The edge: So easy a non-technical salon owner runs booking, POS and payroll solo — and stays (110% NRR).
Open →
Reedsy
Marketplace
Vetted marketplace where indie authors hire book pros.
$24M
Stated · ARR (2023)
Almost all growth comes from Google SEO.
★ The edge: Beat incumbents with SEO and free author tools, then vetted freelancers so hard Reedsy became the default.
Open →
Hatena
SaaS
18 manga publishers rent their reader from Kyoto.
¥3,794M
Filed · $23M · FY2025, TSE-filed accounts
One wire fraud cost 5x annual net profit.
★ The edge: Sells the viewer, never the manga. Shueisha, Kodansha and Shogakukan all ship on Hatena's platform, IP untouched.
Open →
Intellicheck
SaaS
The law put a barcode on every ID. They read it.
$22.67M
Filed · FY2025 revenue (10-K)
Top 10 customers = 77% of revenue.
★ The edge: Reads the barcode on every North American license - including the ones that break the AAMVA standard.
Open →
ReposiTrak
SaaS
Grocers mandate it. Suppliers pay. 99% recurring.
$22.6M
Filed · FY2025 revenue (to Jun 30)
FDA moved its deadline to 2028. Demand waits.
★ The edge: Retailers sign on as hubs, then order their suppliers onto the platform. The mandate replaces the sales call.
Open →
Eqvista
SaaS
Bootstrapped Carta rival, driven by the 409A rule.
$22M ARR
Estimate · Latka est., unconfirmed
409A is a commodity Carta gives away cheap.
★ The edge: Prior incorporation firms feed new startups into a free cap table, then upsell the 409A the IRS forces them to buy.
Open →
Hospitable
SaaS
Runs an Airbnb host's business: messaging to bookings.
$22M
Stated · run-rate, disclosed 2025
Built entirely on Airbnb's API.
★ The edge: Grew to $22M ARR with no VC - on Airbnb's API - then sold equity to its own hosts.
Open →
Hubstaff
SaaS
$52K and one SEO engine, bootstrapped to $22M ARR.
$22M ARR
Stated · ARR, bootstrapped 11 yrs
Growth was one channel: SEO. Google owns it.
★ The edge: A proven SEO operator validated demand first, then organic search brought in 99% of early customer acquisition.
Open →
IDfy
Data
Law forces every bank to KYC. IDfy runs the checks.
Rs 188 Cr
Estimate · $22M · FY25 rev · Entrackr est.
India-concentrated; banks may build in-house.
★ The edge: Indian banks, fintechs and gaming must KYC every user by law. IDfy runs those identity checks by API, priced per check.
Open →
Retention.com
SaaS
Emails the visitor never gave you. $22M ARR.
$22M ARR
Estimate · ARR, founder-stated 2024
Banned under GDPR — US-only market.
★ The edge: US anti-spam law is opt-out, so it can email visitors it matched to real inboxes without their consent.
Open →
Gumroad
Marketplace
Sell any digital product from one storefront — flat 10%.
$20.7M
Filed · 2023 · $8.9M net · 0 staff
GMV plateaued · flat fee invites churn
★ The edge: he hiked the fee and cut to zero staff — a shrinking company that's wildly profitable.
Open →
Street Group
SaaS
He learned PHP to fix his dad's estate agency.
£15,936,619
Filed · FY2025 turnover, about $21M
One country, one trade, one housing cycle.
★ The edge: They grew up inside an estate agency, so they built for the one job agents get paid on: winning instructions.
Open →
Systeme.io
SaaS
Bootstrapped ClickFunnels rival: 500K users.
$20.1M ARR
Estimate · 2024, est. (Latka)
Revenue is a Latka estimate, not filed.
★ The edge: ClickFunnels and Kajabi cost $100-300/mo. Systeme.io bundles the same stack from free to $97, no transaction fees.
Open →
beehiiv
SaaS
Morning Brew's growth stack, sold to every newsletter.
$20M+ ARR
Stated · ARR (beehiiv-stated)
Substack owns the creator mindshare.
★ The edge: beehiiv is Morning Brew's newsletter stack, productized by the engineer who built it — years of R&D on day one.
Open →
HappyFox
SaaS
$20M help desk, zero funding, four salespeople.
$20M ARR
Stated · founder-stated, Apr 2025
One category, three giants with more cash.
★ The edge: Help desk from $24/agent against Zendesk's $19-115 ladder. Mid-market buyers get scale without the enterprise tax.
Open →
Leap
SaaS
A roofer's kitchen-table sales app, sold to the trade.
$20M+ ARR
Stated · ARR, interview summary
Seats shrink when contractors cut reps.
★ The edge: Outsiders modeled the job. Fingles modeled the sale: quote, financing and signature before the rep leaves the kitchen.
Open →
Propeller
Marketplace
Surety bonds issued instantly, agent keeps the fee.
Nearly $20M
Stated · revenue before Arch deal
Carriers could build this and go direct.
★ The edge: Aaron sold surety bonds by hand; cousin Chris underwrote them. They automated the exact friction they'd lived.
Open →
RapidWorks
SaaS
80% of US concrete pumping runs on his dispatch app
Near $20M ARR
Stated · ARR, Jul 2026
One small trade. Growth now needs M&A.
★ The edge: Nobody wanted to learn how a boom pump job gets billed. Bullis did, and 80% of the trade now runs on his software.
Open →
Skillcast
SaaS
Compliance training nobody wants and everyone must buy.
£15.3M
Filed · about $20M · FY2025 revenue, audited
UK is 81% of revenue; NRR only 101%.
★ The edge: Sells the audit trail, not the lesson. Every new UK rule adds a mandatory course to 1,221 clients' renewal.
Open →
RightCapital
SaaS
Two brothers out-planned Fidelity and Envestnet.
$19.7M
Estimate · est. ARR (Growjo)
Two of three rivals are giant-owned bundlers.
★ The edge: Went deep on the one job incumbents underserved - tax-smart retirement drawdown - at half eMoney's price.
Open →
Junglebee
SaaS
Free booking app; the payments are the business.
$19.6M
Stated · gross bookings via Stripe
One region, one tourism economy - no 10x.
★ The edge: Global booking apps ignored the Caribbean's payment problem. A St. Maarten catamaran kid built the rails others skipped.
Open →
Fullbay
SaaS
Shop software for heavy-duty diesel truck repair.
$19.4M
Estimate · ARR, 2024 (est.)
Finite niche; PE-owned, raising prices.
★ The edge: A founder who spent a year in a diesel shop built software shops actually run on — and 99%+ of them never leave.
Open →
Prolific
Marketplace
Vetted humans for research, now for AI.
$18.2M
Estimate · 2024 rev · Latka est
High take rate; big AI labs may in-source.
★ The edge: MTurk runs on bots and pennies. Prolific ID-vets and fairly pays humans, so data runs 4x cleaner — now AI-grade.
Open →
PIXTA
Marketplace
Japan's biggest stock-photo site, on local faces
$18M/yr
Filed · FY2025 net sales, TSE 3416
AI now generates what buyers once licensed
★ The edge: Licenses amateur-shot photos to Japanese buyers by credit or subscription; keeps 58-78% of each sale.
Open →
Brighter Vision
SaaS
Niche down to therapists. 4,000 subs, $17.5M exit
$17.5M exit
Estimate · sold to EverCommerce, 2020
One niche; a therapist EHR could bundle it
★ The edge: Generic web shops chased any client. Brighter Vision served therapists only, so it out-ranked and out-referred them.
Open →
AutoCount Dotcom
SaaS
Malaysia mandated e-invoicing. AutoCount owned the SMEs.
RM75.3M
Filed · about $17M · FY2025 revenue (audited)
Mandate bump is partly one-off revenue.
★ The edge: 26 years owning the books meant when e-invoicing became law, 240k locked-in SMEs bought the fix from AutoCount.
Open →
DealMachine
SaaS
Spot a run-down house, mail its owner in one tap
$17M/yr
Stated · annual revenue, 2026
Data is licensed and resold — no real moat
★ The edge: Founder drove for dollars himself, built the app to fix a missed deal, then swapped per-mail fees for subscriptions.
Open →
Creema
Marketplace
Japan's curated craft market out-earns its rival.
$16.9M
Filed · net sales · yr to Feb '26
Thin margins in a small, mature market.
★ The edge: minne lists more sellers, yet Creema does the bigger GMV — it won on curation and a live festival, not ad spend.
Open →
Formalize
SaaS
The whistleblower channel EU law forces firms to buy.
$16.9M
Estimate · est. ARR (2025)
Whistleblowing is a cheap, cloned commodity.
★ The edge: An EU directive gave 200k firms a hard deadline to install a report channel. Formalize was built to catch it.
Open →
Fishbrain
Community
20M anglers log their catches. Fishbrain sells the map.
$16M
Filed · FY24 turnover · SEK 165M
Growth has flattened; still lossmaking.
★ The edge: Every catch users log — 14M spots — feeds a forecast dataset rivals can't copy. The community builds the moat for free.
Open →
Reverb
Marketplace
eBay for musicians, built by a guitar-shop owner.
$16M
Stated · 2016 rev · $240M GMV
Sellers multi-home to eBay + free FB groups.
★ The edge: Owns the used-gear price data: every sale feeds it, both sides trust it, rivals can't match the vertical depth.
Open →
Discogs
Marketplace
Fans built the database. Discogs takes 9% of sales.
15.6M+
Stated · items sold
One niche: physical-record collectors.
★ The edge: A definitive music catalog crowd-built by collectors over 25 years — a data moat no rival can rebuild.
Open →
Floify
SaaS
Bootstrapped loan-doc SaaS. 1,500 lenders. $90M exit.
$15M
Filed · 2022 rev (Porch est.)
One workflow; now Porch owns the roadmap.
★ The edge: Rivals sold bloated loan suites top-down. Floify sold one job, doc collection, bottom-up to individual loan officers.
Open →
IRIS RegTech Solutions
SaaS
Regulators mandate XBRL filing. IRIS sells the tool.
Rs 125.97 Cr
Estimate · $15M · FY25 operating revenue
Africa is 35% of revenue; lumpy deals.
★ The edge: The founders sat on India's XBRL committee, then sold the filing tool regulators went on to mandate.
Open →
Lemon.io
Marketplace
Keeps a fifth where rivals keep half.
$15M
Estimate · marketplace size (billings)
Clients and devs can go direct.
★ The edge: Ran a task marketplace 5 years first; that vetting engine lets lemon price its cut at half the industry norm.
Open →
Rentman
SaaS
Rental ops for the AV crews behind every event.
$15M+ ARR
Stated · founder range 15-20M
Niche ceiling: finite rental houses worldwide
★ The edge: An AV-rental owner built the tool his trade lacked -- purpose-made for it, where rivals adapted generic software.
Open →
RTA Fleet
SaaS
The grandson turned grandpa's fleet software into SaaS.
$15M ARR
Stated · ARR run-rate, 2024 (stated)
Slow, high-touch government procurement.
★ The edge: Inherited 40 years of government-fleet installed base and trust, then rebuilt the legacy product as cloud SaaS.
Open →
Tekmetric
SaaS
A shop owner built the software he wished he had.
$15M
Estimate · 2024 revenue (est.)
Crowded field, features are copyable.
★ The edge: Built by a Houston shop owner who mopped his own floors — mechanics trust software from someone who did their job.
Open →
Text Request
SaaS
Why can't you text a business? They fixed that.
$15M
Stated · ARR at exit (2024)
Built on Twilio; thin moat, crowded field.
★ The edge: Won a crowded texting market on focus and cost, from Chattanooga — then absorbed 20k orphaned Zipwhip customers.
Open →
Optmyzr
SaaS
Google's ad evangelist quit, then built the PPC tool.
$14.6M
Estimate · est. ARR (Latka, 2023)
A layer on Google Ads; Google can absorb it.
★ The edge: Fred Vallaeys was Google's AdWords evangelist for a decade. He left, then sold pros better Google Ads tools.
Open →
iFirma
SaaS
Poland forces digital tax filing. iFirma runs it.
PLN 58M
Stated · 2024 rev · about $15M
Locked to Poland; hard to cross borders.
★ The edge: Poland's first online-accounting brand; 15+ years of local tax law make it the default upgrade as KSeF turns mandatory.
Open →
BuiltWith
Data
Fingerprints a site's tech stack — then sells the reverse.
$14M/yr
Estimate · annual revenue (est.)
Lookup is free · lead-gen cut first
★ The edge: the lookup is free — the real moat is 18 yrs of crawl history nobody can back-fill.
Open →
Rentec Direct
SaaS
A landlord coded his own rent tool — now $14M/yr.
$14M
Stated · annual rev · self-reported
⚠ Entry
crowded
crowded
★ The edge: A landlord taught himself to code, then undercut every VC-funded rival and stayed bootstrapped 18 years.
Open →
Volie
SaaS
The call-center engine built for car dealerships.
$14M/yr
Stated · 2025, founder-disclosed
Narrow US auto vertical caps the TAM.
★ The edge: Not a CRM: purpose-built call-center software for dealership BDCs, sold on OEM vendor lists so co-op money pays for it.
Open →
UserWay
SaaS
One line of code, 'instant' ADA compliance
$13.8M
Filed · FY2023 revenue (+78% YoY)
Overlays don't actually make sites compliant.
★ The edge: Turned ADA-lawsuit panic into a self-serve $49/mo widget — dread and distribution, not accessibility, built the revenue.
Open →
Sidekiq
Dev
One-person business, 1,850 paying Ruby shops.
$13.5M total
Estimate · 10-yr gross sales, solo
Tied to Ruby's fate; one-person bus factor.
★ The edge: Every Ruby shop runs the free version; upgrading to paid Pro is one config line — every scaling shop is a lead already.
Open →
Piwik PRO
SaaS
GDPR made Google Analytics illegal. This is the fix.
€12.4M ($13.4M) ARR
Estimate · ARR, mid-2023 (stated)
Legal tailwind could reverse; slow to sell.
★ The edge: EU rulings made Google Analytics illegal; CNIL cleared Piwik PRO to run consent-free - an edge GA can't match.
Open →
Carrot
SaaS
Websites that rank for 'we buy houses.'
$13M
Stated · annual revenue (est.)
Whole value rents Google's front page.
★ The edge: One split-tested website design, tuned on tens of thousands of investor leads, outranks rivals' template menus.
Open →
Inflectra
SaaS
Self-funded test software vs VC-backed giants
$13M
Estimate · yearly rev · bootstrapped
Thin 5-10% margins, slow linear growth.
★ The edge: A programmer-founder undercut costly HP/Micro Focus ALM on price, then owned the regulated niche giants ignored.
Open →
YAMAP
Community
No signal, still on the map. Hikers pay $38 a year.
¥1.974B
Stated · about $13M · FY24 revenue, year to June
One country, one hobby. Two years of losses.
★ The edge: 27 of Japan's 47 prefectures are wired to YAMAP for rescue and hiking plans. A global rival cannot do that.
Open →
Practice by Numbers
SaaS
He ran SQL on his wife's dental practice.
$12.5M ARR
Estimate · end 2025 · bootstrapped
Depends on PMS vendors it can't control.
★ The edge: Dentists collect practice data but rarely read it; PbN turns the PMS they already run into a dashboard.
Open →
Jimoty
Ad
Japan's free classifieds board that takes no cut
¥1.93B
Stated · about $12M · FY2025 net sales, TSE reported
Ad income per page view keeps falling
★ The edge: Ten percent of a free sofa is nothing, and posting one costs more than it fetches. Jimoty took what rivals cannot price.
Open →
Lawmatics
SaaS
The CRM lawyers buy to stop losing new clients.
$12M ARR
Stated · ARR, founder-stated 2026
SMB churn; Clio can bundle intake free.
★ The edge: Founder built MyCase for these same firms, then sold them the intake-and-marketing layer Clio never owned.
Open →
Lumel
SaaS
$12M ARR from planning apps that live inside Power BI.
$12M+ ARR
Stated · ARR run rate, self-funded
300 people for about $12M: thin per-head.
★ The edge: It builds EPM apps inside Power BI and Microsoft Fabric, so Microsoft's install base is its distribution.
Open →
Nutrient (formerly PSPDFKit)
Dev
A lawyer fixed the pricing: $20K to $1M ARR in 8 months.
$12M ARR
Stated · 2021 · bootstrapped before PE
Investor-owned now; co-founders cashed out.
★ The edge: The SDK is embedded deep in a customer's app, so ripping it out means re-engineering. Switching cost is high.
Open →
REVIEWS.io
SaaS
Fair-price Trustpilot rival, sold for $72M.
$12M ARR
Estimate · before $72M exit, 2022
Crowded category; features easily copied.
★ The edge: Undercut Trustpilot's pricey annual contracts; every badge on a storefront lured that brand's rivals over to switch.
Open →
Pitchup.com
Marketplace
15% of every campsite night the OTAs ignored
€10.84M
Estimate · about $11.7M · 2024 revenue · FT ranking
No subscription - income stops with bookings
★ The edge: Free to list, 15% only when a booking lands. Campsites that had never sold a night online had nothing to lose.
Open →
Web Manuals
SaaS
Aviation rules change. Their manuals change with them.
SEK 111.6M
Filed · about $11.7M · Sweden AB net turnover, FY25
Aviation only. One downturn hits everything.
★ The edge: Compliance libraries link each manual line to FAA/EASA text, so every rule change is an upsell, not a churn risk.
Open →
Recite Me
SaaS
The accessibility widget the law makes you buy.
£8.8M
Stated · total BGF investment
Masks accessibility; doesn't fix WCAG.
★ The edge: Dyslexic founder built the tool he needed, so it sells as genuine inclusion — not a compliance band-aid like AccessiBe.
Open →
DataSnipper
SaaS
Audit's grunt work, automated inside Excel.
€10M ARR
Stated · about $11M · ARR, bootstrapped (2022)
Tech is copyable; Big 4 habit is the moat.
★ The edge: Auditors won't adopt a new app mid-busy-season. DataSnipper didn't ask — it put the automation inside Excel.
Open →
Fakturownia
SaaS
The invoicing app Poland's VAT law made unavoidable.
$11M/yr
Filed · 2025 revenue (KRS filing)
One country's law; free govt KSeF looms.
★ The edge: Polish tax law is complex and always changing; Fakturownia's compliance fluency is a moat generic apps can't copy.
Open →
fiskaly
Dev
Germany made POS security a law. fiskaly made it an API.
€10M+ ($11M) ARR
Stated · recurring rev, 2023
New country = a fresh multi-year cert.
★ The edge: First BSI-certified cloud TSS — rivals shipped chips; fiskaly made compliance one API call, billed per terminal.
Open →
Recruit CRM
SaaS
Dad's decades in staffing = day-one users.
$11M ARR
Stated · founder-stated, 2026
Crowded ATS niche; incumbents are sticky.
★ The edge: Out-focus, not outspend: cleaner UX than clunky Bullhorn, sold via a dad with decades of staffing access.
Open →
Weglot
SaaS
One snippet makes any site multilingual and SEO-ready.
$11M ARR
Stated · 2021, at Series A
⚠ Entry low
crowded field
crowded field
★ The edge: Widgets translate in-browser and vanish from Google. Weglot ships indexable /fr/ pages + hreflang.
Open →
Stack Influence
Marketplace
Creators paid in product. Brands pay about $30 a post.
$10.7M
Estimate · gross billings 12mo (Stripe)
Amazon can rewrite the rules overnight.
★ The edge: 340k vetted US creators and one flat fee mean a brand never negotiates with a single influencer.
Open →
Stocksy United
Marketplace
The stock-photo co-op its photographers own.
$10.3M
Stated · 2016 sales, last disclosed
AI images threaten the whole category.
★ The edge: Pays artists 50-75% per sale (vs iStock's 15-45%) and makes them owners with board votes, so supply never defects.
Open →
Tracxn
Data
The startup database global VCs rent, built in India
$10.1M
Estimate · FY25 revenue - public filing
Revenue plateaued; AI erodes the labor moat.
★ The edge: Two ex-VCs weaponized India's 10x-cheaper analysts to out-cover Crunchbase, then sold the data back to global VCs.
Open →
AstroSage
SaaS
Free birth charts for 80M - AI reads them for pay.
$10M/yr
Estimate · FY25 revenue (Tracxn est)
1/14th of rival Astrotalk's revenue.
★ The edge: Free Kundli tools pull 80M installs via SEO; the paid AI astrologer then answers at about 90% margin.
Open →
Atom.com (formerly Squadhelp)
Marketplace
A $50 naming contest that became a domain marketplace
$10M+/yr
Stated · 8-figure, founder-stated
Google/GoDaddy could curate domains too.
★ The edge: Curates 300k+ brandable domains, appraises them, and sells lease-to-own — a cut raw registrars never earn.
Open →
BBCS
SaaS
Blood bank software the FDA must clear before you ship
$10M/yr
Stated · annual revenue, 40 staff
Few buyers, and the pool never grows.
★ The edge: FDA made blood bank software a medical device in 1994. Every release needs 510(k) clearance, so nobody enters casually.
Open →
BetterComp
SaaS
Automating the salary-survey chore comp teams hate.
$10M
Stated · 2025 rev, founder-stated
Now VC-backed; incumbents own the surveys.
★ The edge: 20 years inside Salary.com, PayFactors and PayScale taught the founder exactly which comp workflow to unbundle.
Open →
Bizness Apps
SaaS
DIY app builder for SMBs. Bootstrapped, sold $20M+.
$10M
Stated · ARR at 2018 exit
SMB-native-app demand later collapsed.
★ The edge: Raised just $100K, so a clean cap table let a PE firm buy 100% all-cash — no VCs to negotiate out.
Open →
Boot.dev
SaaS
Taught a million coders free, then sold them depth.
$10M ARR
Stated · ARR (founder-stated, 2026)
Top-of-funnel lives on rented platforms.
★ The edge: Lane wrote free backend tutorials on YouTube and freeCodeCamp for years; Boot.dev now monetizes that built-in audience.
Open →
BrightGauge
SaaS
Client dashboards MSPs run on top of their PSA tools
$10M ARR
Stated · 2019 exit · bootstrapped
A report add-on the platform could absorb.
★ The edge: Built by brothers who ran their own MSP, so it plugged into the exact ConnectWise/Autotask tools MSPs already used.
Open →
Chatbase
SaaS
Custom AI support agents from your own docs.
$10M
Stated · ARR, bootstrapped 2026
Commodity feature; clones and OpenAI compete.
★ The edge: Shipped "ChatGPT on your data" weeks after ChatGPT itself; $1M ARR in 117 days, zero ad spend, no VC.
Open →
Chipply
SaaS
140-yr sporting-goods family now sells software.
$10M revenue
Stated · revenue, % of GMV (2026)
Finite niche: US decorated-apparel dealers.
★ The edge: Takes a % only on product and decoration — never on fundraising, tax, or shipping — keeping dealer and Chipply aligned.
Open →
Comalatech
SaaS
Bootstrapped Confluence apps. Sold for mid-8 figures.
$10M/yr
Stated · annual rev., 2021 (TGA)
One platform's rules govern everything.
★ The edge: Three Confluence apps, 10,000+ installs, bootstrapped 17 years — Atlassian's marketplace handled distribution.
Open →
DFnet
SaaS
Drug trials can't run on spreadsheets. Law says so.
$10M
Stated · revenue, SaaS + services
Tiny beside Veeva/Medidata; slow niche.
★ The edge: A trial locked to your validated system can't switch mid-study — years of switching-cost lock-in per client.
Open →
eConnect
SaaS
Spots banned gamblers on cameras casinos already own.
$10M
Stated · annual revenue (Jul 2025)
Facial recognition law can shift overnight.
★ The edge: Software only. It runs on the cameras and POS the casino already bought, so there is no hardware to rip out.
Open →
eShow
SaaS
Association event software. Every module built in-house.
$10M+
Stated · annual revenue, 2025
125 staff on $10M+ is a services cost base.
★ The edge: 14+ modules on one shared database, none of it acquired. The seams rivals inherited never existed here.
Open →
Fraction
Marketplace
Senior US engineers, part-time, at 70% off a full hire.
$10M ARR
Stated · hit in 3 yrs, no VC
Human margins, not software margins.
★ The edge: Vetted senior US engineers work one client 10-30 hrs a week, long-term, at about 70% less than a full-time hire.
Open →
Greenly
SaaS
Made mandatory EU carbon reports a self-serve SaaS.
$10M+
Stated · 2023 revenue (stated)
⚠ External demand
CSRD scope cut 80%
CSRD scope cut 80%
★ The edge: Rivals chased Fortune 500 carbon budgets; Greenly made carbon accounting cheap and self-serve for SMEs.
Open →
Kinetik
SaaS
Medicaid rides ran on paper. They automated billing.
$10M ARR
Stated · ARR, founder said 2023
Medicaid budget cuts hit every customer.
★ The edge: Three founders sat in customer back offices for 18 months, then integrated 3,100 insurance payers.
Open →
OnlineJobs.ph
Marketplace
Flat $69/mo to hire from 2M Filipino workers.
$10M+/yr
Stated · founder-stated, 2022
Employers cancel right after they hire.
★ The edge: 15 years of free how-to-hire content sends every 'hire a Filipino VA' search to the niche's deepest worker pool.
Open →
Paubox
SaaS
HIPAA email with no portal, no passcode.
$10M
Estimate · ARR est. (Latka '24)
entry: crowded
MS/Google could go native
MS/Google could go native
★ The edge: HIPAA forces encryption; rivals forced portals. Paubox lands in the inbox, so staff actually use it.
Open →
PushPress
SaaS
Gym software built by a gym owner who hated the rest.
$10M+ ARR
Stated · ARR, above $10M (2024)
Boutique gyms open and close constantly.
★ The edge: Founder ran his own CrossFit gym, so PushPress fit the workflows Mindbody, built for spas, never bothered to.
Open →
Rocket.net
SaaS
Cloudflare Enterprise, bundled into a $30 WP plan.
Nearly $10 million/yr
Estimate · at 2025 sale; bootstrapped
Cloudflare owns the network it resells.
★ The edge: Ran product at a CDN company, then resold enterprise edge to WordPress users at self-serve prices.
Open →
Salesmsg
SaaS
He killed his first company to build a bigger one.
$10M+
Stated · revenue, founder-stated
SMS is a feature a big CRM can bundle.
★ The edge: Deep two-way HubSpot texting while rivals sent one-way SMS — and he launched it to a 36K list he already owned.
Open →
Stukent
SaaS
Marketing textbooks go stale in a year. Stukent's don't.
$10M
Stated · Revenue at 2021 PE sale
Seasonal school budgets, slow buying cycles.
★ The edge: Digital marketing shifts monthly; print books ship outdated. Stukent updates courseware live and sells it per student.
Open →
TalkingParents
SaaS
Court-proof messaging for divorced co-parents.
$10M+
Stated · ARR · no outside funding
Churns the moment the custody case ends.
★ The edge: A lawyer cofounder made records court-admissible, so judges and attorneys prescribe the app — courts are the channel.
Open →
TaskRay
SaaS
Salesforce-native onboarding app, bootstrapped to $10M
$10M ARR
Stated · founder-stated, 2021 exit
Salesforce owns the platform it stands on.
★ The edge: Native to Salesforce: it lives where the customer data already is, and AppExchange delivers enterprise buyers.
Open →
TeamBuildr
SaaS
Workout-programming software for strength coaches.
$10M
Stated · ARR · bootstrapped 2025
Ceiling: one small niche (strength coaches).
★ The edge: Verticalized around one job—the strength coach—and charges an NFL team the same flat rate as a high school.
Open →
Vegam
SaaS
No factory background. It runs 300+ plants.
$10M
Stated · revenue (founder, 2023)
Services-heavy; long sales cycles.
★ The edge: 7 years inside one plant taught them the architecture incumbents never got right for messy batch-process factories.
Open →
Walls.io
SaaS
A social-media wall for events, websites and displays
$10M+
Stated · combined ARR, 2 products
Meta API risk; event buyers often churn.
★ The edge: Nonprofit backlinks rank it for social wall; event-platform partners supply the rest — near-free distribution.
Open →
Workshop
SaaS
On-brand internal email employees actually open.
$10M+ ARR
Stated · ARR, founder-stated 2026
Microsoft could bundle this into Teams free.
★ The edge: Email-first and on-brand where rivals shipped clunky intranets; audience-based pricing drops per-seat friction.
Open →
ZeroBounce
Data
Cleans your email list so campaigns land, not bounce.
$10M/yr
Estimate · Latka estimate, 2024
A commodity — rivals undercut on price.
★ The edge: Any dev can clone the API. Tanase won a red-ocean niche on content, trust and breadth — not tech.
Open →
Zum Rails
SaaS
Bootstrapped fintech rails to $10M ARR.
$10M ARR
Stated · bootstrapped, pre-raise
Thin margins on rails it doesn't own.
★ The edge: Rivals sell open banking or payments; Zum Rails merged both plus KYC behind one API — one integration, not three.
Open →
AgencyAnalytics
SaaS
White-label client reports for marketing agencies.
$15.7M ARR
Estimate · Latka est.
Reporting is commoditized; rivals copy fast.
★ The edge: Priced per client, so revenue scales with each agency's roster; white-label makes the report the agency's own.
Open →
Anrok
SaaS
Sales-tax autopilot, built only for SaaS.
$525M valuation
Estimate · $110M raised
Control low: Stripe can bundle it
★ The edge: A 2018 Supreme Court ruling forced every software seller to collect US sales tax. Anrok automates the whole mess.
Open →
Bandcamp
Marketplace
Fans buy music direct — and artists keep about 82%.
$1.3B+
Stated · paid to artists to date
Streaming gravity caps the ceiling
★ The edge: fans buy music direct instead of streaming pennies — revenue rises only when the artist's does.
Open →
BeatStars
Marketplace
Where a $30 beat becomes a No.1 record.
$400M+ to creators
Stated · lifetime GMV, not revenue
Producers multi-home; little lock-in.
★ The edge: An ex-distribution insider turned a beat-curation blog into the marketplace where unknown producers sell No.1 hits.
Open →
CardPointers
SaaS
One dev turns credit-card nerds into paying fans.
$200M+ saved for users
Estimate · revenue never disclosed
Lifetime plans trade recurring for cash.
★ The edge: Serves obsessive rewards hobbyists a solo dev knows cold; costs of a few hundred a month make it near-pure profit.
Open →
Cars & Bids
Marketplace
A car YouTuber turned 5M fans into an auction house.
$675M GMV
Estimate · cumulative, not revenue
Capped fee; the brand is one man.
★ The edge: Bring a Trailer owns pre-1990 classics; Cars & Bids won modern enthusiast cars via Doug's free 5M audience.
Open →
Deque Systems
SaaS
The accessibility test engine Google & MS use.
3 billion+ axe downloads
Stated · revenue never disclosed
Services-heavy; the engine is free.
★ The edge: Deque owns axe-core, the free engine inside Google Lighthouse and Microsoft's tester. Rivals ship its code.
Open →
Dub
SaaS
Free short links. The money's in the attribution.
$10M
Stated · paid to partners (not rev)
Redirect is a commodity anyone can clone.
★ The edge: Bundles branded links, conversion attribution and affiliate payouts in one open-source stack shorteners never built.
Open →
Hnry
SaaS
Tax is mandatory. Hnry auto-files it for 1%.
$2.6B/yr
Estimate · processed
Each new country = a new tax license.
★ The edge: Not accounting software you operate — a registered tax agent that auto-pays and files, so you never touch it.
Open →
Letterboxd
Community
Books had Goodreads. Film buffs built their own.
29M+ members
Estimate · revenue never disclosed
About 4% pay; the other 96% cost to serve.
★ The edge: Cactuslab, the founders' web studio, bankrolled eight loss-making years until the film-diary habit was too entrenched.
Open →
Ontraport
SaaS
A CRM built in a yurt, grown with no VC money.
$20.4M ARR
Estimate · est. ARR; never disclosed
Customer base roughly flat for a decade.
★ The edge: Bootstrapped on a trader's savings, it hit 383% 3-yr growth and made the Inc. 500|5000 three years straight.
Open →
Pest Share
Marketplace
Pest control, sold by the lease, not the visit.
$28M Series A
Stated · raise
Depends on a provider network it doesn't own.
★ The edge: Rivals sell dispatch software to pest firms. Pest Share sells the coverage to landlords and owns the renter.
Open →
Read-A-Thon
Marketplace
Kids read, sponsors pay, and the school keeps 75-80%.
$150M+ for schools
Stated · revenue never disclosed
Small US-school market; easy to copy.
★ The edge: Schools keep 75-80% of donations vs 40-50% for product drives - there's no physical product to buy or ship.
Open →
Roll20
SaaS
Where 10 million play D&D without a table.
10M+
Stated · registered users
warn Control low
rides on D&D's IP
rides on D&D's IP
★ The edge: A $40K community Kickstarter turned into the default browser table for D&D — no install, just a link.
Open →
ServiceCore
SaaS
Back office for porta-potty and dumpster haulers.
$400M+ billed
Estimate · billed; co rev undisclosed
Niche is small; growth needs M&A.
★ The edge: Horizontal field-service tools skip waste math: on-site units, pump routes, roll-off swaps. ServiceCore built that.
Open →
ServiceM8
SaaS
Job software for tradies, built Apple-first.
$50B+
Stated · in jobs billed (not revenue)
iOS-only long capped its market reach.
★ The edge: Kim ran a locksmith; the paperwork pain was his. Son Ben, an engineer, built the software fix.
Open →
Skimmer
SaaS
The default app for the guy who cleans your pool
$74M raised '24
Stated · ARR private (est $5.7M)
One trade, mostly US: finite TAM.
★ The edge: An engineer rode along with a pool pro, so Skimmer bills per pool and logs chemistry like the trade does.
Open →
Tax1099 (Zenwork)
SaaS
The IRS made e-filing mandatory. They sell the button.
$163M
Stated · raised, first outside round
The IRS offers the same filing free (IRIS).
★ The edge: IRS-authorized transmitter status is a licensed moat; QuickBooks, Xero and Bill embed its filing button.
Open →
Whatnot
Marketplace
Turned collectors into a live shopping channel.
$3B GMV
Estimate · 2024 · goods sold, not revenue
Sales concentrated in collectibles
★ The edge: Collectors already lived for the hunt; Whatnot gave them a live auction and kept a cut of every sale.
Open →