Wavve
👤 Nick Fogle (Lawyer, $250K in student debt, taught himself to code. Built Wavve's audio-to-video engine in an all-nighter, then built Churnkey.)🌐 sitenickfogle.com𝕏
In 2019 they refused a $1M offer, spent a year cutting churn, and in 2020 fielded five LOIs into a mid-7-figure exit.
Will it work? · our read
Retention is value. Wavve was easy to copy and knew it. The founders stopped chasing growth, cut churn for a year, and let the compounding math turn a $1M cold offer into a mid-7-figure bidding war.
01How the money moves
Podcaster drops in an audio clip
→
Wavve renders a branded, shareable video
→
Free-tier limits push upgrades to $8-60/mo
02The numbers
$150K MRRStatedat sale to Calm Capital
2021-04source:
$150,000 MRR
Figures the founders disclosed at the April 2021 sale to Calm Capital.
12K paying subs, 200K free accounts, mid-7-figure exit in April 2021.
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See a full teardown, free → ImportYetiSourcesSources last checked 7 September 2026
They Got Acquired — $150K MRR, 12K subs, five LOIs, mid-7-figure sale to Calm Capital (2021).Churnkey blog — the founders on the sale: "over 1.6M ARR" and five buyers interviewed.Failory interview — origin story, $76K MRR earlier, $8-60/mo pricing, the pivot from a failed audio-social app.Wavve.co — the founders announce the Calm Capital acquisition and a new CEO.NoCS Degree — Nick Fogle on $250K law-school debt, self-taught coding, and Wavve at about $150K MRR.
Revenue is STATED, not filed: Wavve is private. $150K MRR is what the founders said publicly - Fogle on the record to They Got Acquired and NoCS Degree, and in his Indie Hackers AMA titled 'bootstrapped Wavve to $150,000 MRR'. Their own Churnkey blog frames it as 'over 1.6M ARR', a touch under the $1.8M that $150K x 12 implies; I led with the MRR both parties state, not the rounder ARR. The exact sale price is undisclosed - 'mid-7 figures' is They Got Acquired's characterization; the $1M declined offer (2019) and five LOIs (Dec 2020) are from Fogle via that piece. Churn was described qualitatively, never quantified, so no churn % is on the card. verified:true on revenue - first-party, founder-stated. We never score you.