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Cold Email Playbook

How 105 startups used cold email to grow. Here's what the data says about what they actually did.

105
Companies
$116k
Avg MRR
$1.3M
Top MRR
49%
$50k+ Hit Rate

Most Used Tools (86 companies)

LinkedIn27 (31%)
Salesforce10 (12%)
Stripe8 (9%)
HubSpot7 (8%)
Facebook Ads6 (7%)
Slack5 (6%)
Google Docs5 (6%)
Gmail5 (6%)
Zoom4 (5%)
Google Sheets4 (5%)
Intercom4 (5%)
Crunchbase3 (3%)
Segment3 (3%)
Twitter3 (3%)
Facebook3 (3%)

How They Got Their First Customer

inbound leads and outbound cold sales efforts1
founder-led sales with thesis-driven outreach1
door-to-door to understand hourly worker pain1
cold emails1
cold email and LinkedIn messaging1
Word of mouth and referrals from clients at his previous employer (financial services firm) where he was discussing marketing strategies and growing tech businesses1
Warm introductions from community members to the Boston Atheneum and MIT List Visual Arts Center during customer development phase1
Todd leveraged 8-10 advertisers from his own websites, then found other sites where those advertisers were spending money and convinced both advertisers and publishers to use the platform together.1
Spun out from existing marketing agency client base (Automaticin Ave)1
Relationships through advisor and investor network, and cold outreach1

Time to PMF

6 months4
2 years3
approximately 1 year2
8 months2
3 months2
2 months2
18 months2
less than a year1
approximately 4 months from first code to MVP launch (early 2022 to June 2022)1
approximately 1 year from development to launch1

Top Companies by MRR (105)

GawkBoxby Christopher Brownridge

GawkBox was a platform enabling fans to donate to content creators by playing mobile games funded by publishers. Founded by Christopher Brownridge, the startup raised $4.4M and reached 500k users with $1M+ in revenue in just 2-3 years, but ultimately failed due to poor unit economics, misaligned incentives between its three customer types, and a strategic pivot away from its core YouTube success toward unproven live-streaming markets.

SaaScold-emailusage-basedvia Failory
Gymlistedby Tom Zaragoza

Gymlisted was a membership management and payment processing platform for private gyms, built by Tom Zaragoza and a co-founder over 8 months of nights and weekends. Despite attempting multiple marketing strategies including cold email, social media outreach, and offering free 360 photography services, the startup failed to gain traction and achieved $0 in revenue, ultimately shutting down due to lack of market demand.

SaaScold-emailsubscriptionvia Failory
REPitchbookby Charlie Reese

REPitchbook was a SaaS product that generated customizable management consulting presentations from real estate market data, priced at $1,500/month. Charlie built a prototype in 6 weeks using JavaScript, React, and SQL, and secured a pilot project with 4 agents through a family connection. The startup ultimately failed due to poor UI/UX and misaligned product features (agents wanted email marketing, not presentations), generating $0 in revenue despite positive initial feedback.

SaaScold-emailsubscriptionvia Failory
Twitch Highlightsby Tzelon Machluf, Ron

Twitch Highlights was a SaaS tool that automatically analyzed live Twitch streams and created short highlight videos of the most interesting moments, inspired by NBA highlight reels. Two Israeli developers quit their jobs and spent 8 months building sophisticated computer vision algorithms to detect game victories and viewer engagement spikes, but ultimately failed because they couldn't build an audience or find beta testers, running out of savings without acquiring any paying customers.

SaaScold-emailsubscriptionvia Failory
Uptrendby Maverick Lim

Uptrend was a B2B lead generation agency founded by Maverick Lim that sourced deals for M&A firms in the US. The business generated $15k+ in revenue with 3 clients at $2k retainer, but ultimately failed after 10 months due to poor timing (pre-COVID economic boom), weak branding, and inability to build the necessary databases of business owners. The failure taught Maverick critical lessons about domain naming, niche selection, and the importance of proof-of-concept validation.

Agencycold-emailsubscriptionvia Failory
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