$28M Series A at $100M Val: The Pest Control SaaS Nobody Saw Coming

$28M Series A at $100M Val: The Pest Control SaaS Nobody Saw Coming

Author: Nathan Latka May 27, 2026 Duration: 21:21

How do you build a $100M SaaS company by charging apartment residents $5 a month to keep rats out of their bedroom?

Justin Clements is the co-founder and CEO of PestShare, an on-demand pest control platform embedded inside property management software. He bootstrapped from 2019 to 2020, raised just $5M over two rounds, then closed a $28M Series A at a $100M valuation in 2025, the same year he crossed $10M ARR.

You'll learn:

— Why PestShare's revenue model is structured like a warranty, and why that makes it nearly impossible to churn

— The difference between contracted ARR and live ARR, and how that gap almost killed their valuation story 

— How embedding into the lease instead of selling direct to residents creates structural GRR that VC-backed competitors can't replicate

— What it actually took to raise at 10x ARR from an investor that only backs 9 companies at a time

— Why Justin's Series A investor pushed him to take $3M in personal secondary and why he says it made him take bigger swings 

— How IGP's PE background forced a full COGS and gross margin rebuild right after closing the round

— Why "if you don't see pests it means the product isn't working" is the exact wrong way to think about pest control retention

— How PestShare went from $1M (2022) to $5M (2024) to $10M (2025), doubling every year with under 1x ARR in prior capital raised

— What property managers actually pay vs. what residents pay and how PestShare navigates that split without losing either side

— Why Justin chose a hyper-concentrated, low-profile fund over a brand-name VC, and what they got in return

 

Connect:
YouTube: youtube.com/@NathanLatkawatch
PestShare: pestshare.com
Founderpath: founderpath.com


Ever wonder what the actual numbers look like behind a successful software company, or what crucial decision made the difference between stalling and scaling? SaaS Interviews with CEOs, Startups, Founders cuts straight to that chase. Host Nathan Latka sits down each day for a focused fifteen-minute conversation with the people building the software businesses shaping our world. These aren't abstract discussions; you'll hear founders detail their precise revenue figures, customer acquisition costs, team structures, and the sometimes messy realities of growth. The guests on this podcast represent the full spectrum of the journey, from those just launching an MVP to leaders managing companies with thousands of customers, from bootstrapped operators to those navigating venture funding. By tuning in, you get a daily dose of unvarnished data and tactical stories, stripping away the hype to understand how real SaaS businesses are built, run, and monetized. It’s a resource for entrepreneurs, operators, and anyone curious about the mechanics of modern software entrepreneurship, offering a clear window into the strategies that work and the pitfalls to avoid. Latka’s direct approach ensures every interview delivers concrete takeaways, making this podcast a unique and valuable listen for the business-minded.
Author: Language: English Episodes: 50

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