Hubspot Customers

Hubspot had over 205K customers in 2023 and 167K in 2022, compared to over 135K in 2021 and nearly 104K in 2020. The company grew from over 56K customers in 2018 to over 205K customers by 2023. Related Visual Stories Who Owns Hubspot Hubspot's main individual shareholders are its founders, Brian Halligan (1.7% ownership) and Dharmesh Shah (3.5% ownership). At the same time, the majority stake is in the hands of institutional shareholders, who have a more passive role. These institutional investors comprise T.Rowe Price Associated (10.4% ownership), The Vanguard Group (8.64% ownership), BlackRock (7.2% ownership), and FMR-Fidelity Investments (5.49% ownership). Hubspot Business Model HubSpot is a CRM (customer relationship management) solution providing various levels of its B2B and Enterprise subscription plans. Beyond subscriptions, the company monetizes via professional services. However, these carry a negative marginality as the company uses professional services (in onboarding and implementation) to increase its tools, which help companies leverage digital marketing channels to generate leads. Hubspot Revenue Hubspot generated $2.17 billion in revenue in 2023, compared to 1.73 billion in 2022, $1.3 billion in 2021, and $883 million in 2020. In 2022, about 98% of Hubspot's revenue came from subscriptions, which generated $1.69 billion in revenue. Hubspot Net Losses Hubspot reported $176 million in net losses for 2023, compared to a reported net loss of $112 million in 2022, a net loss of $77 million in 2021, and a net loss of $85 million in 2020. Hubspot Revenue Breakdown Hubspot generates most of its revenue from subscriptions. Indeed, in 2023, about 98% of its revenue came from subscriptions. In 2023, Hubspot generated $2.12 billion in revenue from subscriptions vs. $46.7 million from professional services. Hubspot Subscription Business The subscription revenue cost structure is quite effective. In 2023, on a $1.83 billion in subscription revenue, the company reported $290 million in cost of revenue (expenses related to delivering the service and providing support, including the costs of data center capacity), thus generating a $1.83 billion in gross profits, compared to $1.43 billion in gross profits from the subscription business, in 2022. Hubspot Professional Services The professional service business is run to sustain the subscription business. Indeed, in 2023, on $47 million in professional services revenue, the company reported over $54 million in cost of revenue (expenses related to delivering the service and providing support, including the costs of data center capacity), thus generating a gross loss of over nearly $8 million. Hubspot Employees Hubspot had 7,663 in 2023, 7,433 employees in 2022, 5,895 in 2021, and 4,225 in 2020. The company has grown from 2,638 employees in 2018 to 7,433 in 2022. Hubspot Revenue Per Employee Hubspot generated $283,209 in revenue in 2023, compared to over $232K per employee in 2022, over $220K in 2021, and $209K in 2020. Hubspot's revenue per employee grew from over $194K in 2018 to $283K by 2023. Hubspot Customers Hubspot had over 205K customers in 2023 and 167K in 2022, compared to over 135K in 2021 and nearly 104K in 2020. The company grew from over 56K customers in 2018 to over 205K customers by 2023. Hubspot Revenue Per Customer Hubspot generated an average of over $11K of subscription revenue per customer in 2023 and 2022, compared to over $10K in 2021 and over $9.5K in 2020. Hubspot Sales & Marketing vs. R&D In 2023, Hubspot spent 49% of its revenues on sales and marketing efforts and 28% on R&D efforts, compared to 51% in sales and marketing efforts and 26% in R&D efforts in 2022.

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