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

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