Choosing the Right Buyer and Keeping Optionality

Luigi Mallardo joined Woffu as an early angel investor and later became CRO, helping founder Miguel Fresneda shape a practical SaaS growth path. Based in Barcelona, Spain, Woffu has built a modern cloud-based time and attendance platform for SMEs and mid-market companies, replacing legacy tools and spreadsheets with a focused, mobile-first workforce solution.

Starting from just €2K MRR, Luigi led growth first through inbound, then outbound, and partner channels, increasing average revenue per account five to seven times. By 2025, the company reached nearly €500K in monthly recurring revenue, or about €6M ARR, with more than 50 employees and profitable, efficient growth across Spain.

Woffu sold to Visma in 2022 following a multi-year, proactive exit strategy, with a total reported value of €20–30M including the 3-year earnout. Luigi shares how early focus, diversified revenue, and optionality shaped every decision. His biggest lesson: clarity about your endgame determines your strategy early on, including your growth model and many other important decisions.

Key Takeaways

• Strategic Focus - Choosing one clear use case and market unlocked faster growth than chasing horizontal HR suite ambitions across Europe.
• Optionality First - Designing for multiple future paths gave founders leverage rather than forcing a sale based solely on valuation.
• Revenue - Layers Inbound, outbound, and partners created resilience while steadily raising average contract value and predictability.
• Exit Readiness - Warming buyers years early turned selling into a strategic process rather than a rushed financial event.
• Customer Success - Investing deeply in retention created low churn and made Woffu more attractive to long-term acquirers.
• Builder Mindset - Great CROs zoom in and out, connecting go-to-market execution with strategy, culture, and long-term outcomes.

Quote from Luigi Mallardo, Chief Revenue Officer at Woffu

"We chose our focus of ICP and focus of use case, to reduce the space of market optionality to get more business optionality. You see what I mean?

"The advice I give most often is to focus, which doesn't mean to close off the option of having more verticals forever, but you need 75% or 80 % of your pipeline on where you are already monetizing and building traction. And then you leave that 20 % of pipeline to do experimentations in a new vertical.

"It's one of the historical challenges, especially with young founders: the feeling of losing opportunities if they decide and don't do everything. But you are losing opportunities if you go too wide and you don't focus. Just be patient, postpone, and focus on what works."

Links

• Luigi Mallardo on LinkedIn
• Woffu on LinkedIn
• Woffu website

This podcast is sponsored by Lighter Capital.

In the last 15 years, Lighter Capital has helped over 600 software and SaaS founders secure simple, non-dilutive financing to grow a little faster—without giving up any precious equity or board seats to investors.

Simple debt funding from Lighter Capital can range from $50K to $10 million, with straightforward terms, no personal guarantees or covenants, and up to a 4-year payback period.

Go to LighterCapital.com to apply and get a quick pre-qualification. Then talk with their experienced team to create a practical funding plan to achieve your goals.

The Practical Founders Podcast

Tune into the Practical Founders Podcast for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our YouTube channel.

Get the weekly Practical Founders newsletter and podcast updates at practicalfounders.com.

Practical Founders CEO Peer Groups

Be part of a committed and confidential group of practical founders creating valuable software companies without big VC funding. A Practical Founders Peer Group is a committed and confidential group of founders/CEOs who want to help you succeed on your terms. Each Practical Founders Peer Group is personally curated and moderated by Greg Head.