Hitting $10M ARR in 26 Months: Lessons from Lemlist to HeyReach
March 19, 2026
How do you go from 15K MRR to $10M ARR in just over two years?
In this episode, Justin sits down with Vukasin Vukosavljevic (Vuk), CMO of HeyReach and former first employee at Lemlist, to break down the real drivers behind HeyReach’s explosive growth.
They unpack why product-market fit comes before paid ads, how integrations with Clay fueled distribution, what “user win rate” actually means, and why agencies became the company’s unfair advantage.
If you care about inbound growth, ecosystem plays, or building SaaS that compounds, then this one’s going to pack a punch.
Most SaaS companies try to buy growth before they’ve earned it. HeyReach didn’t.
In this episode, Justin talks with Vuk, CMO of HeyReach, about how the company scaled from 15K MRR to $10M ARR in just 26 months and expands upon how none of it was accidental.
Before joining HeyReach full-time, Vuk was the first employee at Lemlist, helping scale it past $13M ARR. That experience shaped his philosophy: don’t rush paid channels until your inbound engine works. Build a product people win with. Then amplify it.
They break down:
- Why “user win rate” is the most important KPI in outreach
- Why HeyReach prioritized agencies early
- How being the first LinkedIn outreach tool to integrate with Clay unlocked massive distribution
- What SaaS founders can learn from Instantly’s feature packaging and positioning
- Why thought leadership isn’t optional in B2B SaaS
They also discuss the difference between vanity reply rates and revenue-positive reply rates. Here is where they talk about how 1% can be incredible if your ACV supports it.
What You’ll Learn
- Why inbound and word-of-mouth require specific “cards” to win
- How to prioritize features based on ICP actionability
- Why agencies were HeyReach’s early growth multiplier
- What “user win rate” really means in outreach
- How integrations with Clay and Instantly accelerated adoption
- When SaaS companies should layer in paid channels
- Why thought leadership compounds personally and commercially
Episode Resources
- Vukasin Vukosavljevic on LinkedIn
- HeyReach Website
- Lemlist Website
- Clay Website
- Instantly Website
- Impactable Website
Episode Highlights
[00:08:31] From Job Security to “I’ll Work for Free”
Vuk shares the story of how he reached out to Lemlist’s founder with the subject along the lines of “I want to be the Kobe Bryant of Lemlist,” offering to work for free. He walks through what he said, why he sent it, and how that message changed the direction of his career.
[00:15:00] The Founder Dynamic Inside HeyReach
A look at the working relationship between HeyReach’s founders, how responsibilities are split between product and go-to-market, and how decisions are made internally. Vuk explains how that structure influenced speed, execution, and the company’s ability to scale early.
Vuk shares the story of how he reached out to Lemlist’s founder with the subject along the lines of “I want to be the Kobe Bryant of Lemlist,” offering to work for free. He walks through what he said, why he sent it, and how that message changed the direction of his career.
[00:15:00] The Founder Dynamic Inside HeyReach
A look at the working relationship between HeyReach’s founders, how responsibilities are split between product and go-to-market, and how decisions are made internally. Vuk explains how that structure influenced speed, execution, and the company’s ability to scale early.
[00:21:47] User Win Rate > Everything
Vuk breaks down what he means by “user win rate,” how it differs from traditional reply rate metrics, and how HeyReach measures campaign success. He explains what qualifies as a positive reply and why that distinction matters in outbound.
[00:25:35] What Instantly’s Got Right
A discussion about Instantly’s rapid growth in the outreach space, including how they positioned deliverability, packaged features, and simplified onboarding. Vuk shares what stood out to him as an operator watching the market evolve.
[33:20 – 34:08] What’s a “Good” Reply Rate?
Vuk explores what makes a reply rate “good,” why the answer depends on context, and how business model and deal size influence expectations. The conversation compares different performance thresholds and how teams should think about benchmarks.
Vuk explores what makes a reply rate “good,” why the answer depends on context, and how business model and deal size influence expectations. The conversation compares different performance thresholds and how teams should think about benchmarks.
[51:47 – 52:25] LinkedIn Changed My Life
Why personal branding and company growth are not binary, and how thought leadership compounds both. Vuk talks about how LinkedIn changed his career trajectory, how he approached posting and visibility, and what role content played in HeyReach’s growth. He shares how personal distribution intersected with company momentum.
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