Inside Clay's unconventional path to $1.25B: Rethinking GTM, pricing, and enterprise sales | Varun Anand (Co-founder and Head of Operations)

Varun Anand is the co-founder and Head of Operations at Clay, a GTM development environment that combines data and AI to help over 5000 companies power everything from CRM enrichment to highly targeted outreach campaigns. Clay recently announced their Series B expansion, raising $40M at a $1.25B valuation. Before Clay, Varun was the Director of Operations at Newfront and the Head of Expansion at Candid. Varun also spent four years working on Hillary Clinton’s presidential campaign. – In today’s episode, we discuss: Clay’s unconventional GTM machine 3 changes that unlocked Clay's upmarket motion Layering enterprise customers on top of PLG Scrappy sales tactics: WhatsApp groups, Reddit threads, and reverse demos Thinking long-term about brand and content Building an elite team of people who are “technical enough” Clay’s contrarian take on compensation Much more – Referenced: Anthropic: https://www.anthropic.com/ Clay: https://www.clay.com/ Clay’s Series B expansion: https://www.clay.com/blog/series-b-expansion Eric Nowoslawski: https://www.linkedin.com/in/outboundphd/ Figma: https://www.figma.com/ Jesse Ouellette: https://www.linkedin.com/in/jesseoue/ Kareem Amin: https://www.linkedin.com/in/kareemamin/ Nick Merrill: https://www.linkedin.com/in/nick-merrill-64562310/ Notion: https://www.notion.com/ Oyster: https://www.oysterhr.com/ Pave: https://www.pave.com/ Rippling: https://www.rippling.com/ Snowflake: https://www.snowflake.com/ Verkada: https://www.verkada.com/ Webflow: https://webflow.com/ Yash Tekriwal: https://www.linkedin.com/in/yashtekriwal/ – Where to find Varun: LinkedIn: https://www.linkedin.com/in/vaanand/ Twitter/X: https://x.com/vxanand – Where to find Brett: LinkedIn: https://www.linkedin.com/in/brett-berson-9986094/ Twitter/X: https://twitter.com/brettberson – Where to find First Round Capital: Website: https://firstround.com/ First Round Review: https://review.firstround.com/ Twitter/X: https://twitter.com/firstround YouTube: https://www.youtube.com/@FirstRoundCapital This podcast on all platforms: https://review.firstround.com/podcast – Timestamps: (00:00) Teaser + Introduction (03:13) Turning traditional GTM on its head (05:37) How Clay hustled for its first customers: Reddit threads & WhatsApp groups (08:53) Unpacking Clay's credit-based pricing (14:29) Building Clay's self-serve engine (16:54) Why Clay rejected the usage-based model (19:04) Clay’s big bet on content (23:59) How "reverse demos" win enterprise deals (27:49) 3 changes that unlocked Clay's upmarket motion (36:59) How to build trust with enterprise buyers (38:49) Applying the land and expand model (40:40) Hiring people who are “technical enough” (46:33) Inside Clay’s hands-on interviewing process (48:15) Why Clay invested in brand from day-one (50:21) Clay’s contrarian take on compensation (58:35) The person who shaped Varun’s career