What xo does

XO Capital (also styled XOXO Capital) is a bootstrapped micro private equity firm that acquires, operates, and grows small, profitable B2B SaaS companies. Founded in 2020 by Andrew Pierno, Danny Chu, and Henry Armistead, the firm targets an underserved micro-acquisition market segment — B2B SaaS businesses with $30k-$60k MRR, 80%+ gross margins, 50+ customers, and limited platform risk — and differentiates from traditional PE through a 30-day close timeline, an in-house engineering team that can take over products in multiple programming languages, and a stated focus on growth rather than cost-cutting. XO sources deals through direct founder outreach, its content properties (notes.xo.capital, @xocapitalhq on Twitter, podcast appearances), and marketplaces including MicroAcquire.

The firm's operating portfolio of nine wholly-owned SaaS products is dominated by product-led growth (PLG) and freemium business models. Core assets include developer tools (Sheet.Best — spreadsheets to REST APIs; Screenshot API — pixel-perfect screenshots via real Chrome browsers hosted on Google Cloud; OnSched — scheduling API), quality/compliance software (WorkClout, which supports an enterprise sales motion), analytics (Inlytics — LinkedIn content analytics via Chrome extension), social outreach (Cold DM — AI-assisted Twitter DM campaigns; Super Send — email/LinkedIn outbound automation), and customer support (Support Guy — ChatGPT-powered chatbot). Technical operations span Google Cloud hosting and multi-language development. AI usage is feature-level and third-party-dependent: Support Guy wraps OpenAI's ChatGPT, Cold DM uses AI-assisted templates, and the now-divested Sentiment Investor applied AI to social media financial signals.

XO generates revenue from subscriptions, usage-based fees, and freemium-to-paid conversions across its portfolio, supplemented by occasional resales. As of late 2022/early 2023 the portfolio generated ~$27k MRR (~$325k ARR) from $300k of partner capital invested, marked at ~$1.3M at a 4x ARR multiple, with 80%+ gross margins and 66,000+ aggregate users. The firm has completed 7 acquisitions and 2 divestitures (Sentiment Investor sold after a failed customer transition; Toybox sold to a YC S18 buyer), and has stated a target of $1M ARR in 2023. Note: firmographic data lists a 2016 founding date and London HQ, but multiple primary sources (company history, website copyright, office locations) consistently report a 2020 founding and US-based operations across Santa Monica, Miami, and Dallas — the primary-source dates are used here.

Name

xo

Legal name

XO CAPITAL

Website

https://xo.capital

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

XO Capital is a bootstrapped micro private equity firm that acquires, operates, and grows small, profitable B2B SaaS companies (targeting $30k-$60k MRR assets with 80%+ gross margins), offering founder-friendly 30-day closes and in-house technical operations across a PLG-oriented portfolio.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. SaaS Portfolio Operations: XO generates revenue by acquiring small SaaS companies and operating them. Revenue comes from subscriptions, usage-based fees, and freemium-to-paid conversions across portfolio companies including ScreenshotAPI.net, Sheet.Best, WorkClout, Inlytics, and ColdDM.me.
2. Business Acquisitions and Resales: XO buys small SaaS businesses and sometimes sells them for profit. They've sold Sentiment Investor and Toybox, reinvesting proceeds into new acquisitions.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

XO Capital is a micro private equity firm that acquires, operates, and grows small, profitable B2B SaaS companies with $30k-$60k MRR, 80%+ gross margins, and 50+ customers. The firm acquires product-led growth (PLG) SaaS businesses and operates them as part of an integrated portfolio, then either grows them or sells them for profit. The current portfolio includes Sheet.Best, Screenshot API, WorkClout, Inlytics, Cold DM, Support Guy, and OnSched, plus internally launched products Super Send and Cold Email Studio.

Product overview

XO Capital operates as a micro private equity firm that acquires, operates, and grows a portfolio of small SaaS companies. The portfolio consists of product-led growth (PLG) B2B SaaS businesses, primarily with freemium business models. The portfolio includes: Sheet.Best (spreadsheet-to-API conversion tool), Screenshot API (screenshot capture service), WorkClout (quality engineering platform), Inlytics (LinkedIn analytics), Cold DM (Twitter outreach tool), Support Guy (AI chatbot), Sentiment Investor (social media data APIs), Toybox (visual feedback tool), and OnSched (scheduling API). Additionally, XO has launched Super Send (email/outbound automation) and Cold Email Studio (service business). All products follow a PLG motion with freemium tiers and focus on single-purpose applications with organic growth channels.

Differentiator

Problem solved

Functional benefit

Brands

• XO Capital Field Notes: Company blog covering micro PE space, company acquisitions, and portfolio updates

Products and services

• Sheet.Best Turns Google Sheets into REST APIs, allowing developers to connect spreadsheets to any application through a simple and fast integration tool.
• Screenshot API Programmatic screenshot capture using real Chrome browsers to deliver pixel-perfect screenshots; blazingly fast and scalable, hosted on Google Cloud.
• WorkClout Helps quality engineering teams improve quality and get product-to-market faster; fully implementable in seven days for quality and compliance process digitization.
• Inlytics Optimizes content performance on LinkedIn and helps users grow their influence through analytics; integrates via Chrome extension to check post performance.
• Cold DM Helps find quality leads, create AI-powered templates, and run personalized outreach campaigns to boost sales and brand awareness on Twitter.
• Support Guy ChatGPT-powered chatbot that provides always-on customer support, ensuring businesses never miss a customer inquiry with an AI teammate.
• OnSched Mission-critical scheduling API for apps or marketplaces, providing appointment booking infrastructure.
• Super Send Email sending and outbound automation tool that enables email and LinkedIn sequence sending campaigns for sales and marketing teams.
• Cold Email Studio Cold email as a service offering, providing outbound email marketing as a managed service business.

Quantifiable outcome

• 30-day close timeline from agreement to completion
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability4 records

Feature2 records

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Flippa: Long-standing online marketplace for buying and selling websites, SaaS, and digital businesses. Operates at smaller price points than XO's target range but feeds deal flow into the same ecosystem.
• Empire Flippers: Large online business brokerage and marketplace for SaaS, content sites, and e-commerce businesses. Competes for the same pool of small-business sellers but operates as an intermediary rather than a principal acquirer.
• FE International: Established M&A advisor specializing in mid-market SaaS, e-commerce, and content business sales. Operates at a higher price band than XO but represents the more institutional end of the SaaS M&A spectrum XO plays in.
• Quiet Light Brokerage: Premium M&A advisory firm focused on the sale of online businesses including SaaS, content, and e-commerce. Targets a similar seller profile to XO but typically at a larger deal size and via brokerage rather than direct acquisition.

Direct peers

• MicroAcquire: Marketplace for buying and selling small SaaS businesses founded by Andrew Gazdecki. Operates in the same micro-SaaS M&A space as XO but as a transaction platform rather than a principal acquirer — XO sources many deals through MicroAcquire.
• Acquire.com: Marketplace for buying and selling SaaS startups, founded by Alex Solomon. Directly comparable to MicroAcquire and serves the same micro-SaaS deal flow that XO targets for acquisition.
• Tiny Capital: Tiny Capital is Andrew Wilkinson's holding company that acquires and operates dozens of small SaaS and internet businesses — the closest large-scale analogue to XO Capital's buy-and-operate micro-PE model. Same thesis (buy small profitable SaaS, operate for cash flow and growth), different scale.
• Acquisition.com: Alex Hormozi's holding company acquires and operates small cash-flowing businesses including SaaS, services, and e-commerce. Operates the same buy-operate model as XO but with significantly more capital and brand.

Others

• Acquire (BBO) Buyers Briefcase Online: Online business brokerage serving the small SaaS and digital business M&A market. Adjacent intermediary in the same seller pool that XO sources acquisitions from.

Emerging players

• Permanent Equity: Brent Beshore's holding company that acquires and operates small, profitable, enduring businesses for the long term. Similar operator-led holdco model to XO but with a focus on traditional businesses rather than SaaS specifically.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/xoxo_vc
• LinkedInlinkedin.com/company/xo-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about xo