August 2021 investor update
August was another good month in terms of getting hires at the level we want to sustain on a monthly basis despite being a traditionally slow month in the industry (lots of people on vacation). Also, August was bad month for developer "churn" with 2 developers rejected our offers (one of them backtracking the day before starting) and 2 developers leaving our customers. Also, some of our customers put a pause on looking for talent, and as a result our number of open roles dropped from 21 to 14. From a Remotely Team perspective, we also hired Natalia (who is joining our Demand Generation team) and Arthur (who is joining our talent team as a vetting specialist in Brazil starting in Sept) - so far we have 13 at Remotely Core Team!
We also published in our substack some thoughts around or vision for Remotely Works. Feel free to have a read, comment, or share with your network!
Net Cash Balance: $966k in cash and short-term AR (previously $963k)
Last 30-days cash consumption: ~0
Months of run-rate: lots of months
GMV managed: $3.6M (prev $3.56M)
MRR: $75k (down from $80k)
Customers: 16 (prev 16)
Talent placed: 61 (prev 58)
Open roles currently hiring for: 14 (prev 21)
What we've done in the last month
In our last newsletter we said we would:
✅ We will continue to work on incrementing demand, supply and improving our ability to match demand with supply.
✅ We will working towards creating a top-notch experience for our platform based on the past year managing both customers and developers.
✅❌ Hire more on two existing teams. Get 2 customers to hire their first developers.
Customer Demand: We placed 5 new people (4 in existing staffed customers, 1 in a new customer) even though we sent 6 offer letters (1 was rejected). We had a significant reduction in the number of openings - there are two reasons, first, we changed the way we account for Job Openings, we are no longer counting the number of positions in each job/role. Second, some of the startups stopped hiring as they assimilated the growth. We hope these will open back up soon as business kicks back into gear in september. Our MRR dropped due to a combination of two factors: developer churn neutralized our new hires and number of customers currently hiring (and thus getting charged $1,000/month per open req) dropped as they paused.
Talent Supply: Hires are still choppy during the month, and thus we continue to focus on predictability of the activity volume we perform as a team, and the outcomes we get. We've been hit with some bad luck (two developers rejecting our offers at the 11th hour) and some developers departing. That said, we will remain focused on automating the supply and increasing the throughput of our talent engine.
We have continued to make efforts to automate the top of the funnel. We will start experimenting with the developments we've made over the last two months. The goal is to be able to increase top of the funnel supply significantly without having to increase the number of people in the talent vetting process.
Product: As we already have a tool to manage their invoices once they've been hired, we are close to having an end-to-end experience for developers. Vetting, Matching/Interviewing, and Hired.
We will be testing a new onboarding process for developers, that should automate a lot of initial vetting process.
We are migrating from airtable to our own data infrastructure - that will host our future digital experience (which we already have some very preliminary mockups for).
We released (finally!) our gitsight chrome extension. Please share with US based technical recruiters you know by sending them the site https://www.gitsight.com
What we'll be doing during the next month
🗺We will continue to work on incrementing demand and get Open Roles back to >20, supply and improving our ability to match demand with supply.
🧪 We will working towards creating a top-notch experience for our platform based on the past year managing both customers and developers.
🔝 Hire more on two existing teams. Get 2 customers to hire their first developers.
How can you help?
If you know of any tech recruiter in the US, please share the chrome extension with them.
We look forward to updating you again next month, in the interim, let us know if you have any questions.