December 2021 investor newsletter
Dear all,
December was a great month for us. As we anticipated in the last newsletter, we hoped that by increasing the volume of both the supply (number of candidates interested in a job opening) and the demand (number of job openings), we would see more "sparks" (aka hires happen).
"We anticipate (this is the ultimate test) that by increasing both supply and demand, the number of matches should go up significantly in dec/jan."
The summary is it's been a record month: we've hired 18 people in December, 6 customers hired their first developer (50% increase in the number of customers that have hired with Remotely), and our MRR grew 39% month-over-month. This is 2.5x higher than our average monthly activity over the last 8 months.
We still have a month to go in our fiscal year, but at this point it seems we will have accomplished many of the goals we set out to hit before the end of the fiscal year:
We'll reach profitability,
While we haven't reached our goal of GMV or MRR, we'll have crossed more than 10 hires in a given month. And we'll have more confidence in the leading indicators that deliver a high volume of hires per month.
We have an automated way to deliver great talent to startups, and a scalable model to source potential customers.
We have identified, but not fully tested/implemented growth loops on both supply and demand.
KPIs
Net Cash Balance: $827k in cash and short-term AR (previously $863k)
Last 30-days cash consumption: $36k
Months of run-rate: 23
GMV managed: $5.98M (prev $4.5M)
MRR: $122k (prev $88k)
Startups Partnering with Remotely: 31 (prev 25)
Great Talent working at Great Startups: 91 (prev 75)
Open roles currently hiring for: 36 (prev 31)
What we've done in the last month
In our last newsletter we said we would:
❌We will continue to work on incrementing demand and get Open Roles to 40 (this will include signing up new startups), 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've managed to fulfill a lot of the requests and have had a record month in getting first hires with some of our newly signed customers from last month (many hiring multiple developers). We've also signed 6 new customers since we wrote the last newsletter, and pending our kickoff meeting, we have 36 open positions (shy of the 40 we were targeting, but still a strong position entering January).
Talent Supply: Our automated process has continued to process candidates, and has managed to keep a healthy count of live candidates in process while at the same time sending offers. We've managed to send a record of 21 offer letters, with 18 acceptances, 1 reject, and 2 pending. Our goal for next month will be to keep the level of hires high, and see if we can turn a datapoint into a (short) trend, and to start working on the talent scout program (aka. referral program).
Product: We are making good progress in getting our platform ready:
We've finished the design of the developer experience.
We've started the design of the startup experience.
We've continued to implement the designs into our backend tool to manage the marketplace. We hope to be able to share some screenshots in the next update.
What we'll be doing during the next month
🗺 We will continue to work on incrementing demand and get Open Roles to 40 (this will include signing up new startups), supply, and improving our ability to match demand with supply.
🧪 We will work 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. Ideally, we get to place more than 10 new people.
How can you help?
If you know of any tech recruiter in the US, please share the Gitsight chrome extension with them so they can vet developers faster and give us product feedback to continue improving the score
We look forward to updating you again next month, in the interim, let us know if you have any questions.
Many thanks,