February 2022 investor update
Dear all,
We started Q1 with a great February. Despite being a shorter month, we sent 12 offer letters, 12 were accepted, equalizing last month (January) as our second-best month. With February, this is the third month that we place more than 10 people in a row and consolidates our confidence that we've found a new operating rhythm as we cross the 100 people working at the Remotely Network. We look forward to continuing this trend, for the entire quarter.
In terms of team news, the four of us met in NYC in person for the first time since we started the company! And we just hired a Lucía Otero to join our talent team as a talent manager. We are currently hiring for more positions.
KPIs
Cash Balance: $1.17M in cash and short-term AR (previously $967k)
Last 30-days cash consumption: -$203k
Months of run-rate: all of the months.
GMV managed: $7.6M (prev $6.8M)
MRR: $151.3k (prev $136.3k)
Startups Partnering with Remotely: 35 (prev 30)
Great Talent working at Great Startups: 107 (prev 99)
Open roles currently hiring for: 31 (prev 41)
What we've done in the last month
In our last newsletter we said we would:
❌ We will continue to work on increasing 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 startups to hire their first developers.
Customer Demand: We've added 5 more startups, and two startups have hired their first developer. We also held our first startup gathering in NYC. We will work towards having a monthly regular catch-up meetup with our customers. We are still working towards finding scalable ways to grow our startup pipeline. Feel free to share this post on LinkedIn to tell your connections about us!
Talent Supply: February has been a unique month in the sense that our advertising and organic demand have grown so much we did not launch any gitsight campaigns as we would not have had the bandwidth to vet all the great candidates we've seen. Records have been set in virtually every metric in the talent funnel. As a result of this, we've started to work on implementing efficiency and more stringent vetting rules in our onboarding process for developers. The talent activity in recruiting processes has been in line with last month's and as a result, we've produced 12 offer letters that have been accepted. Pending one last placement (which is imminent), all developers from a customer (that is churning as a result of a merger) have been placed in another customer of our network.
Product: we have made tremendous progress on the product front:
We are on the verge of releasing our platform for the developers that work at Remotely (we will likely go live next month) to help us further advance in our goal of improving the user experience for the developers that work with us.
We have been further developing the designs for the startup experience.
We have a live back-office tool that allows us to manage the data in our system without airtable.
We have built and launched small prototypes to quickly validate some of the experiences we are designing. These focus on the talent supply side and provide a better experience to match developers and startups.
What we'll be doing during the next month
🗺 We will continue to work on increasing 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 release our platform for developers currently working with us.
🔝 Hire more on two existing teams. Get 2 customers to hire their first developers.
How can you help?
We are hiring! If you know outstanding talent acquisition talent in LATAM, we would love to meet them.
Similarly, who is the best email marketer you know? Who is the best demand generation specialist you've worked with? We would love to meet them!
We look forward to updating you again next month, in the interim, let us know if you have any questions.
Many thanks,