January 2022 investor update

Dear all,

January was also a great month for us. We sent 13 offer letters, 12 were accepted, making it our second most successful month in our last fiscal year. We ended up Q4 with 34 hires. Also, worth mentioning that some of these hires have been reallocated from a customer that is shutting down, and we have been successful at keeping the talent within the Remotely Network. We will do a proper analysis of how our last year ended up, but needless to say, we are happy to report that we've accomplished almost all of the goals we set to hit a year ago. We have also increased the salaries of everyone except the founding team, and have reached profitability monthly.

KPIs

• Cash Balance: $967k in cash and short-term AR (previously $827k)

• Last 30-days cash consumption: -$140k

• Months of run-rate: all of the months.

• GMV managed: $6.7M (prev $6M)

• MRR: $137k (prev $122k)

• Startups Partnering with Remotely: 32 (prev 31)

• Great Talent working at Great Startups: 99 (prev 91)

• Open opportunities: 41 (prev 36)

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 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 "cleaned" some startups that had been inactive for a while, signed 5 new startups, and had the first offer letters go out for 4 startups in our portfolio. Of our portfolio, 10 are still yet to make the first hire. We have onboarded the new customers we just signed, and grown out open positions to 46.

Talent Supply: We have made progress getting up to 55 developers in processes. We have placed 12, and we have started increasing the engagement of our existing developer base in our "Talent Scout Program". In its essence, the Scout Program is a replica of the Ambassador Program we have in place for our demand. 

Product: We are making good progress in getting our platform ready:

• We have continued to implement the designs and continued to work on the design of the startup experience. 

• As we've started to implement, we're already making some tweaks to the designs.

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.

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,